Are Instant Online Payday Advances Worth It?

By: Jone Player
You've seen the ads, but are online instant payday advances really worth it? What was once viewed with suspicion has now become a billion-dollar industry aimed at helping people when banks cannot. Many people use payday advances to avoid foreclosures, bankruptcy, bounced cheque fees and a negative impact on their credit. When the basics are fully understood, consumers can reasonably, responsibly borrow a small amount of money to help them make it to their next pay cheque.

Call it what you will: a payday loan, a short term loan, a cash advance, fast cash, an instant loan or a payday advance. Basically, the payday advance is another tool you can use to help you make it to payday without suffering dire financial consequences. Regardless of your background or credit history, you can get the benefits of this service - and usually within 24 hours!

Getting approved is simple because lenders don't run credit checks. Instead, your loan is secured on the employment information you provide. For their services, your payday advance lender will charge you between ?10 - ?100 to borrow a small amount of cash (?100 - ?800). You will have as much as thirty days to repay what you owe and rewards are generally given if you can pay back your lender within 14 days, thus making you a "low risk borrower."

Requirements for a payday advance generally ask that you are over 18, have a valid checking account and regular money coming in. Some require direct deposit from your employer or regular monthly pay, while others will allow people on disability, welfare or social security take out a payday advance. There's no obligation to fill out an application online.

Payday advances are commonly used to pay upcoming bills and prevent late fees. To avoid lost wages, many people use payday advances to repair their vehicles. Some people use their payday advances to pay a mortgage or rent payment to avoid losing their home, while others use the money to avoid utility disconnections. College students have used payday advance money to pay for their text books, seniors have used the money to buy urgent prescription medication and some people use the cash to cover an error in balancing their cheque book (to avoid a bounced cheque fee!)

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