Pros and Cons of Fast Payday Loans

Fast payday loans are short term instant cash loans. These loans are to be paid back on the next payday with interest charges. Once you apply online for the loan, within a few hours you are approved for the loan and by the next business day you receive your funds. The loan amount is then directly transferred to your online checking bank account.

The Process Of Applying For Payday Loans

The application form is very easy to fill up and asks for simple information such as name, address and your employment information. The payday loan providers do not make any credit checks so even people with bad credit can apply for these loans. With the advent of the Internet, now you can get up to $1500 from the comfort of your home with fast payday loans. The amount can be used for any purpose. The interest charges are generally between $15 and $30 for every $100 borrowed. The loan needs to be paid back within 2 to 3 weeks from the day of applying. You need to make sure to make the full payment on the due date or the interest charges would be doubled.

Apart from being widely and easily available cash loans, payday cash advances have many other advantages. The loans are very popular but have a few disadvantages also. Have a look at the pros and cons of fast payday loans.

Pros Of Payday Cash Advances

- For emergency cash needs, cash advances provide the quickest and easiest assistance. No matter what your monetary need is - emergency hospital bills, mounting bills of utilities, unexpected vehicle maintenance bills or credit card bills. All these can be tackled with just one loan.
- In order to have a perfect credit report, payday cash loans can help you pay pending bills on time in severe financial situations.
- The application process is quite simple and you do not need to fax any documents.
- Now with easily available online payday loans, you can get instant cash without leaving your home.
- There are no credit checks done.
- People with bad credit or people who have filed for bankruptcy can also get approved for quick cash advances.

Cons Of Fast Payday Loans

- The payday cash advances provide very short term loans of small amount. You can get maximum of $1500 that too for a period of 14 to 20 days. Some states have a maximum limit of just $400 for instant cash loans.
- The interest charges are quite high compared to traditional loans which make these loans quite expensive. If you fail to payback the entire amount on the due date, the interest charges get almost doubled. Hence, if you need a larger loan or if you are not sure of paying back the payday cash advances on time, these loans are not meant for you.
- Sometimes the loan provider gives very unclear terms and conditions that you fail to understand and end up paying a lot in terms of financial charges.

Payday cash advances are actually your monthly salary in advance. It has become quite simple to apply for a cash advance today. Fast payday loans are a simple, quick and instant way to tide over your financial crunch.