Urgent payday loans are a form of short-term borrowing that may help you if you are unexpectedly short of money and need a small cash injection (say $100 – $250) until your next payday. There could be one of a many different reasons why you need an urgent payday loan:
-your car that you use for work needs urgent repairs
-your washing machine has broken down
-an opportunity has come up that you don’t want to miss (maybe a half price sofa or cheap holiday deal)
-for unexpected vets’ bills, etc
These are just a few of the example situations where applying for a short-term loan may ease financial worry and stress. If you are desperate for cash to see you through to your next payday, this may be a lifeline.
The difference between a conventional loan and a payday loan
One of the main advantages of the payday loan is of course the speed of which you may be able to get a cash advance loan. When you apply for a conventional loan there is typically a waiting period for approval and then, if you get approved, it could be several weeks before you receive the loan monies.
This does not happen with a typical payday loan. If you apply online and get approved (a decision is usually almost instant), you may have the money is a little as a couple of hours in some cases, or the very next day.
Lenders offering payday advance loans typically ask that you repay the borrowing (together with interest and any administration fees) in a lump sum on your next payday, or the one after that. This is different to a traditional loan, where you spread out the repayments over some months or even years.
Applying for a fast loan
If you meet the criteria set out by the lender, they typically pay the cash straight into your bank account on the same day, if your bank accepts immediate transfers. To be eligible to apply for a payday loan the lender typically asks that you work in full time employment and have a bank account registered in the USA. This account needs to have a debt card linked to it, as this is how the lender gets their money back on the agreed date. You must typically be over the age of 18 to be able to apply for urgent payday loans.