There are times that we need cash for emergency purposes and that’s the main purpose why it is advisable to put up an emergency fund before you invest the rest of your money.
One of the best ways to get an emergency cash loan is through your credit card cash advance. However, if you don’t have credit card or if you have reached the maximum credit limit, then you can resort to what they call payday loans. Payday loans are short-term loans with some ranging from fifteen days or less. In simple terms, payday loan is basically a loan of cash that is taken against the consumer’s next paycheck.
Generally, payday loan companies require that the consumer or client must give a post-dated check of the amount of the loan plus a surcharge called interest, which they withdraw from the account of the consumer on his next date of salary payment. However, there are also some agents of payday loans in which they require your payroll ATM card to be a collateral against your loan so that every payday, they get to withdraw your salary equivalent to the payment amortization plus interest charges on your payday loan.
Before you avail of any pay day loans, you must conduct a thorough research on the payday loan company where you are availing of a short term loan. The additional surcharge / fee charged by different payday loan agencies are different. Look for the one offering the lowest. It is very important for the consumer to go through the features, terms and conditions before choosing a payday loan agency.
What are the features of payday loans that makes it one of the best resource of emergency cash? Let’s enumerate them below:
Quick Cash: When an emergency need arises, payday loans instantly provide the extra cash to cover these sudden expenses.
No credit check: Unlike the procedure of other personal loans such as housing loans or car loans, payday loans do not require a credit check or credit apparaisal to be performed; thereby making it easy for people with a poor credit history to acquire a loan.
No formalities: While all the other types of loans demand a lot of paperworks and formalities in documentation, payday loans don’t have these hassles. Simple personal details such as name, age, residential address, employment ID, savings bank account details, etc. are essential details to provide when availing of payday loans.
As a final remark, I would not advise you to be dependent on payday loans because you will definitely be trapped in rat race. Whatever you earned through your job will be spent immediately without you even touching the money you’ve worked hard. Discipline yourself in terms of handling your finances and just resort to payday loans if you are in dire need of cash which are in extreme instances. However, if you cannot avoid payday loans, you can find instant payday loans here.