Are All Quick Cash Payday Loans the Same?

by | May 9, 2016 | Loans & Finance


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Have you ever been in need of cash and not sure what to do? Maybe someone told you about a place willing to lend you money and there is no need for a credit check. These kinds of loans do exist and they are called quick cash payday loans or cash advance loans. Let’s examine how they work and why it’s important to choose the right lender.

Should You Apply for a Payday Loan?

A payday loan is an easy to way to get a cash advance on your next paycheck. In fact, this is why they are often referred to as “cash advance” loans. You apply for the loan with very few qualifications and you can get your money fast without loan collateral. So when should you consider this type of financing? Here are some reasons to consider:

  • Bad credit – you can be approved no matter what kind of shape your credit is in. Even bankruptcy and foreclosures are not deal breakers. Why? Because your lender does not check credit reports on anyone applying for a loan. It doesn’t matter what’s on your report because no one will see it.
  • No credit record – it takes time to establish credit and qualify for a new car loan and a mortgage and if you are young, you may not have a credit record (good or bad). However, if you have a job and meet minimal requirements, you can easily qualify for quick cash payday loans.
  • Need quick cash – do you need a few hundred dollars to pay for a personal expense? A payday loan is one of the fastest ways to get cash. You can have cash in hand by the next business day thanks to the miracle of modern direct deposit.
  • Privacy – maybe you want to borrow money for a very private reason. No one has to know your business as the entire process is kept confidential.

How Do I Choose the Best Lender?

Go with a trusted lender who provides real contact information and not just an email address. Look for companies with street addresses (not PO boxes) and legitimate phone numbers so you can call them and ask questions if you like. Also, the best lenders list their loan fees right at the website, so there is never a question of what the charges will be. If a lender tells you there will be additional charges for their quick cash payday loans, you should seek out a service with upfront fees, so there are no surprises.

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