A payday loan is often a small amount of money lent unsecured for a short time, sometimes referred to as a cash advance. Payday advances are reliant on the borrower’s employment or payroll records which a payday loans near me facility will need to access.

Why are they so handy?

pay day loan no credit checkMany families have a breadwinner who caters to the family’s needs, paycheck to paycheck. Despite having fixed budgets, once in a while, an emergency occurrence will crop up, leaving the breadwinner stuck. These kinds of emergencies may include an unexpected illness in the family, emergency vehicle servicing bills, or a leaking roof in need of repair. Unable to meet this unexpected financial obligation, the family may have very few options open to them.

A report by the Center for Financial Services Innovation states that such emergency financial obligations account for at least 32 per percent of loans lent to small-dollar credit borrowers. This comes as no surprise though. Since 1972, the average wage has been on the decline in the US, and many U.S citizens have no emergency savings of any kind. This means that whatever little is earned leaves nothing left for the rainy day. Unfortunately, most mainstream brick and mortar financial institutions have all but abandoned the short-term low or moderate income earner due to the high risks of borrowing involved as well as high service charges, which translates into high interest rates.

When these bleak moments hit, a family is left with a few options which include:

  • Borrowing from family and friends This is advantageous because you may avoid fees and high interest rates while at it. It will be a great option to solve an emergency financial crisis if, first of all, the family member or friend has enough cash to lend you. Unfortunately, borrowing money from friends and acquaintances, often endangers the relationship because if you are unable to meet your end of the deal and pay on time, things could turn sour. In this case, an alternative borrowing source could be more preferable.
  • Advance payment This is a way of getting quick financial assistance from your employer if such facilities exist in your workplace.
  • Visiting  payday loan stores near me A borrower with a job can get anywhere between $100 to $500 till their next payday using payday loans. In return, you are expected to write a post-dated check or some form of proven authorization to your payday lender for the amount loaned plus fees accrued. On your next payday, you can either repay your loan in person or allow your lender to cash the check or initiate an electronic funds transfer. It is simply the most straightforward way to take out a loan.

bad credit pay day loansPayday loans are arranged over days instead of years, but if needed, they can be continued for several months. Repurchase or renewing of payday loans is generally not encouraged as it could tie up your finances in an unending cycle of debt. These kinds of loans could end up costing much more in the long term so a borrower should initially consider their paycheck, and ensure that a payday loan does not interfere heavily with their monthly budget. So if you are cash-strapped in mid-month, a payday loan lender will provide you with the money you need which is to be paid back with interest. Online payday lenders do not require extensive paperwork. The loan form takes only a few minutes to complete, and our lending partners will fund your loan as soon as the next day.

A payday loan can relieve your financial strain faster than most other alternatives, helping you refocus your energies on what matters most. Payday loan places near me are the perfect option to bridge your cash gap between your paychecks. The fact that there is no collateral attached to payday loans make them available to many families who live from paycheck to paycheck.

fast pay day loansThere are times when getting a payday loan may be profitable to you than other financial means of rescue from an emergency financial cash crunch. Payday loans near me facilities provide loans that cost less than bounced check, so do not issue one if you are cash-strapped. Most financial institutions are raising their overdraft fees, which can quickly add up especially if multiple bounced checks have been issued on a deficient cash account. They are also cheaper than losing your utility service or the many penalties and fines you could accrue from unpaid tickets and court costs. Many borrowers have had excellent success with payday loan near me short-term lending, so it could work for you too.