Almost everyone has had it happen to them. When you don't have any money, your car breaks or you get sick and need to pay to go to the doctor or for a prescription. A payday loan can be the perfect solution for these times.
When an emergency happens or some unexpected expense can't be avoided, many people look for a payday loan. Maybe relatives from out of town stopped by, and you need to fill the fridge and pantry with extra food, or your kid needs cash for school or sports expenses in the next few days. When you don't have enough cash, and payday is a week or two away, the best solution is to get an advance from a company that specializes in these loans. It's easy to apply online, and most people are approved if they are employed or have regular income.
How it works
A payday loan is designed to help meet cash needs between paydays. It is possible to get up to $1,000, and there are no credit checks. Besides having a minimum monthly income of $1,000, the borrower must be 18 years of age or older and must have a checking account or savings account with direct deposit. The borrower must also be a U.S. citizen. After approval, the funds are deposited into one of these accounts by direct deposit within one day. The loan is due in full on your next payday, but it is sometimes possible to get an extension by paying the interest and part of the loan, or the interest only. In the case that a borrower wants to repay before the due date, he or she can do this, and a partial refund of the interest may be returned.
Apply online
Getting a cash advance from an online company is very fast and easy. There is no need to stand in line and wait because the application is completed on their website. The application is short because most information about you is gotten online as well. This means no embarrassing phone calls to your employer, no credit checks, and no need for you to spend money faxing documents to them. After you complete the application, an email confirmation and approval is sent to you in about 30 minutes in most cases. Then, the next day the funds will be in your checking account or savings account. The money can be spent any way that the borrower decides to spend it. It is a very simple way to get through a cash shortage when something comes up. The next time that you're paid, repay the loan. It's that easy!
Using these companies
A reliable company will tell you that these advances are for emergencies or very urgent situations. They are not meant to be used every week or two to provide extra cash. The fees for borrowing $300 are between $75 and $90. Although paying the fees may be justified for an urgent situation, most people would not want to pay them regularly. In a pinch, a payday loan can be a great solution for anyone who needs cash.
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