4 Benefits of a Payday Advance Loan
Financial emergencies happen to many people, and whether you need an unexpected, expensive car repair or receive a bill that you can't afford to pay, being strapped for cash can be very stressful. If you're days away from getting paid by your employer, a payday advance loan may be a good option. There are many benefits to a payday advance loan, such as the following.
Unlike traditional loans from a bank or other lender, payday advance loans are typically easy to apply for and will be approved or denied very quickly. In many cases, all you need in order to be approved for a payday loan is proof that you are employed and a copy of recent pay stubs. Many payday-advance loan companies are open beyond usual bank hours, and some allow you to apply online, so you are sure to get your money fast.
When you are in the midst of a financial emergency, waiting days to get the money you need is usually not an option. Since the application process is so fast and easy, once you're approved, you should be able to get cash within a few hours. If you apply for a payday advance loan in person, you will be given cash onsite upon approval, and if you apply for a loan online, you may be able to opt to have the money direct deposited into your bank account.
One of the best things about payday-advance loans is the fact that many companies offer flexible repayment terms. If you can afford to do so, you can pay back the loan when you get your next paycheck. In the event that you're not able to do that, you can usually arrange to make payments on the loan and pay it off over time.
Payday-advance loans sometimes get a bad rap, but many states actually have laws and rules about the fees and interest rates that can be charged when a loan is taken out. Since most states have laws regarding payday-advance loans, you can rest assured that you will not be overcharged or price gouged as you are repaying your loan.
When used responsibly, payday-advance loans can be a great help and prevent your having bounced checks, having utilities turned off, or not having a vehicle that runs properly. A good rule of thumb is to borrow just what you need so you can pay back the loan in a timely manner.