It sure would be nice if we all had the financial resources to just write a check for something, no matter what situation came up. Unfortunately, that is not reality for the majority of us. In fact, recent studies show that the vast majority of people do not have the financial resources to handle a large unexpected expense, in terms of a savings account or a nest egg that we can readily get access to if we need it.
Many people have a 401k or something like that where they could borrow the money from themselves for an unexpected financial emergency, but accessing money that way comes with a lot of negatives. First of all, you need to have the discipline to repay the money, and once you have spent it on whatever emergency came up, you are back in exactly the same situation that you were before, wondering where you can find the money to pay back your loan from your 401k account. Also, there is a substantial tax penalty for early withdrawal of funds from that account. Lastly, it can take literally weeks by the time you request that money and the time you receive it, which does not play well with something that is truly an "emergency".
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If used wisely, a payday cash advance loan can solve this problem for you. If you have a regular job and a steady income, chances are extremely high that you will qualify for what is known as a payday loan or cash advance loan. The payday loan is tailor-made for these types of situations where you have an emergency where you need cash immediately but do not have the time to wait until your next payday.
One of the major advantages of the payday cash advance loan is the quick approval rate. Typically your approval will come in a matter of a couple of hours, where approval can be made as soon as verification of your regular source of income can be verified.
Say you have a medical expense that needs to be resolved right now, or you need to pay your tuition for classes at college by the end of tomorrow, or any number of other types of "need the cash now" situations. You're good for the money, but you don't get paid again until the end of next week. Maybe it is something that your employer will cover with an expense report, but expense reports don't get processed until the end of the month. A payday cash advance loan is just the ticket you need.
On the down side, a payday cash advance loan should not be considered the same thing as a personal loan. The terms of a payday loan are such that the loan needs to be repaid in full within a couple of week or a month, whereas the typical personal loan can be stretched out over several years. Also, the interest rate on a payday loan is prohibitive for someone who wants to stretch out payments for longer than a few weeks. Since a payday loan typically does not require collateral or a credit check but simply verification of employment and a regular paycheck, it can be approved quickly and provide you with the cash you need to handle your financial emergency, but be very cautious not to consider a payday loan to be the same as a personal loan.
As long as you understand the requirements of the payday loan, it can be a great financial vehicle for you to stay on top of those unexpected expenses and get the money you need quickly. But if you have time to wait and want to stretch out payments over a longer period of time, a traditional personal loan may be a better option for you.
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