Payday loans are a type of short-term loan that offer consumers the opportunity to borrow the amount they need and then repay it on their next payday. Some believe this is merely a way for lenders to gouge unsuspecting customers, but the truth is that there are lenders who offer payday advance loans that actually have the best interests of the borrower in mind. In fact, payday loans or Single-Pay loans have many advantages to consumers when the right company is chosen.
Everybody has unexpected expenses. From a broken vehicle to an unexpected trip to the doctor, unforeseen costs come up — it’s a part of life. But when you don’t have a safety net of savings, this can be devastating financially. You can end up paying the mechanic with money you budgeted to use elsewhere, pulling from your budget until the check you wrote the day before to pay for utilities doesn’t clear. Slapped with not-sufficient funds fees for a bounced check and the overdue fees for paying late, you end up owing even more. When you take out short-term payday advance loans, you can cover these costs without incurring late fees or damaging your reputation.
Lenders will often offer a variety of loans for different needs. Payday advance loans are great, short-term solutions for one-time expenses that you can’t pay for before your next paycheck. Other longer-term loans are available for those borrowers who can’t repay the loan at the time of their next paycheck. In what’s called a “flex-pay” installment loan, you’ll receive the same amount of money as you would in a payday advance, but instead of paying back your loan in one lump sum, you follow a regular repayment program.
With an accredited online lender, you can apply through their website and become approved in seconds. Your money is then deposited into your bank account by the next business day, giving you the opportunity to pay your bills exactly when you need to.While streamlining the application process, a reputable lender will also protect you with strict rules and regulations. These stipulations are backed by state-wide laws and other third-party credit centers to ensure that you avoid unreasonable rates and terms. The best lenders will also provide personalized information so you understand your loan contract’s terms and receive a loan that is within your financial limits.
The best payday advance loan lenders have your financial health at heart, and are not out to capitalize on creating debt or your dependence on their services. They are in the industry to help you get on your feet by giving you the credit that you need. They know that sometimes you can’t budget for all of what life throws at you and that sometimes people just need a helping hand to make it to their next payday.