Many of us, at one time or another, have been in a situation in which

We need extra funds to get us through until our next payday. A payday loan is a safe, simple and convenient way of obtaining a short-term loan for an emergency situation or temporary budget shortfall.

Payday loans are unsecured and are typically for relatively small amounts of cash; however, they require no credit check and require only a few steps for approval. For your convenience, most lenders offer both online access, as well as a neighborhood store. The application process includes proof of income and proof of identity, as well as an active checking account, as repayment is automatically debited to your account at the time the loan is due. However, most lenders do offer various repayment options, such as a paying only a minimum amount each payday, or payoff of the entire loan. Fees are clearly stated at the time of application and approval. There are no hidden charges or interest rates.

How do you decide if a payday loan is right for you? Payday loans are designed to be a short-term solution to a temporary financial need, not a long term source of funding. If you need ongoing financial help, you may need to seek other options, such as a professional financial counselor.

If your need is truly a short-term or one-time cash flow problem, complete the application with your choice of payday lender to find out how much you are qualified to borrow, along with the loan fees. Be sure to borrow only what you can afford to repay in a timely manner. For the responsible borrower, this can be an effective solution to a short-term need, providing an alternative solution to late fees, additional credit card fees or damage to your credit report. Consider all options, to determine if this is right solution for you.

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