Payday Loans Help In Emergencies
A payday loan is just what it sounds like; it is a loan that is repaid on the borrower's next pay date
. These are very convenient loans. They are better than trying to borrow a significant amount of cash from family or friends. Cash advance loans can be set up for amounts from $100 to $500 or more. The cash loan is obtained either on the spot at a loan store, or within an hour to a day from an online lender.
Emergencies always seem to occur right after a person's paycheck has been fully spent. This can create a dilemma for anyone. With payday loans, the emergency can be paid off right away. Car repairs, medical bills and other demanding bills just go away once they are paid.
A cash advance loan is a loan, not credit, which is due with the following paycheck. The due date will be at least 7 days ahead; normally loan periods are about two weeks. People who only receive income monthly, like retirees or those on disability, can repay their loans the next time they are paid. Payday advances are for everyone, as is evidenced by the millions of cash advances that are transacted daily.
People enjoy the speed and simplicity of getting a payday loan. There are no long forms or interviews to wade through. The cash is either given out immediately at a loan store, or electronically deposited in an hour to a day by an online lender. At the next payday, borrowers return to the store with cash. Those who chose an Internet lender will not have to do anything or go anywhere. Everything is done electronically and automatically.
Qualifications for this type of loan include the following:
* Be an adult.
* Have a bank account.
* Provide proof of regular income.
Convenience and privacy are two reasons people like to use a cash advance loan. The online lending transaction can be done on any computer, at home or at work. No one is looking over your shoulder or listening in. Transactions are fast and accurate. There is no collateral to leave behind, as is the case when borrowing from a pawnshop. Loan stores may ask for a check to be written out for the loan amount, but upon repayment the check is returned to the borrower.
Interest fees for payday loans are low, considering the short period of time they run. Some people look at the fees as a reasonable charge for the convenience. On a long-term basis, interest rates are high, but for short-term loans, fees are about $15 to $25 per $100 borrowed. A payday loan solves problems, especially in emergencies.
by: Christine Harrell
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