Have you ever found yourself struggling with the lack of money waiting for your next payday? Many individuals are faced with this if something unexpected crops up which requires an immediate outlay of cash. If you do not have a large overdraft or do not have friends to rely on to help you through to payday, you may wish to turn to payday loan companies.
Who are payday loan companies?
Cash advance payday companies are lenders who offer those facing short-term cash difficulties the chance to borrow from their next pay cheque. You may apply for a small loan (around $100 – $250 but this amount does vary among providers) if you need cash fast and you have a couple of days to wait until you get paid or if you fall short of money unexpectedly soon after payday.
This of course is very different from a typical type of loan, where you are generally able to borrow larger amounts of money and spread out the repayments over many months or years. The payday loan is a stopgap until your next payday when the unexpected occurs and you find yourself short of money. Payday companies are there to offer a helping hand to see you through your short-term financial difficulty.
How do I apply for a quick payday loan?
Companies offering quick payday loans often allow you to apply for a loan online (saving lots of paperwork and being eco-friendly to boot!). You simply fill in your personal information (which will include your bank account and debit card information), the amount you wish to borrow, and the lender typically gives you an answer there and then.
If you are approved for a payday loan, you typically sign the loan agreement online so you do not have to wait for paperwork to be posted out, which speeds up the process. You may often receive your loan in your bank account on the same day as applying. If your bank does not accept instant transfers, then the money will hit your bank account on the next day.
Payday loan companies typically ask that you are over 18 years of age when applying for the loan and that you earn at least a certain amount of money each month. There may be other criteria stipulated so always check with your chosen company.
The instant cash loan is repaid to the payday loan companies via your debit card, on the pre-agreed date. It may be a quick and efficient way to get much needed cash when you need it.