Everyone has been in a situation where they needed a little help to make it to their next paycheck. Emergencies like when your car breaks down, your dog needs to go to the vet, or a window gets broken during the coldest week of the year cause you to spend money you didn't plan on. When something like this happens, there are often not many ways to get cash quickly. It can be embarrassing to ask friends or family for money, and you don't want to make your financial problems worse by doing something illegal. You might also not have the credit or collateral to get a loan from a bank.
Even if you have bad credit, you can get a payday loan.
There is no credit check for payday loans. They depend on the fact that you are working and getting a regular paycheck. You write a post-dated check for the amount you want to borrow plus fees and interest. The payday loan company holds the check until your employer pays you. Since they don't check your credit, a bankruptcy or a history of being late on payments won't stop you from getting a payday loan.
Short-term loans are what payday loans are.
Due to the way they work and the high interest rates, payday loans should only be used when you need cash quickly for an emergency. Since the lender has your postdated check, you have to pay this money back before any other bills. If you tend to be late with payments, this can be a good thing. It's hard to agree to pay someone back when they already have the money you owe them before you even get the cash you borrowed.
Payday loans put money in your pocket right away
When you are in a tough spot, you don't have time to wait for a bank officer to decide whether or not to give you a loan. You want to get your money quickly so you can take care of whatever made you need it in the first place. When you get a payday loan, the process is quick, and before you know it, you're on your way out the door with cash in your hand.
