No matter how prepared you try to be
in life, the unexpected can always sneak up on you in life. If you are
like many other families or individuals, there is not much extra cash laying
around in the middle of a pay period from your job. What can you do if
you suddenly need a relatively small loan within hours of a financial
disaster? You should consider applying for a payday loan (cash advance).
A payday loan allows you to borrow
money against your next paycheck. The lender will more or less be giving
you an advance on a portion of your next salary pay amount. You will then
pay that loan back (as well as the fees) when you receive your next paycheck.
Most payday loan companies do allow for extensions if you are unable to pay the
loan on the very next pay date.
Applying for payday loans has never
been easier since there are now so many companies offering cash advance
services online. You must complete a relatively simple application with
some basic information about yourself, your employment and bank account details
as a checking account is needed in most cases. The payday company will
often call to verify your employment. In some instances, it might be
necessary for you to fax some information to the lender (pay stubs).
You can receive an answer to a
payday loan within a couple hours, sometimes even within minutes. If you
are approved for a loan, the money can be in your bank account overnight.
Most payday companies lend between $200 and $1500 depending upon the amount of
your pay each pay period. This type of loan is usually approved as long
as you have a regular income and have an active bank account in good standing.
It is important to keep in mind that
the interest fees for payday loans are pretty high compared to other types of
loans and credit, however they are often cheaper compared to pushing your
credit card's limit even further. This type of short term loan should not
be used to pay for normal consumer related "enjoyable" items or
services that are not essential. A payday loan should only be used in a
true financial emergency. Cash advances are helpful if you are in a tight
spot and have no other solutions. This type of loan is also a good option
if you need to access cash in hurry and have a poor or no credit history.
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