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In such a situation you may need what you may call as a fast loan. A traditional loan may not help you as it takes a long time to process. There is an answer to your needs, it is called a payday loan. A Payday Loan is a short-term loan that allows the borrower to get a small amount of cash for a short-term and a high rate of interest. You can think of this loan as a cash advance on your salary. They bridge the cash gap for the borrower till their next payday.
The advantage of a payday loan as already stated, its turnaround time is way faster than a traditional loan. They can be processed and in your account within a day. There is another advantage if you have a bad credit history a traditional bank may not give you a loan at all, no matter how important your need is. This is a non-issue with payday lenders. Payday lenders focus more on your current ability to be able to pay back what you have borrowed, rather than your past ability.
Getting online payday loans these days is as simple as shopping for anything else. There are many storefront lenders, however, most of the lenders have gone online in recent days. You will need to do the following if you need a payday loan:
- Find a lender that suits your needs. For this, you may want to do a little research. Understand all the terms and conditions of a lender. Find out how much amount you can borrow and for how long. Know the charges the lender charges. Also, ask about the repayment plan the lender offers. Another thing to check is related to the license of the lender, as all the states have some regulations for payday lenders it’s important to check that the lender is complying with the,
- Once you have found a lender suiting your needs, fill out an application form. Enter all your details correctly. Lenders usually ask for an identification and employment proof to be attached in the application itself. Keep your documentation ready.
- Submit the application form and wait for approval and the money. Approval with many online lenders is instant while others may take some time. However, the money is usually transferred with 24 hrs of approval. This is the reason they are called fast loans.
Payday loans have disadvantages also, the major one being the finance charges. Knowing this you may want to explore some of the other options available, like:
- Ask your employer for an advance on your salary.
- Ask family or friends, if in genuine need they may be happy to help.
- Keep a credit card handy for such times, though you must understand if credit card bills are not paid they also have high finance charges involved.
The best option is to plan your spending in a manner to avoid getting in such a situation.