You can get a cash advance payday loan if life throws you an unexpected and unavoidable expense that you weren't prepared for financially. This can be especially helpful if you have bad credit and can't get short-term credit anywhere else. Lenders will give you a quick cash payday loan based on your next paycheck. You can borrow a few hundred dollars for a couple of weeks at a higher-than-average interest rate. When you get your next paycheck, the loan amount plus interest is taken out of your bank account automatically.
Message of Caution
When you get a cash advance payday loan, there is one thing you need to keep in mind. The amount of the quick payday loan and any fees are taken from your bank account or from a check with a future date written on it. If you don't have enough money in your account on the day you're supposed to pay back the loan and the lender deposits your check anyway, they can charge you a lot of money for a bounced check and even accuse you of fraud. Also, if you do a direct withdrawal, the bank can charge you exorbitant overdraft fees if they take money out of your account when you don't have enough in it. So, you need to make sure you have enough money in your checking account to pay off your cash advance payday loan or let the lender know ahead of time that you need more time to pay it back.
The Good Things About Payday Loans
In spite of all this, a cash advance payday loan is the easiest unsecured loan to get today. It's a quick and discreet way to get out of a short-term money jam with style. You can get the exact amount of money you need for the exact amount of time you need it. You can also get a quick cash loan without any paperwork!
When used wisely, a $100 payday loan for two weeks with a $15 fee can help you avoid a $48 merchant fee on a bounced check, as well as legal fines and jail time. It can also help you avoid a $26 late fee on your credit card or a $50 late/reconnection fee on an upcoming utility bill!
With these numbers in front of us, we can see that a cash advance payday loan can really help us, as long as we don't start abusing this privilege. We can make this facility work for us in many ways as long as we only use it for emergencies and make sure to pay back the loan in full by the due date.
