There is a lot of information out there on instant payday loans. And most of it is negative! But just like any other tool, there is a right way to use a payday loan and a wrong way! Because these loans are open to anyone with a job and are so easy to qualify for, that a lot of people use them for the wrong reasons!
What is an instant payday loan?
- No credit check
- No credit score requirements
- Fast cash w/ no questions asked about its use
Instant payday loans are payday loans that you apply for online. They give instant approval to anyone that meets their criteria.
Requirements for Approval
These instant payday loans are so easy to get! In fact, too easy! You must be:
- 18 years or older
- Have a checking account
And that’s why these loans are so dangerous. They are too easy to get. So many young people with their first jobs become heavily in debt because they don’t want to wait and save to buy things. They have a job, they are over 18 so they go to the local payday cash advance company and take out a loan. They don’t take the fact that they will not be getting a paycheck at their next 2 week pay period into account.
Good Reasons vs Bad Reasons
Payday cash advance loans can be a good thing. Lets’ say your car breaks down. Or you have to go to the emergency room. These loans come in handy then. But it’s a bad idea to use these loans for things like vacations, clothes shopping or any non-essential bill!
Payday Loan Fees
Be aware of the fees that come with a payday loan. You might want to get your money and go, but you need to know what you have to pay later. Request that the firm provides you with a written statement of all the fees that you must pay. Do this prior to getting a loan so you do not end up paying back a lot more than what you borrowed.
There are a lot of regulations on rates that help out consumers. Sadly, fees can circumvent these regulations. They make the amount you pay in total higher than ever. Considering this may give you the push you need to decide whether or not you really need a payday loan.
Research Your Payday Loan Company Thoroughly!
There are a LOT of payday loan companies out there and not all of them follow the same rules! On our payday loan page, we have listed the better companies that we have found! These lenders are legitimate and follow all state laws!
Each state has different laws pertaining to payday loans. Some states allow higher rates and fees. For example. Idaho has some of the highest rates in the nation. So your online lender is in Idaho and tries to give you those rates. They CAN NOT legally do this! They must abide by your state’s rates and fees. It’s up to you to make sure you are not being charged too much!
Other things to keep in mind when taking out a payday loan
Do you know what will happen if you don’t pay on time? Sometimes, there may be unforeseen circumstances that change whether you can pay back a loan. Read all of the details of your contract so you know what the late fees are. Taking out cash advances means that you’re dealing with high interest rates along with penalties if not paid back on time.
Having the information needed to make a smart decision about obtaining a payday loan, is time to do it! Instant payday loans can be positive as long as you are fully aware of what you are getting into. Keep these tips in mind and go apply!