Payday Loans

Is A Payday Loan Right For You?

Like many Americans, you work hard for what you have. You pay your bills on time and strive to reduce your debt. Even though your goal is to stay on top of all of your financial responsibilities, unexpected things have a way of turning up.

Your air conditioner could break in the middle of a heat wave. To keep your family happy and healthy, you need to get this issue fixed as soon as possible. But, you happen to be in-between paychecks and low on cash. Or maybe your car breaks down leaving you with no way to get to work. Obviously, you need to get your car fixed immediately to make it to work. But again, you’re in-between paychecks and your extra cash is tied up in other bills and payments.

This is where payday advance loans can help. Unlike a typical loan, you can often get approved for a payday advance that day and see the money turn up in your bank account the very next day. Granted, there are different types of cash advance loans, but any payday loan is often the best option for a quick, personal loan. Continue reading to see if a payday loan is right for you.

You Need Cash Fast

Like we mentioned, most payday lenders approve your loan application the very same day you fill it out. In most cases, they deposit the loaned amount into your account the next day. Sometimes, the money is deposited same day! This is the perfect solution for your quick money needs.

Payday Loans for Car Repair

Take a straight payday loan – these are typically under $500 and are best for smaller, unexpected bills. Payday loans are usually really easy to manage. You simply borrow something like $200 to repair your car and pay that money back as soon as you get your next paycheck.

You Need Flexibility

Some lenders set limits to traditional payday loans. Usually, these loans will have a set limit based on the amount of your upcoming paycheck. But some lenders, like, allow for more flexible options.

If you’re not sure of how much cash your current emergency will require, or you feel like you need more flexible payments, you can apply for a payday installment loan. With this type of payday loan, you can borrow additional money as needed. Even better, you’re able to pay back you loan in manageable monthly payments, instead of all at once when you get your next paycheck.

You Need Options

When you’re dealing with an unexpected financial burden, you need options. The more options you have, the quicker you can deal with the emergency at hand.

Maybe your fridge goes out and you can’t afford to replace it on your own. With a retail installment loan, the lender writes a check to the fridge retailer, and you walk away with your new fridge. You simply pay back your lender each month until your balance is zero!

Line of Credit Loans

Yet another option is a line of credit loan. With this type of loan, there’s no need to apply for multiple loans that take forever to come through. Instead, you open a line of credit and are approved almost instantly. These often don’t have a set date for payback, so your options are open-ended. Again, you simply make monthly payments and are able to borrow more as long as the line remains open.

You’re Ready For A Payday Loan!

If you think a payday loan is the right option for your personal loan, you’ll want to get started! You just need to make sure you meet these requirements:

  • You have an active checking account
  • You have a job
  • You’re a citizen on the US or a permanent resident
  • You’re 18 or older

Now that you know you have options if an emergency comes up, you’re probably feeling a lot better. Financial struggles can hit anyone, at any time. Luckily, you have multiple options to take care of it fast. So if you need fast cash with flexibility and options, a payday loan is probably right for you!

About Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. Kelly has 20+ years experience in the short-term lending industry since 1996, having owned 50 storefronts offering payday loans. As President of Snappy Payday Loans, Kelly has built a large network of lenders and is dedicated to ensuring consumers nationwide can find the loan they are seeking. View More