Quick Cash Payday Loan
Loans, as we all know, are a great financial tool for things that we might require but do not have the cash for at the moment. In fact, almost everyone in the world would at some point require it for various purposes. There are all kinds of loan, actually. One of the most commonly used, however, is the quick cash payday loan. This kind of loan is usually used for provide money to the borrower who might need some quick cash for an emergency. Needless to say, you can get the money the same day that you applied for the loan, no more lengthy and confusing paper work to go through.
But there are some things that any individual who might be interested in getting one of these should know and understand. Let’s begin with the basics. First off, payday loans are short term loans thus meaning that repayment must be accomplished within a week or two from the date you borrowed the money. One should also note that there are limits to the amount you can borrow and they are not very hefty. Typically, a payday loan’s limit is $1,500 but this might vary from state to state so do remember to ask. Furthermore, there is a fee of about $10 to $20 for $100 that you borrow. It is significantly higher compared to other kinds of fees but you should understand that this is an unsecured loan thus the higher fees. Now, let’s talk about the pros and cons of a quick cash payday loan.
There are quite a number of positive things about this kind of loan. For example, quick cash payday loans are very useful during emergencies when you don’t have any cash at hand. They can also become very handy for paying various utility bills such as your rent, water and electric bills and other some such necessities. In other words, it would help you bridge the gap between your last pay check to the next one. Of course, one of the best bits is the fact that since the money you are to borrow isn’t much; it would be easier for you to pay it back.
There are people who tend to go overboard when borrowing simply because they have been given the option to take out a larger sum. In this case, there are no such temptations. Lastly, in the even that you are not able to pay the quick cash payday loan within the time you’ve been allotted, you can always ask for an extension. But, you do need to pay an extra fee to get this done.
As for the cons of a quick cash payday loan, the most common ones that are associated with it are as follows: The high fee is one of the biggest setbacks when it comes to this kind of loan. It is, as we have mentioned above, significantly bigger compared to other loans. There are payday loans that have around $30 to $300 fees attached to them. Of course, this fee would only get bigger the longer you extend the repayment period.
Of course, another setback would be the fact that there is a limit to how much you can borrow. There is a good chance that the money you were loaned would not be enough thus forcing you to find another financial resource. But other than those 2 reasons, payday loans are great for helping you cover all your expenses till the next paycheck comes along.