How a quick payday loan may help

If you find yourself short of money in between paydays due to an unforeseen cost cropping up and wish to borrow a small amount of cash (up to two southend dollar loans) for a couple of weeks, what do you do? One solution may be to consider a quick payday loan.

A payday loan may be useful in a wide range of situations when you need cash – and fast. For example:

you are scraping by with five days to go until payday and one of your car tyres has a blowout. A payday loan may allow you to go out and replace the tyre within a few hours from applying;
you forgot to pay your gas bill and the final reminder drops through the letterbox, however you do not get paid for another week. A payday loan may provide the cash needed for you to meet it;
your monthly wage has not spread as far as you thought and you need to pay for childcare. A cash advance loan may help.
These are just a few of the situations where an instant payday loan may be able to help you over the short-term.

What is a payday loan?

A payday loan is a form of borrowing that is taken out for a short period of time – usually until you are next paid by your employer. Payday lenders typically limit the amount you are able to borrow – so huge sums are not involved, making the whole process quick and easy.

This type of loan is typically aimed at those who find themselves short of money between paydays, such as in one of the examples described above. Typically, you can apply for a payday loan and usually have the money in your bank on the same day (or the day after at the very latest), providing your application is approved.

Generally, the whole amount of the payday loan is repaid back to the lender on your next payday via your debit card (the details of which you will have supplied when you applied for the fast cash loan). Interest is added onto the amount you borrow plus a bank transfer fee. This amount will typically be made clear to you at the outset, so you know exactly what your cash advance loan will cost you.

A payday loan is not suitable for those who are suffering financial problems from month to month but rather if you come across an emergency from time to time.

Am I eligible for a payday loan?

As with any type of loan, there will be certain requirements that have to be met in order to be eligible for a payday loan. Typically, these will include that you must:

be at least 18 years old when applying;
have a bank account in the USA and a debit card attached to the bank account. (The latter is needed in order to repay the loan);
work in full time employment.
If you meet the above criteria of Extloans, or that set out by the provider you choose, then you may be able to benefit from fast cash, often in the bank within 2-24 hours, with a quick payday loan.

Take advantage of payday loans today

If you have found yourself in short-term financial trouble and need to get your hands on money fast, then you may wish to take advantage of payday loans today. A payday loan is typically a way of getting a short-term cash injection until your next payday or the one after.

When does a payday loan have to be repaid?

Normally when you take out a traditional loan, you borrow a sum of money (anywhere from $500 – $1000 upwards) and then spread the cost of the repayments out over some months or even years. However, with a payday loan (which is designed for smaller amounts of money, typically from $100 – $250) you do not spread out the repayments. You will be expected to repay the total amount – with interest and any administration fees – on your next, or the following, payday.

Typically, when applying for one of these fast cash loans, the lender will require your debit card details. If your payday loan is approved, the amount you need to repay is then taken from your account automatically, on the pre-agreed date.

Criteria you may have to meet

As with any type of loan you apply for, there are typically requirements you have to meet in order to be eligible for payday loans today. Usually, you have to be: over the age of 18, in full time employment, the holder of a bank debit card.

Bad credit payday loans

Even if you have experienced financial difficulty in the past and have a less than perfect credit history, you may still be able to be approved for a payday cash advance.

How long does it take to get cash?

How long you have to wait for your money after being approved for a payday loan depends on the provider. In some cases the cash may be in your bank account within a couple of hours. Otherwise, it will hit your bank account on the following day.

So, if you are looking for some short-term money to tide you over, payday loans today may be an ideal way to ensure you are able to manage financially until your next payday. However, this type of borrowing is not a loan to be relied on when you are in debt and struggling financially over the long-term.