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Payday loans cash advance

Payday loans cash advance: An Umbrella for a Sudden Rainy Day

Every one of us faces financial contingencies once in a while, often once in every few months. This is a time of irony. A sudden emergency creeps up where you are in need of just a few hundred dollars. The need could be anything from the repair that a sudden breakdown in your car has cost you to a sudden medical emergency of a loved one for which you need money immediately, say right now. The old way was for people to borrow that money from someone they knew. However, this created dependencies and many self-reliant and proud people do not like to ask friends for money, especially such a small amount and at a time where your friends would also be in need of that money.

Itís ironical because the emergency has crept up just a day or two before your payday and you are rubbing your hand, clueless about what you should do. Of course, your office will not give you an advance paycheque. But how you wish now that they would.

It is for such a time that the concept of payday loans cash advance was conceived. A payday loan is a loan of a small amount, anywhere between say $100 to $1000 that you take in an emergency, on the condition of paying it back with your next pay, or spread out over the next few paydays. Simply put, the only criteria you have to meet to take a payday loan, is to be a salaried person. If you are, you can avail of a payday loan that suits your requirements of money and repayment.

There are many financial institutions, both from the banking and non-banking sector that offer you a choice of payday loans at different rates. Lot of these institutions have opened up physical locations in almost all states of the U.S. where you can go and get a quick and hassle free payday loan. If however you donít even have the time to search for and go to a physical location, worry not. For you can search on the Internet about a payday lender, give the few requisite information they seek and presto, the payday loan is your, then and there. The wonderful concept of electronic transfer of money from one bank account to another has ensured that the money has immediately landed in your account.

Payday loans are available for various purposes and on various conditions. Conditions like medical emergencies, sudden need to repair your car or your house, repayment of your credit card bills, are all valid reasons and so is a reason that there is a sale in your neighbourhood superstore but you donít have the money to take advantage of the low price of goods. Heck, even a payday loan to pay off a previous payday loan you had taken is good enough reason. The reason for the loan you take is entirely yours so is the amount you want a loan for. However, most payday loans are between $100 and $500.

Payday loans are further segregated depending on type of people who take the loans. For example, there are business payday loans (especially for business men), savings account payday loans cash advance (for those that have a savings account) etc. Then there are payday loans specifically made for military personnel called the military payday loan, specializing in lending money to those serving the nationís armed forces. Military payday loans usually have lower interest rates and are more flexible than other payday loans. Then thereís also a bad credit payday loan. This payday loan is specifically for those who have a bad credit history.

Payday loan companies are further segregated based on the speed at which they give you a loan. There are those that would give you a payday loan in less than 5 minutes. Usually, a payday loan takes anywhere between an hour to a day. Any loan that takes more than a day, get out of the purview of payday loans since, the very purpose of a payday loan is to pay for a sudden emergency. If you have to wait more than a day for the money, whatís the benefit of having it after the emergency has come and gone.

Then there are payday companies which set up shop in your neighbourhood, others that are part of a bank itself and do so from their branches, there are still many who do not have a physical location and choose to offer payday loans cash advance from the Internet, electronically transferring the money that you have loaned for. Thereís every type to suit your self and your needs.

Payday loans entail a fixed fee or percentage interest on the loan amount. This differs for different companies offering the loan. The percentage of interest on the loan is anywhere between 5% to even 50% depending on your emergency. Fixed fees also differs but is usually between $15 to $50 for a loan of less than $500 and around $20 to $200 for a loan between $500 and $1000.

Like the loan itself, the repayment options for payday loans, is quite flexible. However, most of the payday loans are repaid by writing a post-dated cheque when the loan is being taken. This cheque includes the loan amount plus the percentage amount or fixed fee for the loan. The date of the cheque is set for your next payday or the day you specify. Usually it is paid back in less than 15 days.

Online payday loan companies, pay the amount you have applied for directly into your account, which you can then cash in using the nearest ATM. The repayment due to them is again done directly by instructing your bank to electronic pay back the money on the day of your salary, or on a date specified by you.

To avail of a payday loan, you have to give some information. The information asked by companies to give you a payday loan differs. Usually apart from your name, address, age etc., the info sought is about your bank account, salary, credit history and sometimes even your social security number.

Before you take up any payday loan there are a few information you would like to check up yourself, a few pointers you should keep in mind. Yes, itís true that payday loans are usually taken in a hurry. But even if you are in a hurry, do quickly double check on at least these two things: the interest or fixed amount that is being charged to you by the company and the amount you would have to pay if you default on your repayment.

Payday loans have become not only a reality of modern day living, but also a necessity. It helps a person to tide through a difficult time. At some point or the other, each one of us has either taken a payday loan, or might end up in a situation where we would need one. Hence, even if at this very moment we donít need a payday loan, it is best for us to sit and research out a few things about payday loans. This pre-emptive research will help you when you are in a desperate urgency. After all, no one can predict an emergency.

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