5 Things to Know About Payday Loans

Published on February 11th, 2015

A payday loan can cover expenses in the case of an emergency, such as car repairs or medical bills. While they are a convenient solution and can be done completely online, there are a few things you should know prior to applying for the loan.

1. A payday loan is a cash advance that can be used to bridge the gap between pay days.

Many people prefer these loans to a traditional bank loan or using their credit card, as these loans allow you to obtain a small amount of money when you are in need of immediate funds. All you need to apply for this type of loan is a debit card, proof of employment, and a bank account.

2. These loans should be used for important emergency expenses, not for a shopping trip or night out with friends.

Applications do not require any paperwork, and are done completely online, allowing you to focus on the situation at hand, whatever it may be, rather than having to worry about how you will pay for it.

3. These loans come with terms and fees.

Since these loans are meant to be repaid in two weeks or less, many have high late fees and interest rates. If you cannot cover the repayment within two weeks’ time, be aware that you will likely owe much more later.

4. Fill out the application form online or at one of the lender’s physical locations.

Whether you prefer applying online or in person, both options are available to you. Depending on when the application is submitted, the money will be in your account in one or two business days.

5. Certain emergencies require immediate attention.

A medical emergency, car repair, and other unexpected situations should be addressed immediately. If you are concerned about the cost, a quick cash payday loan can be the answer. Let a payday loan remove some of the stress for you.

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