Paydayloans are very popular with salaried people. Most people find it hard to make ends meet from month to month. Even those who budget and follow their budgets stringently may face emergency cash shortfalls in the middle of the month. If you are struck by such a tragedy, you should think of applying for cash advance loans.
Those who have not used pay day loans before generally think that they are very costly. Although it is true that their interest rates are generally higher, they have short repayment periods. This means that you cannot directly compare them to mainstream loans.
These loans are intended for real and immediate emergencies. For example, if your electricity is to be disconnected because you have not paid the bill, you can take a payday loan to settle the bill. They are usually awarded within the same day or overnight, so you do not have to wait for long after the application.
The requirements are pretty basic. In most cases, you just need to be 18 years old and above, have a bank account and a regular source of income. The application is mostly done online and no collateral is needed. Furthermore, the cash advance loan lenders do not carry out credit history check.