With payday loans, you can have anything from $100 up to $3,000 in your bank account the next day. But is a payday advance the right choice for you? First you should understand exactly what a payday loan is. A payday loan is a short term loan that advances a portion of the user’s expenses until their next payday. There is an APR that is applied depending on the amount loaned, and is paid back in full upon your next payday. There are many state authorized lenders available for loans and many offer solutions for individuals with low credit scores.
So how can you go about applying for a payday loan? One common and easy option is applying with a lender online. Often with applications online, the lender does not require a faxed application. Which means you can fill out everything you need to process your loan online, and have money in your bank the next day. No need to go out of your way to fax documents or other paperwork.
Whether you didn’t plan your budget as well as you thought, or you need extra funds for a sudden emergency that ate up most of your resources, it is common to need a little extra help.
Using payday loans for emergencies is common these days. Every day, millions of people go out and get a cash advance because they do not have enough money to make it to payday. Emergencies are one of the top reasons people obtain cash advance loans.
What is an emergency? For many, it is car repair. Cars are so essential in the United States for getting to work and other duties that they must be kept running or everything in the family comes to a halt. But, car repair facilities and mechanics will not release a repaired car without immediate payment.
Some people live on the edge by writing checks without enough money in their accounts to cover those checks. They run out and get a payday loan to obtain funding for those non-sufficient fund checks to avoid bank charges and bounced check penalty fees. The same goes for paying a credit card payment on time. The fee for the loan is less than a late payment fee!
Other reasons for getting a payday loan would be emergency medical bills. Just like the car repair shops, medical clinics want their payment on the spot, or soon after. A payday loan can take care of this type of bill right away. Emergency travel, fun and guests are more reasons for payday loans.