Everyone has experienced a time in their lives when they needed a little help to make it to payday. Emergencies arise all the time bringing with them unexpected expenses; the car breaks down, your dog needs to go to the vet, or a window gets broken during the coldest week of the year. When this sort of thing happens, there are often few options for getting cash quick. It can be embarrassing to go to friends or family, you don’t want to compound your financial problems with legal problems by doing something illegal, and perhaps you don’t have the credit or collateral to get a bank loan.

Payday loans are available to those with poor credit

Payday loans aren’t based on your credit history. They are based on the fact that you are employed and have a steady paycheck coming in. You write a post dated check for the amount you want to borrow plus fees and interest and the payday loan company holds the check until you are paid by your employer. Because they don’t do a credit check, if you have a bankruptcy or history of late payments, it won’t affect your ability to get a payday loan.

Payday loans are short term loans

Due to the nature and interest rates involved, payday loans should be used only when you need cash fast for an emergency situation. Because the lender holds your postdated check, paying this money back takes priority over all of your other bills. This can be a good thing if you tend to get behind in payments. It is hard to get behind reimbursing someone when they have the reimbursement check in their hands before you ever see the cash you are borrowing.

Payday loans put cash in your pocket immediately

When you are in dire straits, you don’t have time to wait on a bank officer to approve your loan application. You want to get your cash quick and take care of the situation that caused you to need the cash in the first place. When you take out a payday loan, the process is fast and before you know it you are on your way out the door with cash in hand.

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