Did you ever notice that sometimes when things seem to be going real well, something comes up out the blue and knocks you back a step or two?
Maybe it's your car. Say it just gives up on you and your mechanic tells you it's going to be $300. But it's still a week and a half till payday. Or maybe someone close to you needs medical help and you're broke. Or a check's about to bounce and on to add insult to injury the bank's going to charge you a huge NSF fee.
The first thing that comes to mind is asking a close friend or relative for a loan, but in times like these you know they don't even have a dime to spare.
So what do you do?
In situations like these, many people get a payday loan because almost anyone who applies for an emergency cash advance gets approved almost instantly and they get the money they want fast.
If you're in a real hurry, the best online payday loans will give you an emergency cash advance within an hour. The slowest company doesn't take more than a day.
How to Be Approved for Your Emergency Cash Advance
There are tons of payday loan companies on the Internet.
It only takes about ten minutes to fill out a simple application that's actually more like a questionnaire. Once the information is verified, which usually takes only a few minutes, the money you want will be electronically transferred into your bank account.
How Much Does an Emergency Cash Advance Cost?
The interest rates are very high - usually between 10% and 30%. That's not per year, it's until the loan is due to be repaid.
Most payday loans are due within one to three weeks.
As you can see, the interest rate is much higher than what you would pay in a bank or a credit union.
The trade off is that you get approved very quickly and there is no credit check. In other words, even if your credit is bad you will probably get the loan as long as you have some regular income coming in.
How To Find the Best Payday Loans Rate
Although the interest rates are high, some companies offer lower interest rates than others. That's why most people who want a payday loan compare the rates (for free) at three, four, or more online payday loan companies.
Then they apply to the cash advance company that offers the lowest rates. And the couple of minutes you invest looking for the best offer can save you a lot of money.
For example, if you want to borrow $500 from a company that doesn't charge any fees but charges 10% interest, it will cost you a total of $550. However, if you borrow $500 from a company that doesn't charge fees but charges 30% interest, it will cost you a total of $650. That's one hundred dollars more that you can save by doing a few minutes of research.
Because the interest rate is so high most people only get payday loans when an emergency comes up. But if one does, isn't it good to know it's there when you need it?