Payday Loans

Why Payday Loans Makes Sense

Instant Decision With No Application Fees

Small Loans With Direct Deposits

High Approval Rates

What Are Payday Loans?

Payday loans are small, short-term unsecured loans offered to individuals in need of fast emergency cash. Usually due on your next payday. Typical payday loans like the lenders at Swift Money have flexible terms and competitive rates.

Uses of a payday loan

Payday loans are meant for unexpected expenses like;

• Hospital bills
• Funeral expenses
• Rent arrears
• Car repairs
• Home repairs
• Unexpected travel costs
• Smartphone damage
• Home appliances fixes

Be Cautious when taking payday loans

Like other types of loans, payday loans can be harmful when they are misused. Here are some of the things you should avoid when you apply for payday loans;

1. Don’t borrow to fund luxuries or existing debt:
2. Don’t borrow payday loans for long-term purposes
3. Don’t borrow more than you need, or can afford to payback
4. Don’t miss your repayment

Payday loan alternatives: Payday loans vs. other loans

There are options other than payday loans.

Personal loans: Pros and cons

You can take a personal loan to use for emergency cash problems. Personal loans are ideal alternatives when you want more than a regular payday loan amount and a longer repayment term such as 6 months or more.

However, personal loans have their drawbacks. For instance, they are harder to get approved for.

Personal loans have stricter qualification criteria compared to payday loans. Unlike payday loans, you can’t get a personal loan if you have bad credit.

Personal loans also have a longer waiting period. You can get a payday loan within minutes. You have to wait for days to get your personal loan approved.

Borrowing from friends and family: Pros and cons

Instead of applying for short-term loans, you can get cash for emergencies from your friends or family members. This option is favorable because it’s usually interest-free.

The downside is if you are unable to pay it back it could damahe your relationaship.

Use a payroll advance: Pros and Cons

Payroll advance over a payday loan is an option. However, payroll advances aren’t available to everyone. Some employers don’t have this option.

Borrowing from your retirement account: Pros and Cons

You can also use your retirement account when faced with emergency expenses. It is, however, very risky because you are taking away from your retirement, and you may owe taxes. Ask a certified account before doing this option.

Credit Cards: Pros and Cons

You can use your credit card when you have an emergency expense. This option is can work if you are able to pay it back in thirty days, or it has a zero percent interest promo rate.

Payday Loan Minimum Requirements

• Must be 18 Years or Older
• Steady Monthly Income or Benefits
• United States Citizen or Legal Resident
• Valid Email and Telephone Number
• Bank Account That Accepts Direct deposits