Often times when people hit financial snags, they simply need the fastest and easiest solution to help them work through the problem. Sometimes one of the solutions that can be most helpful is for that person to get a payday loan. Luckily there are a number of lenders, both locally in most metropolitan areas and online, that offer payday loan or cash advance services.
Cash advance loans can be a good option for a number of reasons. First, they are fast. Since they are usually small loans ($500 to $2000) and are only loaned for a short period of time, most lenders have pretty loose requirements in terms of what it takes to qualify for such a loan. That also makes them easy to get, even for people with damaged credit or other issues that might make them unable to get a loan from a traditional lender. Also, a traditional lender will probably want to make a loan for an extended period of time, not just to help the borrower make it till their next paycheck as a result of an unexpected financial emergency.
As previously mentioned, these types of loans are typically short term loans. Potential borrowers should be well aware of this fact beforehand and not use these types of loans for long term financial issues. For long term cash flow problems, you should definitely seek out something other than a payday loan or cash advance loan.
One of the reasons why this is the case is that the effective interest rate charged on these types of loans is much higher than a typical loan. However, since the loan is usually paid back in a short period of time (2 to 4 weeks), most borrowers don't feel the impact of this high interest rate. But, if you're unable to pay back the loan in the agreed upon time, late fees will likely be added to the amount you owe which effectively increases the interest rate you'll ultimately be paying as you pay back the loan.
Another reason to avoid cash advance loans as a long term solution is that if you are constantly finding yourself playing catch-up with your finances, it might be an indication of a bigger problem. By continually relying on payday loans to help you get by, it's really only making matters worse. Therefore, if you find yourself in a situation like this, it's probably best to seek out the advice of a qualified financial advisor rather than putting yourself behind the 8-ball with one loan after another.
That being said, all of us have probably had unexpected situations come up where we needed some fast cash and we knew we were "good for it" within a few weeks or so. For instance, your car breaks down, you need to get something fixed in your house, perhaps an unexpected medical payment. In situations like these, a cash advance can be a real life saver, especially when your other options are limited.
STOP: Before you apply for a payday loan, be sure to get more information on how to save money on your loan and learn about your 3 best options for payday loans by visiting the payday loan guide at YourPaydayLoanGuide.com.
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