Loan Types: What Is Pay Day Loan?

A pay day or payday loan is also known as cash advance and it makes a wonderful solution for situations where you need some extra cash right away. If you are faced with some emergency, this type of financial service can be a true lifesaver. However, you have to understand exactly how these loans work and how to use them responsibly.

What You Need to Know About Payday Loans

There is a lot of controversy surrounding payday loans. Some people claim these services are nothing but a way to cheat people out of their money. However, this definitely isn’t true.

Payday loan = 1 month term

Interest 4% per month is across the board same for personal & payday loan except for business loans. So cost of borrowing is the same for all types of loans, can’t say it is more expensive.

When to Apply for a Payday Loan

If you understand what a payday loan is, you’ll be able to see when exactly this solution would be applicable. The most common cases when you need to apply for it are:

  • Health emergency
  • Emergency repairs
  • Rent or study payments

In simple terms, this loan will be a good help when you need some cash to ‘tide you over’ until payday. It’s a great method to get the money you need in any emergency and will allow you to solve your immediate problems without borrowing money from friends and family.

You may also consider taking a payday loan when you see a product you want going on sale. This way, you won’t miss your chance of buying the item at a reduced price.

What Do I Need to Do to Get a Payday Loan?

Obtaining a payday loan from Fast Money is extremely easy. We have facilitated the application approval process to ensure we can provide you with the money as quickly as possible. This service doesn’t require a full credit check, so you’ll be able to get the financial aid you need as long as you can prove you have a stable source of income and the relevant paperwork proving your identity.