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What is a Payday Loan and Why Would I Need One?

PaydayABC.com / Articles

When going through financial hardships, there are a few options to help you get back on your feet. Payday loans, or payday advances, are one of the most common ways to get a few extra dollars in your pocket to tide you over until your next payday. Whether you need $20 to cover a bill, or $500, payday cash advances can get you back on your feet and out of harm’s way, today!

What is a Payday Loan?

Payday loans are short-term cash advances that you can use any time. The payday lender provides you with cash today in exchange for interest on your next payday. For example, if you were to apply for $100 loan today and you get paid in 2 weeks, you will get the $100 today, and in 2 weeks owe $100 + the interest rate provided by the lender.

Payday advances can certainly help you out of a tough spot. If you have an urgent bill or medical emergency that needs to be taken care of, you can use these cash advances to pay the bill on time to prevent accruing additional late fees or penalties. While there is a cost to using payday loans, this may be less than the penalty for not paying your bill on time.

How Do Payday Loans Work?

It’s easy to get started with payday loans. You can apply in-person or online and receive your payment in minutes! When you are low on cash or have emergency bills that need to be taken care of, you can apply for a payday loan and take care of these urgent bills.

When you sign up for an advance, you work with the lender to sign an agreement on the interest rates due and the due date for your bill. Payday loans are usually paid back 2 weeks from the date it was received, on the nearest payday for the client to that date. This gives you time to get your finances in order, after paying your bills, to pay back the advance and get out of this sticky situation.

Interest rates are around 20-30%, which is quite high compared to credit cards, but this allows them to turn around and give you a loan immediately without much prior approval. While payday loans aren’t always the right decision for you, depending on the situation it may be perfect to get you out of a tight spot or put food on your family’s table during the holidays. With a 2 week to 30 day payback cycle, you can use these advances to help leverage your finances and get right on track.

Why Would I Need to Take Out a Payday Loan?

There are many reasons one would want to take out a payday cash advance. Some of the most common reasons are for late bills, emergencies, and for food during a tough time.

If you are worried about how you and your family will make it to the next paycheck, a payday loan may be a good solution to put food on the table while you get through the work week.

When you have an urgent utility bill that can make the difference between your service getting shut off, plus shut-off and late fees, these cash advances can help keep your power or services on, avoid unnecessary penalties, and keep your utility provider happy. They won’t have to know!

And finally, emergencies of all kinds can be reasonable reasons to get a personal loan. Whether it is car problems, medical issues, or another unforeseen circumstance, if you need from $20-$1000 and quickly, these advances can get you out of a pickle and back on the right track.

What are the Requirements to Take Out a Loan?

Requirements vary state by state but the common requirements are as follows:

  • You must be 18 years of age.
  • You must have a job with a steady paycheck.
  • You must have a verifiable bank account.
  • You must have an ID (doesn’t have to be a driver’s license).
  • You are typically required to have 2 weeks to a month’s worth of pay stubs to verify income.

While these requirements are different in each state, these are the most basic requirements for receiving a payday loan. You can be assured that you will have to be 18, with a job, and a verifiable checking out, where your payment will be automatically deducted on your due date.

Now Where Do I Get a Payday Advance?

If you are looking for a payday cash advance today or tomorrow, you have come to the right place! With PaydayABC.com, we have made applying for a loan easier than ever!

With just a few short questions, we can get you qualified for a loan with money in your account as soon as tomorrow! Just fill in the brief questionnaire on this page and the process has begun!

Alternatively, if you are looking for a store to apply in-person, use the search widget at the top of this page to search for your city. From there we have listed popular cash advance stores in your area should you prefer to apply in-person rather than online.

Our website is secure and all information is confidential and protected by all applicable US laws. When you need a paycheck today, it’s as easy as PaydayABC.com!

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