Manage That Between-Paycheck Cash Crunch With A Payday Advance
A Payday Advance can help you get by between paychecks!
Anyone who has ever had to live paycheck to paycheck knows that the slightest unexpected expense can collapse the best-laid plans like a house of cards. Events that might have been mere inconveniences had they happened a week later, after payday instead of before, become major emergencies. A cold snap that bursts a pipe under your house or a visit to the emergency room can easily run through the small amount of savings that are all that many of us have on hand and start to eat into bill or rent money. Just the process of applying for a loan from your bank would take more time than you have to deal with the situation, which is why a Payday Advance fits the bill so much better.
How Is A Payday Advance Different From a Traditional Loan?
Standard traditional bank loans come with some procedural issues that tend to extend the amount of time it takes to get your actual cash in hand, compared to a Payday Advance. There’s a long application, the restriction of working within banking business hours, and usually the requirement that the borrower have collateral to put up as security against the loan. Finally, most traditional loans also check with at least one of the “big three” credit bureaus and will only approve a loan if your score is very high.
By comparison, a Payday Advance can get you cash in a single business day. The application process is quick and simple, and completed entirely over the internet. This means it’s available at all hours, not just banking hours. The network of direct lenders is available at all hours as well, so once you’ve completed the application you never have to wait for morning, for someone to be in the office to start to evaluate it for approval. In fact, approval takes only 90 seconds – you’ll receive notification right in your browser and be redirected to the lenders site. All the terms, pay dates and amounts, and options will be available for you, as well as the opportunity to provide your digital signature if you choose to accept the loan. If you don’t, you can simply close the browser and there is no obligation!
A Payday Advance Loan Can Cost Less Than Bouncing A Check
Banks have this trick they’ve started using in recent years – instead of processing transactions in the order they come in, they’re run from largest to smallest. If you’ve ever made a small error in calculation that resulted in multiple overdraft fees, that’s probably how it happened. What’s important to know – since everyone makes mistakes sometimes – is that the fees on a small Payday Advance can be less than those for overdrawing your account in such a way. At an average of $30 per overdraft transaction, it makes sound financial sense to take out a small to moderate advance if you find yourself in a situation where there’s even a chance that you may end up in one of those unfortunate overdraft spirals, because you’ll know just how much you’re borrowing, how much the fees will be, and when you will be paying it back. No surprises – which can sometimes be good thing!
Bigger isn’t always better, and this maxim holds true when it comes to payday cash advances. After all, if you take out a big cash advance, you’re responsible for paying back interest on every dollar. On the other hand, with a small payday cash advance, you have to pay much less interest, as the principal is lower, even if the interest rates are the same, and they will often be lower for smaller loans than big ones. You can see why it’s an advantage to borrow a smaller amount of money whenever possible.
Fees and interest rates are two of the most important things to examine in detail before deciding which small payday cash advance offer to accept. Any extension options are worth noting, just in case it becomes necessary to delay your repayment of the advance. A small payday cash advance can grow bigger if you extend since you’ll pay more for having the money longer!