There is a multitude of reasons that you may want to obtain a small short term loan, otherwise known as a cash advance or payday loan. Many people can remember a time when they were short on funds and needed some emergency cash to tide them over until they received their next pay check.
Maybe your car needs repairs, you are short on your rent, or you miscalculated on the amount of money you had in your bank account and you need money fast to avoid costly dishonour fees. Whatever the reason, receiving a short term loan like a payday advance can be invaluable in the event of a financial emergency or for no other reason than having some extra spending money.
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A payday loan is usually in the amount of $100 to $1,000. In some cases, you can obtain this amount quickly if you are at least 18 years of age, have a steady source of verifiable income, have been at your place of employment for a set number of months, and have your pay check deposited directly into your bank account.
If you have bad credit or no credit, you may still be eligible for a payday advance. Some lending institutions do not perform credit checks if they believe the can recoup the loan amount plus fees in a short period of time. Today, it is even possible to apply for instant cash via payday loans online. The application process only takes minutes and you can have your cash loan within 24 hours.
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Another benefit of obtaining a small loan is the ability to get out from underneath the loan at the time of your next pay check. When applying for a small loan it is important to apply for an amount that you can afford, plus the fee, on your following next few payday. If you are unable to pay off your payday loan or you would only be able to make a minimum payment, you would be liable for extra fees that could send you into a potentially harmful spiral of debt.
Many short term lenders have a cap on the amount that can be borrowed by those applying for their first quick cash loan from their establishment. For example, a company may loan a first time borrower a maximum of $200 if they are paid weekly, $300 if paid fortnightly, and $400 or 20% of their pay, whichever is lesser, for those paid monthly. After they successfully pay off their first loan, they would then be eligible to apply for up to 30% of their take home pay on their next small loan.
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There are many reasons for obtaining a short term loan. Regardless of whether you need extra cash for a financial emergency or desire extra spending money, a payday loan cash advance can help to bridge the financial gap until your next payday. If managed correctly, a loan of this type would be a smart alternative to paying costly dishonour bank fees, late rent fees or possibly losing your job if you are unable to afford a much needed car repair.