Anyone can run into a little cash emergency now and then. Cash can run short for almost anyone for any number of reasons. If you need a small loan to tide you over until your next paycheck, you are in the market for a payday loan.
What is a Payday Loan?
A payday loan - also sometimes called a cash advance loan - is a small cash loan of an amount usually between $100 and $1,000. A payday loan is in order when you have run out of money for the basic essentials like food, gas and medicine: basically, anytime you really need money and cannot wait until your next paycheck.
These loans usually work as follows: you write a post-dated check for the amount borrowed (plus interest) to the lender. The lender then cashes the check you wrote once that date has arrived. It's that simple.
The interest rates on payday loans are fairly high: usually around $25. This means that, if you want to borrow $100, you need to write a check for $125.
Advantages
The advantage of a payday loan include:
1. You can apply and get accepted online or with a quick phone call, often in 1 - 5 minutes.
2. Approval is almost instantaneous.
3. You do not need to have good credit to get approved.
Disadvantages
There are some disadvantages to this type of loan, including:
1. You must have a job currently (otherwise, consider getting a "personal loan" instead - see below).
2. You pay a fairly high interest rate of 25% in most cases.
3. You are basically borrowing from your immediate future (i.e., your next paycheck) to pay for your current expenses.
Therefore, before taking out one of these loans, make sure you will have enough money to cover your expenses in the next pay period.
4. Some payday lenders require you to have a fax machine to fax in your application. However, most allow you to process your application online.
5. You need to have a checking account.
6. You cannot borrow more than $1,000 without a credit check. (In that case, you would want to look for a personal loan.)
7. You cannot get one if you have failed to properly pay other payday lenders in the past. (This is the only reason you might not be approved).
How to Get Guaranteed Approval
To apply for a payday loan with guaranteed approval rate of 99.9%:
1. Find a lender portal that gives you access to thousands of lenders at once.
2. Have your own checking account.
If you feel that the advantages of this type of loan outweigh the disadvantages, what are you waiting for? Go after a payday loan today to get the cash you need.
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