Payday Loans – A Quick Fix for Your Instant Cash Needs

Life is unpredictable and emergencies do happen. It’s worse when you have to face them with an insufficient cash flow.  Asking relatives or friends for financial help can belittle your self-respect irreparably and make you obligated to them for life. But what’s the solution? You need money anyhow and you do not have the time to wait for your next pay check or the long winding bank loan procedures.

Payday loans are the perfect rescuer in such situations. They are the ultimate quick fix and are drawn against your next paycheck. The popularity of payday loans has increased manifolds in the past few years.

Why Payday Loans?

Given below are a few reasons why people go for Payday loans:

• Quick approval - The funds are usually made available in as less as 24 hours 
• Minimum documentation – Simply fill in a short form and email a few basic documents (like, income proof) and you hear back from the lenders in the next few hours
• Easy approval even if you have bad credit
• Credit history stays unaffected – Credit check is not a requirement when you apply for a payday loan. So, the loan as well as the repayment is not reflected in your credit history.
• Convenience – You can apply and get approved online itself. No need to visit the lender.

Payday Loan Truth - Words of Caution

Truth 1 - Payday loan companies are no set of generous people who are willing to help people just out of good will and no ulterior motive. There’s a catch here too.

The service charges for payday loans are relatively higher than the traditional loans. Service charges ranging between $10 and $30 per $100 of the loan amount can be expected when you apply for payday loans. Hence, payday loans are a great choice to meet instant cash needs but they must not be considered a long term financial solution.

Truth 2 - Also, like any other industry, unfortunately even the online payday loans industry has its share of scammers. Hence, we recommend that you do your own research and check the reputation of the payday loan companies before you submit your application with them.

Another important thing is, make sure you understand all terms and conditions clearly before you sign the documents. If there is any doubt in your mind about any point, do not hesitate to clarify it with your lender to avoid any unwanted surprises later. 

Hence, you can seek a relief of up to $1500 (sometimes more) by applying for a payday loan but make sure that in your desperate need for money, you do not end up dealing with loan sharks or other scammers disguised as payday loan companies.

Our Top 4 Recommendations

That being said, to make things easier for you, we have listed a few genuine payday loan companies that you may want to consider to be on a safer side. These payday loan companies are evaluated and ranked on the basis of their customer feedback, interest rates charged by them, convenience and promptness of services, and overall value.