The Bare Bones of Payday Loans

Like many hardworking Americans, you may be struggling to pay the bills, make your mortgage and make ends meet. And like so many other Americans, you may be unaware of your options - or better yet, ignoring them - because you believe in the stigma surrounding payday loans. In today's economic climate, it's time for you to know the facts; not just about payday loans but about the options you have at your disposal to help get you through the month.

A fresh look

Payday loans, also called cash loans, paycheck advances and cash advances, are tools that provide people with a necessary amount of financial aid. They are relatively small, short-term loans available to those who need the extra push to get them through times of financial strain. Think of them as flotation devices or lifesaver rings in the water. They will prevent you from drowning by keeping you afloat but by no means are they intended to be your transportation across the ocean.

When a situation arises and you need cash fast but your paycheck is weeks away, securing a payday loan can be that cushion that gets you through the hardship. Too many people try to conquer their problems all on their own and while some make it, others fall behind on their bills and into a massive hole of debt. If you had the funds to pay those bills or take care of that problem with the car, you wouldn't have to climb your way out of debt; rather you would simply be paying back your loan a couple weeks later.

Step One: Apply for the loan

The application process is simple, straightforward and extremely stress-free. You don't have to bring in your brother to vouch for your character or show the lenders your high school awards. Instead, you simply show proof of your employment, income and active bank account, which will be used to transfer your loan amount into your possession. Honestly, payday loans are designed to help those who are in dire need of money so if you are, don't hesitate to apply for your loan today.

Step Two: Use your loan accordingly

Once the loan is wired into your account, it's your money to spend. But a word to the wise, spend it as you intended to. It's a flotation device, not a yacht. If you take care of business and get yourself back on your feet and back on track, you will be reaping the intended benefits of these loans.

Step Three: Pay it back

Believe it or not, all you have to do in the repayment process is make sure you have the necessary funds (loan amount plus interest) in your bank account on the specified due date. The lender will cash a check that you endorsed at the loan signing and as fast as you can say, "My car is fixed!" you'll be completely in the clear on your loan.

Look beyond the stigma of payday loans and see the options you have available to you. When a financial hardship arises, don't tread water; get yourself a flotation device and utilize payday loans.