Minimal Income Requirements for First Time and Renewal check advance Loans

You may be asking yourself “why do I need to be making money when I need money?” If I had money, why would I be asking for money? The way a cash advances works is it is a short term loan for those who can pay it back on their payday. Most people get paid bi-monthly, or every two weeks. You are getting a “check advance” on your paycheck. If you do not have a job, why would anyone lend you money? So, most cash advance companies require you to have a job for at least six months or more.

Let’s say you get paid on Friday and your car brakes down on Saturday so your entire paycheck goes to fixing your car. You apply for a check advance on a Monday right after your payday and get approved for a check advance. You receive your funds the very next business day, Tuesday. Two weeks later, your cash advance is due because you are getting your next paycheck. You have two options: pay the entire payday loan back or pay at least the minimum. In order for you to be able to pay off the entire cash advance back, you need to be making sufficient money every month.

Payday Loans & Cash Advances

Payday loans are short-term cash advances designed to meet your emergency financial needs. Payday loans are also perfect for those times when you need a little extra cash for unexpected bills or special occasions. The fee for a cash advance is $25.00 for every $100.00 borrowed.

For example, payday loans in the amount of $300.00 have a payback amount of $375.00. Payday loans are generally paid back within two weeks, however, you can extend the payday loan. To extend payday loans you simply make at least the minimum payment owed on the cash advance. First-time borrowers of payday loans can request up to $400.00, and first-time customers get a free cash advance.

Borrower and Mortgagor?

Mortgagor is a party who mortgages property. A mortgagor owes the obligation secured by the mortgage. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.

Most buyers of real property would have difficulty saving enough money to make an outright purchase of real estate. The use of debt increases a buyer's ability to buy through a combination of down payment and debt. As a result a real estate transaction seldom occurs without buyers relying on borrowed funds.



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Mortgage Lender

Mortgagee is a party to whom property is mortgaged, usually a lender. Mortgage provides security to the lender. Given the large sum of money involved in financing a property, a mortgage lender will usually want security for the loan that will provide a claim upon that security and will take precedence over other creditors. A mortgage accomplishes this security.

The lender loans the money and registers the mortgage with the title to the property. The borrower gives the lender the mortgage as security for the loan, receives the funds, makes the required payments and maintains possession of the property. The borrower has the right to have the mortgage discharged from the title once the debt is paid. If the mortgagor fails to repay the loan according to the conditions set forth by the lender, then the mortgagee reserves the right to foreclose on the property.

Article from Wikipedia, the free encyclopedia.