What Is The Purpose Of Fast Cash Payday Loans?

by | Oct 21, 2015 | Business

There are many times in a person’s life when everything is going along just fine and then out of the blue something happens to derail your budgeting. It could very well be that you are planning your vacation for the same month that your taxes are due to be filed; this has been designed into your budget, what hasn’t been factored in is your car breaking down. The mechanic tells you the repairs will run close to $500, where are you going to get this money; you don’t want to spoil the family vacation and you most certainly don’t want to miss filing your taxes on time.

You know from advertising that fast cash payday loans are available so you can turn to these lenders to get you over this financial problem. You go in and fifteen minutes later you are back out with the $500 you need to get your car fixed, you know that the fee is $50 but that is a small price to pay to make sure you still take your family on the long awaited vacation.

The purpose of fast cash payday loans:

The simple example noted is only one of a thousand reasons why people need access to quick cash between paychecks. The purpose is simple; it is fast money that is available to take care of life’s little emergencies whatever they may be.

A payday loan is usually taken out for reasonably small amounts of money; the loan is short term and is high interest. These loans are available from brick and mortar shops or online.

The process for getting a fast payday loan is quick and relatively straightforward, this is how it works:

You have the choice of visiting a store or applying online. There is no bank involved, the application is quite simple, it consists of little more than your name and contact details along with your employment details and banking information. As the applicant you will be asked to write a post dated check in favor of the lender, the amount of the check is equal to the amount you borrow plus the fee. If you apply online you will give the lender electronic access to your checking account. The fee is normally expressed in dollars per hundred rather than an annual percentage rate, a common fee is $15 per $100 borrowed.

The lender holds the check until your next payday, the check is either deposited or your account is debited. If you cannot afford to pay at the time the amount can be rolled over for an additional fee.

The biggest advantages of fast cash payday loans are speed and flexibility. Many shops and the Internet are open 24 hours; this is something you do not get from a bank.

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