What is a payday loan?

What is a payday loan?

Payday loans are known as cash advances and check advance loans, just to name a few. What a Payday Loan is – a small short-term loan, anywhere from $50 to $1,500 with high interest.

Why would you get a payday loan?

When you need some quick cash because you’ve just been put in the unfortunate position of needing immediate cash and you are temporarily cash strapped.

How does that happen? Unexpected medical bill, car repair, or you might have to travel unexpectedly, like in the case of a death in the family. Sometimes because of unexpected bills you need quick cash to pay everyday expenses, like rent, groceries, utilities, etc. Whatever the reason, you need cash and you don’t have it.

Payday loans are popular because the advantages outweigh the disadvantages.

What are the benefits of payday loans?

You won’t have to go through the hassle of a credit check.
You can apply in person, on the phone or on the Internet.
The process takes less than 20 minutes.
The loan proceeds are automatically deposited into your bank account within 24 hours.
It’s affordable, at least immediately – you don’t have any up-front costs.
It’s discreet – nobody else is involved.
It’s secure – your financial information isn’t shared with others.
Ok, that makes sense. Those are enough reasons to get rid of the stress of being short of cash. It’s a “quick fix”. You can cover the shortage, and get on with your life. And you’ll be able to pay it back next payday, right? So you’ve solved your problem.

Where can you get a payday loan?

There are many payday loan companies.