subject: Why Payday Loans Can Be a Quick Help When You "Come Up Short" [print this page] Maybe it's your car breaking down (and you need your car to get to work!), or maybe it's something positive, like a great deal on that perfect gift you've had your eye on for months.
Credit cards are always an option, however many people either don't have a credit card, have maxed out their credit card for the month, or have past credit issues and want to stay away from credit cards altogether.
There's another option that can be a good match in this situation: A Payday Loan.
What is a Payday Loan?
A Payday Loan is exactly what it sounds like. It's a cash advance that is extended for a small amount of money and a short period of time (usually until your next payday). This can be a great help in getting you that "extra little bit" of cash you need, and you can pay it off in one lump sum when you have the money again.
The loan size is usually between $50 - $500, and usually repayable within a few weeks.
What are the advantages of Payday Loans?
Payday Loans can be a good match when you need cash quickly. They're:
Fast: Many lenders require you to simply fill out a form, and you can have your cash within 24 hours. There are no extensive background checks or credit history checks it's (almost) instant! Also, there are many online companies, so you don't even have to leave your house!
Open to people with past credit issues: If you've had problems with credit in the past, it can be hard to get loans in the future no matter how much your financial situation has changed in the interim! Cash advances through Payday Loans are open to people who have had past credit issues.
Easy: Many loans require you to pay over a long period of time. Payday Loans are short-term loans that are paid back in one lump sum, on payday. It's really that easy!
No upfront costs: There are no costs to apply for a Payday Loan.
What types of people get Payday Loans?
In short, all kinds of people! The typical Payday Loan recipient has a steady job, and an income that is equal or higher to the average wage in the United States.
To sum up, Payday Loans are fast, convenient, and applying for them is a straightforward process. Even better, you pay them off quickly and in one lump sum, so they never "hang over your head".
Why Payday Loans Can Be a Quick Help When You "Come Up Short"
By: Alex Martin
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