Payday Loan Advance
Emergencies come without any notification and hence you should be always prepared for it. One should always save some percentage of his/her income for the rainy days as it can occur at any time of the day therefore you need to keep yourself prepared for it. If you are thinking that how can you save certain percentage of your salary when already you need money even after getting the month’s salary to fulfill your basic needs then here is an option for you.
If you cannot save from your current salary for any emergencies or urgent needs then this is the best option that you can rely on and have a stress free sleep. Payday advance loans also known as cash advance loans gives you cash in advance to satisfy your needs. These loans are given for short amount of money so that those who are in need of smaller amount of money to let’s say pay off their hospital bills, tuition fee or credit card bill can easily do so with the aid of these loans. Since everything has good and bad both sides therefore the advantages and disadvantages both as discussed below to help you in making right decision for yourself.
Advantages of payday loan advance
- It acts as a back-up plan for those who might need money in urgency.
- The loan amount is transferred in your account within certain hours after the loan application has been approved.
- The loan application is approved within no time which is one of the biggest advantages of payday loans.
- This loan can be applied online which will not only save you time but will also prevent you from going through the hassle of visiting the payday loan company.
- The transferring of loan amount is very easy as the amount is directly transferred to your bank account that you will be asked to mention in the application form.
Disadvantages of payday loan advance
- The interest rate of such loans is very high which increases the total amount that has to be returned by the borrower a lot.
- The repayment period of payday loans is very less. Approximately 15 to 20 days are given to the borrower of the loan to pay back the loan amount along with the lending fees.
- In case the borrower is unable to pay the amount in time he/she will also have to pay another type of charges known as roll over charges for extending the repayment amount.
- The lending charges are sometimes applied on per day basis with each $100 borrowed therefore it becomes difficult and expensive for the borrower as each day passes by.
There are good and bad things in everything that world has for you. Deciding whether something is beneficial or harmful for you is totally up to you. You need to make researches and study well before deciding on a particular thing as you might consider something as beneficial and it may turn out to be harmful for you. Therefore, you need understand the pros and cons of everything you consider beneficial for yourself as all that glitters is not gold.