Is Payday Advance Really Worthwhile?

10Don’t you just hate it when you are in between paydays and you require cash for emergencies or just standard living expenses? Well then in such scenarios, it becomes extremely difficult and embarrassing for people to approach their friends, family members or colleagues for money. Moreover, taking a bank loan is not the right solution here because of the sheer amount of hassles involved and the waiting period for loan approval is quite long too! Wouldn’t it be good if you can have a solution that would quickly boost your bank account balance until your next paycheck gets credited to your account? Thankfully, such a solution is available in the form of payday loans. These are great for meeting immediate requirements such as financial emergencies which pop up without any warning or prior notice.

Payday advance is generally provided for a period of thirty days or until the borrower’s upcoming payday. The duration of the loan is decided at the time of application and on approval of the loan, the applicant has to repay the amount along with the interest within the predetermined time period in order to avoid penalty charges. The best part about this type of cash advance is that it is meant for people of different employment status and lifestyle habits.

As far as the interest of such loans is concerned, the borrower typically needs to pay a monthly charge of 4% along with an establishment fee, which is generally 20% of the payday loan amount. For instance, in case of USD 200 borrowed for a time period of sixteen days, the total interest would amount to USD 48. While the interest rate of payday advance may lean towards the expensive end of the price spectrum, this type of loan has a good acceptance record and delivers complete satisfaction to borrowers because it saves them from the consequences of not being able to meet emergency payments. One such consequence being the negative impact on the person’s credit score, which takes a lot of time and effort to repair, hence it is any day a better option to opt for payday loans!

If you are interested in obtaining a payday advance for yourself then you should consider drawing comparisons between different online payday loan lenders in order to find out the best one for yourself. By comparing the rates of interest charged by these lenders, you will be able to zero in on the lender offering the best or lowest interest rate. Of course you need to make sure that the lender is a genuine and reliable one so that you wouldn’t face any problems in the future.

Applying for a payday loan online is a very easy and quick process. The entire process takes just a few hours’ time. The application process is easy to understand so that people suffering from financial emergencies would be able to make an application without dealing with further difficulties! If you wish to overcome a financial emergency or crisis then this kind of loan is the best weapon to have in your arsenal. Just make sure that you are borrowing from honest and forthright payday loan lenders!