There are simply a lot of us who want to spend our extra remaining cash on something just for the sheer joy of it, instead of doing what we know we should do by putting it into a savings account.
Does Money Burn a Hole in Your Pocket?
When the money comes in, we immediately splurge it on things that we don’t really need and we often treat ourselves just to enjoy the moment instead of putting the money away to have something to use for emergencies.
Unfortunately, this kind of lifestyle is going to cause us real headaches in times of emergencies. Many unforeseen events and circumstances can happen in the future which will require immediate funding.
Online cash loans or payday loans are also famous for another name which is “unsecured loans.” This kind of loan helps borrowers fill any financial gaps between 2 paydays.
Payday loans provide an immediate funding for small financial emergencies which can come during the end of the month where the borrower has no money and has to wait for the next payday to obtain funding.
Payday cash loan features:
• Payday loans make use of the online medium – since it works online, it can be processed faster than any financial institution and can be accessed anywhere anytime.
• Fast cash – also, you can receive your cash within a short span of time – usually within 24 hours. Once approved for the loan, your money will be transferred to your bank account via wire transfer.
You don’t need any paper work when signing up for a loan; registration usually takes filling up a few forms online which can be done in minutes.
• Payday loans can provide you with money amounting from $100 to $5,000. Depending on your affordability, you can also be loaned with much larger amounts up to $10,000 in some cases.
• Payday loans come with high interest rates – one thing that you should always remember is that payday loans come with high rates of interest since they serve as emergency funding. The basic APR of these types of loan range anywhere from 9% to 30%.
• Due every 14 days – payday loans are always due 14 days after the money has been transferred to the borrower. It can at times be extended to 18 days depending on the day the borrower receives funding or they get paid.
There are those lenders that provide a rolling over option that allows the borrower to extend their payment to the next payday should there be problems on the borrowers account. Nonetheless, this can be a dangerous practice, by putting the borrower into a deeper debt hole.
• Unsecured loan – payday loans as mentioned earlier are unsecured loans which do not call for any collateral to be used for the repayment.
• No credit checks – most personal loans usually require credit checks prior to getting an approval. Nearly all payday loans do not require such procedures which allows borrowers with poor credit standing or history to easily access funds.
• Minimum employment duration of 6 months can be a requirement to access many of these loans. You will need to be with your company at least for 6 months and can show a checking account that is active for at least 3 months.
Compared to the traditional loans, payday cash loans or cash advance loans are usually much more friendlier and practical, especially to those who are dealing with a poor credit rating in their past history.
And those pros that could definitely help borrowers include the fast processing, no credit checks, and no collateral – things which usually get people rejected for a loan from a financial institution.
So what else can you ask for?
Whenever you’re opting to borrow money from an online cash loan, you’ll be reaping a number of benefits. One is being able to access fast cash at the convenience of your home or anywhere you are, anytime you like.
Another is to access a greater number of loan providers over the internet and it will be easy to compare rates and policies from your choices.
You don’t even have to talk to someone and be nervous about your answers thinking that you’ll get rejected with the wrong answer.
The only thing that you need to watch out for is those scammers. The online cash advance loan industry is a vast area where scammers or fraudsters also lurk.
Therefore, it is important that you consider only those reputable companies that provide services that you can see have good reviews. Check for reviews, feedback and understand the policies, rates and terms involved. Remember, borrow responsibly and only take what you know you can pay back by the agreed upon due date.