Instant Payday Loan - A Friend Indeed

By: Apurva Shree

Instant payday loans are cash advances with no frills attached. You get the loan in a couple of hours, without being put to rigorous credit checks and documentation hassles. You pay back when you get your next pay check. Sounds easy, so let us get an instant payday loan. But this raises fundamental question: Can we really live on loans? After all, a payday loan has to be paid back at a later date.

It is well known, we cannot afford to go on a loan shopping spree, taking one after another. So let us find out the situations which justify picking up instant payday loans.

Emergency, Of Course

Everything in this world is useful, provided it is used prudently. So it is in case of loans. A medical emergency, sudden sickness, an immediate repair, etc are a few critical situations that have given birth to the idea of payday loans. The instant cash advances bale you out of crisis that may turn adverse due to dearth of cash.

Instant payday loan can be availed simply by either calling a payday loan lender or applying online. As no papers are required to be faxed, the loan is sent directly to your checking account. Since no fax-no credit check is required, instant payday loan is also sometimes referred to as faxless online payday loan.

Pay Up Pending Utility Bill

Utility bills often create chaos at the end of a month. With the utility bill due date round the corner and your salary check far behind, you are trapped in a tight situation. But help is just a phone call away. Get an instant payday loan, pay your bills before due date and avoid surcharge. If the instant payday loan is paid back in time, an instant cash advance will cost less than a bounced check fee. Banks usually charge $20-$30 for a bounced check, whereas an average instant cash loan will cost you about $18 for every $100 borrowed.

However, abuse of payday loans should be avoided. Remember, instant payday loans fill a temporary cash shortage. These cash advances should be borrowed for the shortest period and should be paid pack at the earliest. A one time payday loan fee of $15-$30 may not be taxing. But over a period of time, the high interest adds up. In certain cases, the worth of loan fee rises much more that that of the initial loan.

A few important pointers to keep in mind when you go loan shopping are
If you apply for a payday loan online, make sure they are registered with Better Business Bureau.

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