We Took A Payday Loan, And This Is What Happened

The By Federico Martin  | Categories : misc

Tags : pay day loans /

 

There have been days in most lives where that click here to make more money button has tempted us to the Nth level. It might have been a financial emergency or just something you really wanted to buy but didn't have enough balance too. Or there may have been days where no matter how many tips and tricks you learned from www.debt.org/ you still end up short on paying your bills. Life is expensive. Even the necessities cost a lot. It is for this reason a payday loan is so popular.

A payday loan or cash advance is a quick way getting some ready money in your hands to pay due bills or emergency expenses. They are so called because they are short debts that need to be repaid with the next paycheck. By taking a payday loan, you solve not only unexpected expenditure but also bypass any penalties you may have on late bill payments. To give you a lowdown on what happens when one takes a cash advance we took one, and these are the benefits that we got.

They are blindingly fast. Unlike traditional loan methods, approval of cash advance happens at super speed. The procedure is simple and requires filling in the most basic information. The form is not a ten-page thesis like a bank loan requires. Once submitted the information is checked in a flash. If you are approved, the money would be transferred as quickly as an hour. The only time lag is that of the transfer of funds, but most do not take longer than one working day. That is within 24 hours you have cash on hand to pay pending bills.

If your application is not approved, they will let you inform about the same within a short period. This means you can apply for a loan or look for alternate ways to raise money almost immediately. Unlike traditional loans where it takes a long period to reach any conclusion, payday loans save you from the harrowing feeling of getting approved or not.

For the millennials and younger generation payday loans are heaven sent because every part of it is done online. One doesn't need to talk to a loan officer after weeks of trying to get an appointment or to follow up on when the cash will be delivered. The entire process is on the internet, and every interaction you may have is done via the web. Nothing gets more convenient than this. One can fill the application from home, office or anywhere else.

Use it as you like it. A conventional bank loan gives you credit on a credit card that can be used for only a specific reason like paying a college loan or a mortgage. But a cash advance is just that hard cash in hand. One can use it to buy a service, purchase a good or anything else they want. The same money can be used to pay medical bills or buy a car or pay of phone bills.