If you have ever wanted to find an instant solution to the financial troubles you may encounter in the course of life, there is an ultimate solution which is a payday loan. These financial instruments allow one to easily and effortlessly find sources of financing and thus access money within a couple of minutes. However, there are also some important details one has to take into consideration when opting for this particular type of credit.
To begin with, let us discuss the very nature of payday loans themselves. According to the financial dictionaries, this type of loan is a high-cost one which enables person to take out a relatively small amount of money, usually not more than $500, for a limited period of time ranging between a few days and up to a month. The core principle underlying this credit instrument is to allow people waiting for their next paycheck to enjoy a little bit more of financial freedom.
Conditions Of Receiving Short-Term Loan For Non-residents
Apart from being incredibly popular, payday advances are also heavily regulated by the US authorities. For instance, each state establishes its own maximum and minimum periods of time for a payday loan to be repaid as well as the maximum amount of money which can thus be lended. Moreover, there is a number of states prohibiting these very credits including Arizona, Arkansas, District of Columbia, Georgia, New Mexico, and North Carolina.
Even though being a US resident or holding an official permanent resident status is one of the main prerequisites for the payday loan, there are also some possibilities it get such without this status:
- provide a valid long-term visa: in some cases visa is enough to apply for a loan. Therefore, if you live for quite some time in the US, you may be able to get a payday loan at certain online services with the valid visa only;
- present a US federal, state or local government issued photo ID: for some of the online micro lending services, the ID shall suffice;
- provide green card: green card can also be accepted as an alternative to your official US resident status and makes you eligible to apply for the payday advance at certain online issuing institutions;
- present a proof of employment: if you are officially employed at one of the companies in the US and can submit the relevant proof of employment to the online lender, this would allow you to take out under the conditions of the short-term loan.
To wrap things up, even aliens can get a payday loan in the US provided that they can present certain additional documents. Among these are valid long-term visa, ID issues by the US authority, official proof of employment or a green card. Thus even a non-resident can enjoy the benefits of such a convenient type of unsecured personal loans online.