Is a Payday Cash Advance Loan the Right Thing For You?

Sometimes it is unavoidable; you just need a loan very quickly to meet the needs of some emergency. Maybe it was something you did not see coming, like a trip to the hospital emergency room, or maybe it was something you forgot to take care of, like your electric bill and you are facing a shut off from the electric company. But whatever the case, there comes a time in everyone's life where they need a loan and need it quickly.

It might even be the case where you have been watching for that LCD big screen TV to go on sale, and it finally did but only for one day, so you want to take advantage of the sale, and if you take the time to get a more traditional personal loan, the sale will be long gone since those types of loan typically take several days to get approved.

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These types of situations are where a payday cash advance loan can really be a benefit to you. If you have marginal credit or even if you have bad credit, then this type of loan is tailor made for you, since even if you went for the traditional personal loan, you almost know that you will not get approved.

Very simply put, a payday cash advance loan is a loan that allows you to get the money you need within a matter of a couple hours. All you need is identification and your last one or two paycheck stubs to prove that you have a regular and steady source of income. In most cases, a credit check is not even done, so if you have bad credit, that aspect will not even become an issue.

But if your need for this loan is not immediate or if you have good credit, this may not be the type of loan you want to get. The reason for saying this is because this type of loan typically carries a much higher interest rate than other types of personal loans, and also because it is designed to be a PAYDAY loan, meaning that it is expected to be paid back on your next payday, which is usually only a couple of weeks or a month from now.

If you are unable to pay back the loan, in full or in part, on your next payday, you can extend the due date to your next payday. Usually with this type of loan, you can extend the due date once, maybe twice, but rarely beyond that. And every time you extend the due date of the loan, late fees and higher interest are added to the loan amount that needs to be repaid.

If you need the money right now, a payday cash advance loan could be just the thing that you have been looking for. If you have bad credit, it may be one of very few viable options you actually have right now while you are working to improve your credit score. Be aware of the advantages and disadvantages of this type of loan though so that you do not get yourself into unnecessary financial troubles.

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