When financial emergencies, such as automotive repairs, missed credit card bills or medical expenses arise in life, as they tend to, many people dip into their savings account in order to finance the unexpected costs, or do they? The truth is that most people don’t even have a savings account to fall back on during times of financial hardship. If you are one of those people, then perhaps it’s time to consider applying for emergency cash loans.
Quick cash loans, also known as payday advances are short-term personal loans that individuals can avail for financial emergency situations. The maximum amount you can borrow varies with every payday lender, however many financial institutions lend up to $1,000 at a time. Payday cash loans are also typically lent out on a short-term basis, which means they are required to be repaid on the borrower’s next payday. They can be found and obtained by either visiting a payday loan store, or on the Internet.
Benefits of Payday Cash Loans
There are several advantages to opting for emergency cash loans in times of financial difficulty. For starters, approval is not contingent upon the borrower having good credit; in fact, there is no credit check requirement in the payday loan process at all. However, while credit is certainly not an issue, there are some basic minimum requirements that borrowers must satisfy in order to get approved for quick cash advance loans, including:
- Be at least 18 years old
- Have a valid bank account
- Have the ability to provide proof of employment
- Meet the minimum monthly income requirements set by lenders
Another benefit of same day payday loans is having access to the cash you need instantaneously, in most cases just as the name implies, on the very same day. Not only are payday advances quick, but they’re also convenient. Lenders are usually able to deposit the money directly into your checking account.
In addition to the perks mentioned above, the application process involved for payday cash loans is also very simple. It is not necessary to apply in person at a payday loan store, as you can easily find lenders online and apply from the comforts of your own. All you have to do is fill out a simple form with some basic personal information and submit it electronically. Once lenders receive your online application and approve it, you will be able to have access to the funds within mere hours.
What Happens if You Can’t Pay?
As with anything else in life, including payday advances, there are always both advantages and disadvantages involved. One of the major drawbacks of quick cash loans is paying higher interest rates. However, they’re part and parcel of the price you pay for the convenience that these types of loans offer. On a more positive note, as long as you pay back the cash advance loan on time, you won’t have to run the risk of incurring any extra charges.
If for some reason you are unable to repay the loan by the due date, it may be possible to apply for an extension or work out some type of payment plan with the payday lender. However, in order for lenders to work with you by considering alternative repayment options, you have to provide them with prior notice of your inability to pay.
While quick cash loans can be used for a variety of purposes, including financing your child’s school tuition, vacations, or even for your wedding, it’s important to not get carried away, which can easily happen if you’re not careful. If you truly want to reap the benefits that these types of loans offer, while continuing to remain debt free, keep one thing in mind: use payday cash loans for financial emergencies only.
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