Once in a while, no matter how much we plan a budget and try to stick to it, we'll still fall short and run out of funds before we can get our next paycheck. These times often require us to get ahold of cash immediately with a purpose of paying it back on the next payday.
Friends, family and colleagues are commonly the ones we go to during these occasions. But there will be times, however, that none of them will be able to help. Times such as these are what payday loans are for.
A payday loan is a short-term cash loan that is agreed to be paid on the borrower's payday. This loan system is also referred to as paycheck advance or payday advance. Unlike bank loans that take years to be repaid, a payday loan is only limited to a minimum of two weeks. Commonly, a payday loan involves only a small amount of money, usually in the range of $100 to $1000. This is because a payday cash loan is intended to cover one's expenses until the next payday.
Payday loans are simple and easy. A borrower only has to secure an application at any lending company and get approved.
On the payday, the borrower may repay the loan by:
* Having a direct debit already set in place
* Pay it cash at the bank into the lenders account
* Paying the debt in BPAY or EFT
Payday loans are easy to avail and are helpful during our financial shortage. And like any other kinds of loan, we just need to be responsible borrowers. This way, we don't risk having bad credit reflected on our credit history and on lending companies' lists.
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