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Get a Financial Helping Hand with Little Effort

Today, everyone could use a financial helping hand, and a payday advance, also referred to as a payday loan, can offer that assistance.

Whether your car has broken down or you are faced with an unexpected medical bill, a payday loan can help you get by financial until your next payday.

How to Get Money in a Hurry

Many people might turn to their credit cards or banks when they are in need of a short-term financial solution, but what about those individuals who might not have the luxury of tapping into their credit cards or are unable to secure funds from a bank? Where can these consumers turn when they are in need of short-term financial assistance?

The answer is a payday loan. Serving as a short-term financial option, these unsecured advances provide immediate access to cash without the same hassles associated with obtaining other forms of borrowing. Typically, unsecured lenders do not need to run a credit check and there is significantly less paperwork involved.

The primary way in which these services are different from other types is their repayment periods. Often significantly shorter than that of other borrowing options, cash advance repayment periods are generally 14 to 31 days in length. The idea behind these agreements is the borrower should be able to repay the balance plus interest fee by his or her next paycheck.

While these options tend to be easier to qualify for than other types of borrowing, the borrower does need to meet some qualifications in order to secure funds. Generally, these qualifications include being 18 years or older, having a steady income via a job or a government program and having an active bank account.

Qualified consumers can acquire money from physical storefront locations, in which they would need to provide an actual check for the amount of the service plus any fee.

Borrowers also can secure funds via the Internet. When applying online, borrowers normally only needs to complete a secure online form in order to have the money directly deposited into their bank account.

Associated Fees to Consider

While obtaining the relief you need can be quite simple, it is important to note that consumers need to be very careful of the fees associated with these services.

The fact of the matter is, the interest rates are much higher than those associated with other types of financing.

Loan APRs, or annual percentage rates, typically start around 400 percent. For example, if a borrower was approved for $425 and paid a 15 percent fee of $75 (15 percent of the total $500), the fee would equate to a 460 percent APR.

However, if the borrower does not repay the amount owed by the original due date, the lender will assess additional fees, which will cause the APR to increase rapidly.

Many of the issues surrounding the industry today stem from borrowers who do not repay the amount owed by the original due date and then become trapped by mounting fees. For this reason, it is very important for consumers to borrow only when they know for certain that they will be able to repay the balance when it is due.