Payday loans are intended to help you when you are short of money for a week or two before you paycheck. They are a short term solution and can not be used as a solution to a serious financial problem
cash advance online loans are small loans usually range from $ 100 to $ 1,500, depending on the lender. The lender generally does not advance as much as $ 1500 for a new client until the client proves its solvency. However, if you are unable to repay the loan, it is important to ask the lender to extend the repayment period.
Maybe the greatest advantage of payday loans is that money is available to you very quickly, which is great if you need money to get your bills paid urgently. Also people with bad credit who have difficulty with getting loans elsewhere will have no problem getting a payday loan. An additional benefit is that these loans do not require any form of guarantee of the borrower, and it saves you a lot of unnecessary paperwork.
Probably the biggest disadvantage of payday loans is higher than normal interest rates. The interest may seem very high due to the short duration of the loan. Another drawback is that if a borrower does not repay the loan will be deferred to the next pay period and will cost the borrower other fees. Ideally, the loan must be repaid in full on the due date to avoid incurring interest charges and additional loan could then be very expensive.
If your credit score is high, then there are some alternatives such as extending your overdraft or drawing money from your credit card. If you have bad credit, the best option is to opt for a payday loan.
Payday loans offer emergency help for people who need money quickly and without access to an overdraft facility or credit cards. However, it is important to borrow only what you can pay back with your next paycheck to avoid additional costs.