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Payday Cash Advance What Do I Need To Do?
A payday cash advance loan is one way of getting out of a messy situation. Be it a medical emergency, rent, or whatever you need the money for. A payday loan is something that is used to bridge the gap of your next paycheck – it saves you from a lot of penalties and missed payments and is usually paid the next time you receive your paycheck.
When people hear about a payday cash advance loan, what they immediately think is that it’s a predatory loan. But that’s only if you fail to manage it. In this article, we’ll be discussing the positive things you can get from a payday loan along with its negative side.
Many lenders will approve your payday loan application almost instantaneously as long as you provide the necessary information. In applying for a payday loan, the process is straightforward and easy – no need to fill-up lengthy forms. Once approved, it’s only a matter of hours or a day at best to receive your funds. The quicker you provide your details and application to the lender, the sooner they can wire the funds to you.
Traditional credit lines would take a long time to review and process your application. A few days to a several weeks is needed before you can even access the funds – that is provided that you get approved. On a payday loan, processing and reviewing is easy and fast so you can instantly know the verdict of whether you got approved or not. In any case that your application gets denied, there are tons of payday lenders out there that are willing to give you a helping hand.
All of the application, interaction, and processing of your payday loan are done online. You don’t need to dress well and go through traffic just to talk to a loan officer and apply. You can do all of that in the comfort of your own home. Meanwhile, a traditional loan will require you to go through all the hassle to meet with a loan officer and discuss the reason of applying for the loan and all that. What puts payday loans over the likes of a credit card is that you are physically holding your cash and are not limited to your purchases.
The cash you get from payday loans are not limited to a single use. Just like a personal loan, to which you use the funds for is entirely up to your discretion. While other traditional loans, except for a personal loan, have a specific use tied with the funds. One example would be a car loan, which you can only use for buying a car.
No need to carry all those documents with you when applying online as you can easily attach said documents or fax it to the lender.
Almost everyone can access and avail a payday loan because it requires only a few requirements. The most important of them all is that you have a steady source of income. It doesn’t matter how bad your credit score is or if you don’t have any credit history at all, as long as you can prove that your income is stable, you’ll get your payday loan approved. Your income alone is enough to tell the lenders that you are capable of repaying them. Other requirement would be somewhere to wire the money to – so you need an active savings account for that.
One crucial requirement before applying to a payday loan is that you need to be 18 years of age, otherwise you can’t get a loan anywhere. If you have a permanent job, then you are already eligible for a payday loan. Compared to traditional lenders, there are many hurdles to go through – such as you must have an excellent credit score, proof of income for over a few years.
You can qualify for a higher amount
Most payday lenders limit what borrowers can take out and can only borrow what’s within the range of the lender. But after successfully paying off your other payday loan, the lenders may increase your limit with your subsequent applications. An example would be, after you’ve completed your $500 loan, you are then eligible to take out a $1,000 loan on your next application. But that varies from lender to lender, so better clear things out and ask around.
The maximum and minimum amount that you can borrow from lenders will vary from different states and all the law that surrounds it. Paying your loans on time will surely create a better relationship with your lender, and thus open new possibilities for better terms and rates in the future.
Protect your credit rating
Because of the short payment period of a payday loan, it leaves little room for errors but if you manage it right can be good for your credit score. It may seem like a disadvantage to some people, but if you are responsible with your finances, your credit rating won’t take a hit but rather improve.
Compared to a longer term loan, there are many ways in which an event can occur that will hinder your ability to repay your loans – thus potentially damaging your credit score. One example of it is losing your job or the source of your income, getting sick, and many more circumstances that will lead to you being unable to pay your monthly dues.
When you default on your loan, your credit score will take a huge dip, and on top of that – you will get penalties and get fined, which in turn would increase the cost of your loan.
The Downside of Payday Loans
Now that we’ve discussed the positives of a payday cash advance loan, we’ll now turn to the negatives – which the known is usually known for.
All those conveniences that comes with a payday loan won’t be for free. Charges and interest rates can be as high as 400% APR which can sky rocket the money you’re owed.
You might say that you’ll only have the loan for a couple of weeks, but those weeks of interest would amount the same as a personal loan would incur in many months. Payday loans are becoming a problem to those borrowers who are growing dependent on them because they don’t have other financing options that are available for them.
One of the biggest problem that a payday loan can cause is that it traps the borrower into a cycle of debt. Continuously extending their loans and continuously taking out and extending loans until such time comes that the paycheck they’re receiving can’t fully pay the loan that they are paying. They depend on payday loans on their spending and the fees and interest keep piling up until it’s too expensive to get out of. It will become a cycle in which the borrower can never get out of because of how easily you can acquire payday loans.
Avoid getting into a spiral
A payday loan is good for temporary solution. When taking out a payday loan, make sure to manage your debt properly – once you’ve got out, don’t take out another loan unless it’s life or death.
Do not use a payday loan as a permanent solution, rather treat it as a way to stop the bleeding while you look for ways to deal with the root problem. Evaluate yourself on what got you into this situation and think of ways to improve upon it.
Whenever you have excess money, set it aside for emergency purposes. No matter how small the amount is, it’ll all add up as time passes. And when an emergency situation arises, you are well prepared to deal with the problem without taking out a loan.