Unforeseen and unplanned events happen all the time. Sometimes these events are relatively easy to manage, particularly for those with a nest-egg or emergency bank account to cover the unexpected costs.
On the other hand, for those without the emergency account and those living from paycheck to paycheck, an issue with a vehicle breakdown, a medical emergency or even the need to travel for work can create a financial hardship. Turning to a payday lender may not be the least costly option in finding money, but it has definite advantages to consider.
Learning about payday advance loans, also known as payday loans or short-term loans, can to decide if this is the right option for your cash flow challenges. These loans are not the most low-cost option available, but they have advantages that more than offset the costs involved.
Immediate Cash
By choosing to apply for payday advance loans, applicants have an immediate notification if they are approved or denied for the loan. In general, if a person has a job, has a current checking account and has identification, he or she can be approved. However, it is important to know that an individual can only have one payday loan at a time, and this is a legal restriction that all lenders must follow.
No Collateral Needed
With payday advance loans, your current employment and pre-dated check on your checking account are all that is needed to secure the loan. These loans are short in duration, typically about 14 days or less, but they can extend up to 31 days depending on your payroll scheduling.
Without the need for collateral, the loans are private, so there is no need for anyone else in the home to know. Additionally, there is no credit check, so applying for the loan does not impact a credit score.
