Making The Most Of Your Money

Why a Payday Loan Could Be a Lifesaver When You Have an Emergency

25 April 2019 by Glen Robinson

When you don't have a savings account and your credit cards are maxed out, an emergency expense can be impossible to handle. If you're sick and need to go to a walk-in clinic or if you have a toothache and need an emergency dentist, you might be out of luck unless you get a payday loan. While payday loans aren't the answer for every financial need, when you need cash in a hurry, it can be a lifesaver. Here's why.

Bad Credit Doesn't Matter

If you have bad credit, you probably won't qualify for a loan with a traditional lender. Plus, the process of getting a traditional loan may take too long anyway. When you apply for one of these payday loans, you only need to supply information such as your employer and banking details. The lender doesn't check your credit, so it doesn't matter if you have no credit or bad credit.

You Get Money Fast

If you use an online lender, you may get the money deposited in your bank account the same day. If you visit a location in person, you can walk out with cash after you've submitted your information. Getting a payday loan is one of the quickest ways you can get your hands on the cash you need in an emergency.

You Pay The Money Back Fast

Having to pay off the loan quickly can be good or bad depending on your financial situation. These loans are often for just a few hundred dollars, and the entire amount plus the fee comes out of your next paycheck. A loan is a little like getting your paycheck early. You'll have to account for the fact that you'll have less money left over once the loan payment comes out. However, you only have to go through that once. There won't be any monthly payments that mess with your budget for several months or more.

You Can Get Repeat Loans

As long as you pay off your loan on time as agreed, you can take out another loan if it is ever necessary. It's nice to know you have somewhere to turn when an emergency comes up. State laws regulate this industry, so you'll have to abide by some rules. You can probably only get one loan at a time, even if you go to different lenders. But once a loan is paid off, you know you can always go back if you're short on cash again.

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