Life throws sudden storms at us while we are making other plans. An advance cash payday loan online can come as a blessing in disguise to help us through those sudden storms life sometimes throws at us. A cash payday loan online is a small amount of cash, generally ranging from 0-00, that you can borrow against your next paycheck. In other words, your next paycheck acts as collateral for the loan. On your next payday, the lending company withdraws the loan amount and the loan fees from your bank account. Hence, a payday loan online is also a very short term loan.
Why Would I Need a Short-term Loan?
Financial emergencies never warn before they befall on anyone. There could be a sudden unforeseen medical requirement or some unexpected repair work required urgently. And you might not have the necessary amount of cash in your bank account at that time. An advance pay day loan online can provide you that extra financial help at that time.
Or perhaps, you went out for the weekend with your family and got mugged on the way. Lost 0 in one instant! The amount may or may not be recovered eventually, but at that point of time, you are forced to withdraw another 500 bucks from your bank account, an amount which you had kept aside to pay off your credit card balance at the end of the month.
A cash advance can save you from paying the late payment charges on your credit card. And it can also prevent your credit rating from going down due to no fault of yours.
What Does It Cost to Get An Online Payday Loan?
Compared to traditional long-term loans, an advance cash payday loan is pretty expensive. The loan fee varies from to ; averaging around generally; on every 0 that you borrow for 2 weeks. That gives Annual Percent Rates of over 300%. But, online pay day loan companies say that their costs are not to be compared with long-term loans, as they are not lending money on long-term basis. Their loans are meant to cover emergency needs only and, ideally, the payday cash advance loan should be repaid in full on the borrowers subsequent payday.
They say that if an worth advance cash pay day loan can save you worth late payment fee on your credit card, or a bank charge on a bounced check, for the same period on the same amount, it is worth every single cent! So just use it judiciously and make your full repayments on time.