Cash loans are short-term loans, usually for a small amount, wherein the borrower's credit history is not checked by the financial institution. The transaction usually involves the borrower surrendering post-dated checks to the provider. The amount stated in the check includes the portion or the whole amount of the borrowed amount plus the interest or fee. Once the due date arrives, the amount is automatically deducted from the borrower's bank account.
Electronic Process
Given that banks have access to your account, dealing with such a financial institution allows them the flexibility to automatically deposit and withdraw the money with your consent. Before agreeing to a cash loan, one must agree to the amount of the loan. Charges for the loan can be a one time charge for any amount, or it can be a percentage according to the amount borrowed. Once the amount is agreed, the loan is deposited directly into the borrower's account. After the predetermined time of payment, the amount is automatically withdrawn from the account.
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Post-dated Checks
When dealing with other financial institutions aside from a bank, the borrower is usually required to have a checking account and would have to present necessary set of documents proving that he would have the capacity to repay the loan. The process remains the same, the amount of the loan needs to be agreed first and the monthly due calculated accordingly. Since these financial institutions do not have free access to the bank accounts, post-dated checks are issued by the borrower as payment to the loan. The post-dated checks would correspond to each due date.
Extensions
In the event that the borrower does not have the ability to fulfill payments on a designated date, he has the option to request for an extension. By getting an extension, there are corresponding charges on top of the already existing interest for the loan.
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