You've heard the stories and seen the ads. Now, you need extra money to pay for something you need right away. Do you really need an instant payday loan? We look at what you need to know about these kinds of loans and whether or not you should get one to help you out of a short-term cash crunch.
What are loans you can get right away?
If you know what a cash advance is, you know what an instant payday loan is. These are small loans that don't have to be paid back right away. The amounts are usually between $100 and $1000. If you qualify, some lenders will give you more.
What can I use as collateral if they are not secured?
Instant payday loans are only available for small amounts because they are made for people who need cash quickly. If you need, say, $2500, you'll have to get your loan from somewhere else. Even though you won't have to put anything up as collateral, most lenders will want you to write checks with dates in the future on them as proof that you will pay back the loan.
What are the pros of getting a payday loan right away?
Instant payday loans are one of the easiest types of loans to get. They also offer fast, easy, and safe transactions. The application process is quick, and you don't have to send in a lot of paperwork. If you meet the requirements, you could get the money in as little as 24 hours or even sooner.
Are there any bad things about it that I should know about?
Because instant payday loans are so easy to get, the lenders need a little bit of protection. Because of this, the interest rates on these loans are often higher than those on other loans. This makes the cost of instant payday loans go up. Most lenders charge about $15 for every $100 you borrow, but some charge as much as $30. That, plus the fact that you have to pay back the loan quickly (usually within 14 days), makes instant payday loans a little hard to deal with.
But you can look for a lender with the lowest interest rates. This makes it much easier to pay back your loan and could save you a lot of money. Talk to more than one lender before making your final choice.
Should I get a loan right away?
Instant payday loans are right for you if you only need a small amount of cash for a short-term problem. Instant payday loans shouldn't be used to pay for things like rent, groceries, or extras like clothes and sports gear. These kinds of loans shouldn't be used too often and should only be used in real emergencies.
You should also get an instant payday loan if you can pay back the loan and the interest on or before the agreed date. People who got instant payday loans and couldn't pay them back are the ones who told you the scary stories. They "rolled over" these loans into a new loan with a higher interest rate, and now they have a loan amount that is too big for them to handle well.
Instant payday loans have helped a lot of people, but only because they knew what they were getting into and were ready to face the consequences. Make sure you know what you have to do, and you'll be able to get the most out of instant payday loans.
