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Payday Cash Advance: Pros and Cons

payday cash advance

Nearly everyone has experienced a time when the money they need to make ends meet was greater the money they actually had.  Whether it’s from an emergency medical bill, a badly needed car repair, or just because budgeting isn’t your strong suit, you have probably felt the crunch of being short on cash.  Fortunately, there are many options available to help get you through difficult financial times like that.  This article is going to focus on the pros and cons of one of those options, a payday cash advance.

What is a Payday Cash Advance?

 A payday cash advance is a type of short-term loan, usually about 14 days in length, that is meant to help people get through a temporary financial hardship.  These loans are designed to help pay for immediate expenses and bridge the gap until your next payday, which is when a payment on the loan is due.  These loans are not meant to solve any long-term credit problems, and the responsible use of a payday cash advances includes paying them back in full when the due date is reached. 

The Pros of a Payday Cash Advance

 There are several positive reasons to look to a payday cash advance when you are in need of a short-term loan. Whether you have poor credit, no collateral, are in need of immediate funding, or just want to avoid the hassle of traditional lenders, an online cash advance may be the right decision for you.

One of the biggest pros is the convenience of being able to apply for a payday cash advance online.  Most providers have an easy to navigate website that allows you to apply for an online cash advance in minutes.  Once the application is submitted, the approval process moves quickly, as well. Plus, you have the advantage of applying anytime day or night, and customer service that is available 24 hours a day, 7 days a week.  This is not the case for most traditional lenders, as they normally have a lengthy application and approval process that often times requires a personal appearance by the borrower during regular business hours.  All of that can be avoided with payday cash advance loans online.

Since you are skipping the bank when applying for and receiving a payday cash advance, you get to avoid all of the hoops banks require you to jump through.  When you apply for a cash advance online, you don’t have to explain to your lender for what you are using the funds in order to get a short-term loan.  You can use the cash for whatever reason you need it-.  You also do not have to offer up any collateral, and you can get your cash advance online with no credit check.  This means you don’t give up prized personal possessions or have to worry about a few mistakes in your credit history to get a payday cash advance.

Most cash advance online direct lenders understand that when you are applying for a payday cash advance, there is little time for you to waste in receiving your cash.  While traditional lenders can take days or weeks to get you the funding you need, with a payday cash advance, you will normally receive your money within 24 hours.  That means you can pay that emergency medical expense on time or make sure you pay the electric company before your power is cut off.

The Cons of a Payday Cash Advance

Just as there are several pros to taking out a payday cash advance online, there are a few cons as well.  There are many options to consider when you are in a difficult financial situation, and a payday cash advance is not necessarily suitable for all situations. 

First of all, payday cash advances are meant to be short-term loans.  They are not designed to help you deal with financial troubles over a long period of time.  They should only be used when you are in a situation in which a small and quick infusion of cash can help you.  If you are unable to pay the online cash advance with your next paycheck, you could end up in a situation where you are continually rolling over your debt and putting yourself in a situation that is difficult to get out of. 

That leads to another con.  Payday cash advances can be expensive, especially when used over a long period of time.  If you aren’t prudent and quick to pay back your loan, you could end up paying many times the amount you borrowed, putting you in a worse financial situation.  If you know you are going to need the type of funding that cannot be paid back with your next paycheck, you may not want to consider short-term loans of any type.

You must also remember to be careful of any unscrupulous lenders.  Some lenders know that borrowers are often in a desperate situation when they apply for a payday cash advance online and will try to take advantage of that.  Some cash advance online direct lenders are vague or confusing with their terms.  This means you must be careful to read all of the fine print before you agree to take a short-term loan out and make sure you understand all of the terms to which you are agreeing.  These often unprincipled lenders will also use any means necessary to collect on your debt, which could mean harassing collection calls.  Make sure you choose an online payday cash advance provider that has a good reputation and that wants to truly help you through your financial hardships, rather than making them worse.

Is a Payday Cash Advance Right for Me?

Just like with all of your financial decisions, choosing if, when, and from whom to take a short-term loan needs to be a choice you make after some deliberation.  Hopefully, this article of the pros and cons of payday cash advances will help you make the wisest and most financially sound decision for you. 

When considering your options and deciding whether or not to choose a payday cash advance, you should ask yourself three questions: Do I need funding as a long-term solution?  Is a traditional lender going to give me the time-of-day based on my credit, much less a loan?  Can I wait on my funding for a week or two, or maybe more? If you answer “Yes” to all of these questions, then a traditional lender, such as a bank, may be the right choice for you.  If you answer “No” to just one of the questions, getting a payday cash advance loan online may be the best choice for you.