What is the advantage of getting a quick payday loan when you need a fast cash advance? Sometimes all you need is a little help to get you over the hump and to the next payday. That is what the payday loan is great for.
Banks don’t want to lend in small amounts, and lately, they don’t want to lend anything at all. The payday loan lender is ready to help you out and they will do it quickly. You can get a quick $1,000 to pay for the small emergencies and pay it back on your next payday. Or, just pay for the interest on the payday loan. You can pay just the interest fees until you have the money to pay back the principle.
When you pay off the loan, if you have another emergency, the payday loan lender will be there to help you out again. Sometimes with clients that have a history of responsible borrowing, you can request a larger loan. Just like the smaller payday loans, you will have it in your account the next business day. You can also request a wire transfer if you need the money right away. There may be a wire fee but they can have the money in the bank for you the same day.
There are 3 ways that you can receive the money from a payday loan lender. The most common option is an ACH deposit directly into your checking account. This general takes 24 hours from the time that you are approved for the loan. The second option is a wire transfer into your checking account. This is the fastest way to get the money you need, but generally incurs a fee to cover the bank charges. The last option and least common is check by mail. This is the slowest way to get the money that you need and sometimes your bank may hold the check until it clears. A fourth way that many of the payday lenders are exploring is direct deposit into a prepaid debit card. This is a very new way for the industry to get the payday loan cash to you. Unfortunately, not all lenders are offering this service.
Your payday loan lender can be your secret weapon for a less stressed life. Just knowing that if you have an emergency that requires quick cash and that there will be a way to get the money you need, can set your mind at ease. Like all loans, a payday loan can be expensive. Make sure to repay the loan as soon as possible.