Payday Loans (Cash Advances) Explained

As the name suggests, a payday loan is a fast and easy method to get loan in a single day to meet your sudden, immediate expenses. A payday loan can be taken online and through instant approval, cash will be transferred to your bank account electronically within a day. Loan can be taken for an amount starting from $100 to $1500. It is the best method to meet your short-term financial needs immediately by using your personal computer while sitting at your own home. payday loan trap

Unlike other loan services, online payday loans don’t usually check your credit history. If you have ever been denied a loan, even then don’t hesitate to take the payday loan as they have a separate bad credit payday loan service. So even if you have to pay your creditors, you can do so by taking a payday loan.

Like all other financial transactions, all personal and financial information provided by you to get a payday loan is encrypted and therefore safe. When you apply for a loan, a member account will be given to you to handle all of your transactions safely. This membership account can also be used to update your profile or view your borrowing history.

Payday loans provide immediate relief to all your monetary problems. There can be multiple reasons for you to take a payday loan, including:

  • Payment of monthly bills
  • Need to pay creditors
  • Unexpected vehicle expenses
  • Unanticipated medical bill
  • Money required for vacation or entertainment

Therefore, to solve all these problems and many more, a payday loan may be the best solution. Many people find it a better option than not paying a bill at all and bearing a fine or bouncing a check and receiving overdraft fees on your checking account. Here is a list showing a comparison of the annual percentage rates of payday loans when compared with other alternatives when you face a cash shortage. These are expressed as APRs for 14-day periods.

$100 credit card balance with $30 late fee = 800% APR
$100 payday advance with $20 fee = 521% APR
$100 utility bill with $60 late fees = 1,564% APR
$100 bounced check with $50 bank fees = 1,304% APR

This shows that payday loans are the best available option when you run of cash unexpectedly. Hence, payday loans are the easy way out whenever life challenges you with unforeseen requirements.

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