If you are looking for urgent money, then payday loans can be the best option before you. However, critics would say that payday loans are a poor financial choice. Well, they are partially right. For instance, as long as you handle it the way it is supposed to be handled then you have got nothing to worry about. Payroll loans, salary loans, payday advance loans, cash advance loans, quick cash loans etc. are a few of the other names given to these types of loans.
Drawbacks according to critics
The biggest criticism that comes in the way of payday loans is that you will end up paying high interest. True, interest rates are high compared to regular bank loans, but since you intend to pay it back on your next payday, you shouldn't be bothered about the interest rates.
Another major criticism is that you will get addicted to payday loans and then you will fall into a loop which you might find difficult to get away from as time progresses. Well, payday loans are only meant to be the kind of loan you take when you need money urgently. You are not going to be in that position every month.
And if you get trapped in that loop, you are the one to be blamed. You are not supposed to misuse payday loans. You know why they are there and you should turn to it only when you must. And as you can see, it doesn't happen with everybody. Some people simply exaggerate it as fear mongering is their aim. As long as you don't intend to misuse it, payday loans can be your best friend. It's always going to be the friend in need, which suggests it is indeed your best friend.
Taking care of the monthly bills
None of us can escape the monthly bills - newspaper, cable, gas, electricity and what not. Termination of service and penalty are expected when you don't pay your bills on time. In some cases, you will be subjected to a bill you didn't anticipate. Well, payday lenders are there to offer the help you have been seeking. Payday lenders are always ready to lend money, even when you have bad credit score. Getting the loan is super easy. Once you submit the application online, they will transfer the amount to your account within hours.
As we have already mentioned, it is really easy to obtain. You don't have to go to the lender's office or wait in the long queue. You can apply for a loan online sitting in the comfort of your home. The money will be credited to your account mostly within 24 hours after applying.
First, you have to fill up the form on their website. Your application will be approved within a few hours and the money will be credited to your account within a day's time. Fill-in the application won't take you more than a few minutes.
As the name suggests, you are supposed to pay back the amount on your next payday. However, unlike bank loans, they will lend only small amounts, which you can pay back on your next payday. Nonetheless, it will be really useful to you at the 11th hour when you need money urgently.