Payday Loans are a fantastic lending vehicle that has been helping thousands of people in need every week for years. Also known as a payday advance, payday loans are normally very short term cash advances of the customer’s upcoming pay check. In order for the customer to receive a payday loan, they will have to prove their employment by providing previous pay stubs and other pertinent employment records.
People all over the country are enjoying the benefit that payday loans provide in their time of need. They are a great way to cover unexpected bills that seem to pop up out of nowhere. They are commonly used to pay for medical bills, automobile repairs, late fees, and other one-time payments. While payday loans are extremely beneficial when used correctly, consumers should note that they aren’t the best option 100% of the time.
Fortunately, it is easy to figure out if a paycheck advance is the right option for your specific situation. You will need to first identify how the loan is going to be used. From there, you need to ask yourself if your need for money is dire enough to put yourself into debt. Finally, since payday loans can often carry a hefty surcharge, you will want to make sure there aren’t any other options that will help to save you money.
Let’s look at some of the ways other people are using cash advance loans. Not surprisingly, almost three quarters of payday loan users have taken out their debt to cover unexpected bills. The three most common payday loan uses include bill payments, medical expenses, and auto repairs. These are fantastic reason for using a short term loan and are completely justifiable.
We have all been in the position where we know we have a bill coming up but don’t have the money in hand to cover it. Instead of racking up hundreds of dollars in late fees, it may be a better idea to take out a payday loan to cover your expenses until your next paycheck. Late fees often result in poor credit ratings, discontinuation of services or worse. A short term loan is probably the best option because you will be able to avoid all the negative aspects that are involved with accruing a late fee. Compare the cost of your late fees to the cost of a payday loan. If they are close in price, then you may want to opt for the loan!
Getting an advance on your paycheck is most definitely better than allowing a check for a bill to bounce. Even allowing yourself to use your bank’s overdraft protection service will have negative consequences. You will be charged a fee each and every time that you bounce a check or overdraft your account. These fees are quite large and repeat every time you make an error! Compare your banks overdraft and bounced check fees with the price of a payday loan. You will quickly realize that the short term loan is a much better option.
There are plenty of other reasons that a payday loan may be necessary. There will be times in your life when you absolutely need an influx of cash, but can’t wait until your next paycheck. If you find yourself at one of those points in your life, then a short term cash advance on your next paycheck could be your golden ticket. As pointed out earlier, car repairs are a great reason to get a payday loan. You need a car to get to work so that you can make money. A short term loan will allow you to get the repair you need so that you can make it until your next paycheck! Medical expenses are another great reason. With the high cost of insurance these days, many people are going without insurance. What if you need to pay for a recent trip to the emergency room? Payday loans will there to help.
Of course, there will be certain situations that a loan like this may not be appropriate. Before taking out a loan on your paycheck, you may want to try a few things. If you have a bill coming up, try to see if you can work out a payment plan with the company. You can also try to live a little more frugally so that you have enough money to pay for your bills. Finally, asking family and friends for help may not be the worst option.
Everyone is in a very different financial situation. When deciding on a payday loan, you will always want to compare your options to see what is right for your specific circumstance. However, if you truly do not have any other options, then payday loans are a fantastic option that is completely safe to use.
If you believe that a payday loan is the right option for you, then you will need to apply for a loan. The application process is extremely simple and very safe. You can apply online or by phone. The whole process only takes a few short minutes. You will be asked a few questions about your employment and credit history. You should have an answer in a matter of minutes.
Once you have been approved for your cash advance, your money will be deposited into your checking account by the next business day. It is at this point where you can use the money to pay for your expenses! Remember that you are paying a surcharge for borrowing this cash, so only use it for the necessities.
The lender that you work with will have an online account for you in which you can manage your payments at any time. You will be able to check your loan balance and make payments with a click of your computer mouse. If you have any questions, all you need to do is call the customer service number.
So, there you have it. Payday loans are a fantastic way to get you through until your next paycheck. Whether you have an unexpected expense or you want to avoid late fees, payday loans can make your life a lot easier. Get started right now if this sounds like something that would be right for your situation!
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