Wednesday, September 17, 2008

Fast Cash Payday Loan - A Boon Or Bane?

What Are Fast Cash Payday Loans?

Fast cash payday loans are short-term cash advances, which are very useful to tide over situations of emergency cash requirements, faced before payday. Such loans usually involve less paperwork and take only a day for approval. These loans are generally made for amounts less than $1000 and will usually have a fee of $15 to $30 per $100. In most cases, all that is needed to qualify for such faxless payday loans are a checking account and a proof of employment. Cash is usually electronically deposited into the lender's checking account within 24 hours of approval. This helps in quick management of financial emergencies and it is this ease of operation that has led to the huge popularity of fast cash payday loans.

Pros And Cons Of Fast Cash Payday Loans

One of the most important reasons leading to the phenomenal success of a payday loan has been the availability of cash at such short notice. One is faced with a genuine emergency like an unforeseen medical bill, unexpected travel plans and so on in several situations. In such circumstances, fast cash payday loans are a real boon as it is possible to meet such expenses with the cash advance received promptly. Other advantages of such faxless payday loans are the
  • Ease of operation with no credit checks involved.
  • Easy to apply either online, in person or even through telephone.
  • Assured security as minimal financial details are disclosed,
  • And availability of cash within a day.

Although the availability of ready money at your fingertips may seem like a dream come true, there are certain disadvantages or drawbacks to such short-term cash advances. The main drawback associated with fast cash payday loans is the phenomenally high interest rates or fees associated with these loans. It is always wiser to repay your faxless payday loan by the next payday or else the interest could pile up and accumulate into a prohibitive amount. The APR (annual percentage rate) on a fast cash payday loan is liable to become very high if the loan is not repaid soon. Hence, it is always wiser to pay back these loans by the next payday. After all, the main intention of such loans is to tide over emergencies, quick money for financial crises.

Ultimately, a fast cash payday loan can be seen as a lifesaver to deal with emergency cash requirements.

Source: http://EzineArticles.com/?expert=Alice_Smith

1 comment:

Michelle said...

I have used payday loans and I have found them very convenient. They have helped me out of a financial bind. They were a lot cheaper than what the banks charge in overdraft fees. I was there for 15 minutes and I left w cash. They were confidential and it was a very nice professional enviornment. fast cash payday loan