7 Payday Loan Benefits and How One May Work for You

What is a Payday Loan?

A Payday Loan, sometimes called a cash advance loan or a payday advance loan, is a short term loan commonly used for emergency expenses. Payday loans are usually 30 day loans that are paid back on your next pay date. 

Regulated individually by each state, these loans are most frequently between $100 to $500. They are a fast and convenient way to get cash when you have no other alternatives.


7 Payday Loan Benefits

Many People Qualify

Payday loans online can help people with poor or bad credit. In fact, more than half of all payday loans online are for people with imperfect credit. Traditional loans are longer in length with lower costs but hard to get and take weeks to process. 

Fast and Easy to Request

The entire process of requesting a payday loan online is secure and takes no more than 5 minutes for almost everyone. Complete a loan request form and submit it and get an answer in seconds. 

Fast Cash

If you are approved, you can get your cash in one business day. 

Small Loan Amounts

Loan amounts are capped in most states at $500 so you do not have a big loan outstanding and you know exactly what you are paying before you accept the loan. Payday loans are fee based so you have an exact loan plus fees amount for your payback.

You can use Your Cash Loan any way you want

You do not have to specify how you are going to use the loan money. It is highly recommended that you only use your loan for emergency situations. In some cases, your loan could end up saving you money. For example, you have written 4 small checks, but they will bounce if not covered. At $35 per NSF, you could be looking at more than $140 in bank fees. A $200 loan will cost less than the bank fees.

Here for Emergencies

Most Americans have little emergency savings in the bank. So, when unexpected medical bills, auto repairs, late utility bills are due, or any other urgent expense occurs you have a way to handle the situation and do so quickly.

Highly Regulated Loans

The federal government and every state have strict laws governing all lending including payday lenders. Most states require a lender to be licensed in that state to even operate. And most states have caps on both interest rates and fees that the lender can charge you. This protects consumers nationwide.

How Payday Loans Work

Payday loans can be described in 3 simple steps:

1. Complete and submit a short application form

You can do so from your smartphone or other devices in minutes, get an answer in less than 60 seconds and be connected directly to your lender. No need to waste time and money driving around trying to find one storefront after another. You can get in front of more than 100 lenders quickly.

2. Get Cash Fast

If approved, you get your cash in 1 business day. This excludes weekends and holidays when banks are closed. 

3. Repay your Online Loan when it is due

Payback your online loan plus the associated fees on the agreed upon due date. You are done. No surprises. And no late fees or complications.

What is the difference between a Payday Loan vs. Payday Loan Online?

As noted above, do not drive around wasting your time and gas money finding one storefront when you can get in front of more than 100 direct lenders at the same time. And only 1 direct lender will contact you if you are approved. This increases your odds of approval and is why CashinaSnap is able to get more than 80% of all requests approved by a direct lender. 

                    Need urgent cash? You can request your loan in just a few minutes.


Kimmy Burgess

Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to obtain quick cash advances when they need it most. Kimmy has over 20+ years' experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business. She has also spent time in the mortgage industry prior to her move into the payday lending field. Kimmy has a number of pets including cats, birds, and a Chinese water dragon.

Category: Online Payday Loan

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