Cash Advances Are Available for Emergencies and Other Life Occurences
No matter how hard you try to budget to make sure you have enough money to cover all your monthly expenses and then a little left over for emergencies, sometimes those emergencies turn out to be more expensive than you would hope for. So many hardworking people nowadays are struggling to make their wage stretch to cover their essential living costs, let alone make regular payments into a savings account for that contingency fund that all the financial experts keep telling them is the sensible thing to do. Faced with the rising costs of owning a home and putting food on the table, it is no wonder that savings end up low on the list of priorities.
Life is so unpredictable and nobody knows exactly what is round the corner. Everything can be ticking along nicely one day, you do not have a lot of excess cash, but you have enough to get by and then the next day everything can be turned upside down. If disaster strikes or the unexpected happens, what are you supposed to do? You are likely to feel that you have no options as there is no way your bank will lend to you, and you certainly do not have any rich relatives who can lend you whatever you need.
This is where a payday loan, a type of short-term loan, is a perfect solution. Payday loans are a fast, straightforward way to get cash; the money you need can often be in your checking account as soon as the next business day. There are no lengthy application forms to fill out, and no anxious, lengthy wait to hear if you have been approved or not. All you need is one (sometimes two, depending on the lender) recent pay stub to prove that you are in current permanent employment and have a steady source of income. Recent bank statements may also be required. If you visit a retail store to obtain the loan, you will be asked to write a postdated check, made payable to the lender for the loan's full amount plus their fees and interest. When the loan becomes due to be repaid, you will be expected to return to the store and repay the total amount. You should be aware that if you fail to turn up, the lender would redeem your check. Remember that the money does need to be repaid on the agreed date, and if your check bounces, you will find yourself in further financial difficulties; you will face additional charges, a bounced check fee from your bank and ongoing interest on the original loan amount. Make sure you know in advance, what all the fees and charges are, so that you do not get any nasty surprises.
If the cash advance is being applied for over the internet, you will need to complete an online application form that includes personal information (name, address, date of birth, etc.), your bank account details, details of your employer and your Social Security number. You may be asked to fax or email copies of certain paperwork, such as a check from your bank account, a recent bank statement and a document with your signature on it. A quick, routine underwriting procedure will then be carried out; people are rarely turned down unless they cannot prove they are working or have a bank account. In fact, many online payday loan providers do not even carry out credit checks or verify employment, so there is little to worry about where that is concerned.
The next step is that the loan amount is deposited straight into your bank account. When the loan is due to be repaid, the amount, the original loan amount plus the interest charged, will be withdrawn electronically from the same account. The reason the loan is referred to as a payday loan is that the money is typically only borrowed until the next payday, two or three weeks later, at which point the next pay check is received and the money can be repaid.
For fast cash, this type of cash advance loans cannot be beaten. Because the loan is only for a short time, you do not have the stress and anxiety that all too often goes hand in hand with borrowing money. Whether you need a 1000 loan or a 2000 loan, you can quickly have the peace of mind that you have the funds required to sort out your current situation, and that the money will be repaid within a very short time. While these loans should not be relied on as a regular solution to financial difficulties, as a one-off they are often a sensible path to take.
You may consider yourself to be a sensible person who has always tried to stay out of debt and keep control of your finances. Do not let your pride get in the way of doing what is best for you and your family, however. Everybody needs to ask for help sometimes and in the current financial climate, an increasing number of people are having to take measures they never imagined would be necessary. Do not see a cash advance loan as a major issue or something to be ashamed of; instead see it as an opportunity that is being offered to you that will provide you with some breathing space. If you need a sum of money quickly, the worst thing you can do is stall. You need to react to an urgent situation with the same level of urgency. Perhaps your rent is due and you just do not have quite enough to cover it this month. Failure to take action could result in your eviction, which you want to avoid at all costs. On the other hand, maybe your car has broken down and if you do not manage to repair it in the next few days, you will not be able to drive to work, and risk losing your job. Think about the possible consequences of not securing the cash you need to deal with your current financial circumstances. Surely getting a payday loan is a far more attractive option.