If you have Internet access, you may have seen an ad that claims you can ‘Access up to $1000 within hours!’
These ads are very tempting, but a wise fish knows to stay away from temptations. There are no free laptop computers for selecting which restaurant you like better, and there is no such thing as free money. Well, this is where the ads can be misleading, for some people do tend to react as though the money “you can access within hours” is free. Of course it is not, but it is in fact a payday loan.
Payday loans are far from scams, in fact they are hassle free loans that are becoming highly popular due to the convenient online access. Payday loans are especially popular with those who have no other loan options, due to credit problems or people who have limited loan options.
Payday loans are an affordable way to access a loan without a deposit or collateral and without a credit check. Compared to ‘bad credit loans’, payday loan rates can be very inexpensive.
Payday loans are safe, because both payday loan lenders and payday loan borrowers are well protected by the laws and regulations that govern the payday loan service, so a payday loan customer is restricted on the payday loan amount that they can borrow (based on income and payday loan terms) and the frequency that a person can use the payday loan service to borrow money.
Payday loans are a short term loan, providing the cash you need for an emergency that can’t wait until your next payday.
Extended payday loan terms are available, allowing a customer to borrow more than they can afford in a single paycheck, though it is highly recommended that you repay your payday loan as quickly as possible especially if you are somebody who is already ‘trying to make ends meet’.
Finally, payday loans give fast financial relief to those who have an urgent financial need (such as unexpected car repairs) that can’t be put off. Payday loans provide the cash advance you need now, and will be repaid on your next payday.
So, in summary, the definition really is quite simple.
A payday loan is a safe and affordable short term loan that gives fast financial relief without any hassles.
A payday loan is approved based on income and financial responsibility, so a person who has limited loan options based on credit may save themselves a lot of stress by first turning to a payday loan company for fast approval and fast access to the loan you need.