Nowadays it is difficult to manage monthly budget to be always ready face an emergency. That’s why payday advance has become the most popular problem solution for many people who can’t cope with unexpected financial problems on their own. Despite that there are a lot of payday advance customers, there are still those who are new to this way of borrowing. If you have never used payday advances, it is better to check out main features of these loans to make sure that they are exactly what you are looking for at the moment.

Thing number 1: Payday advance loans is extra money for urgent needs only

Payday advance loans should be used only in those cases when you realize that there is no other way out. Having a lot of advantages, short-term loans have one minus to consider: they are intended to be used for one or two weeks only till you are paid. That’s why you are recommended to think twice in order to be sure that you are able to make the loan repayment on time. In case you have faced unplanned expenditures, payday advance may become the most reasonable decision as this way of borrowing is really fast and convenient.
However, it is not the cheapest loan. High interest rate is what you need to take into account when apply for a payday loan. On the one hand, fees really may seem high but if you stick to the responsible borrowing and use the loan within the agreed period of time then you won’t overpay too much for using money during a couple of weeks. Some lenders may allow you have one month repayment term but in general the repayment will depend on how many times you get your salary per month.

Thing number 2: Payday advance online is approved if you have a stable income source

There are several requirements that must be met by each person who wants to become a payday advance borrower, however, the main one you should think about before applying for a short-term loan is how much you earn for month.
You shouldn’t apply for the loan online if you aren’t sure that you have a stable income, otherwise, you may face the pitfalls of debts being unable to make the loan repayment on the due date, which is going to be discussed when you sign a loan agreement. Sure that you may think that nobody knows beforehand what is going to happen during the next two weeks as even those customers who consider their income to be permanent may face emergencies preventing them from on time loan repayments, however, at least before applying for a loan you should make sure that you won’t have financial problems on the repayment date.
Responsible lender won’t approve an amount of loan, which exceeds the amount of money you get per month. You should take this into account choosing a short-term loan as the temporary source of extra money.

Thing number 3: Payday loan can result in the long-term debt if not repaid on the due date

Irresponsible attitude to borrowing money may result in serious problems if you aren’t able to meet your obligations on the due date. You should understand that from the time you agree to the terms offered by your advance payday loan lender you take responsibility to give money back on the certain date. In case you miss the repayment date, you risk facing the need to pay additional fees. Severe consequences may take place in the form of the court procedure if you refuse paying the loan back as your payday loan lender has all rights to get money back according to the contract signed by you.
What to do if you realize that you have faced some unexpected financial problems? Sure that there is no 100% guarantee as everything will be fine till the end of the month. You may experience sudden problems at work or health problems that you haven’t expected at all. In this case you should inform your payday lender and explain the situation. The best way to solve this problem is to ask to arrange a new repayment plan. You can check out extension options available. The short-term loan is supposed to be paid back in one lump amount but the terms of repayment may be flexible depending on how many times in a month you get paid.

Thing number 4: Banking account is a must if you want to get an online payday loan

Having a bank account is a must as you are going to get your payday advance loan directly into your savings or checking account. One of the obligatory requirements is to share your banking account details in order your advance loan lender can deposit the necessary amount of money. There is no need to worry about your personal information as it is not going to be used inappropriately. No third parties will get an access to your financial information shared with the direct payday loan lender. You don’t take risks applying for a payday advance online if you have chosen the trustworthy lender.

Thing number 5: Application for online payday advance is paperless

Advance payday loans are approved online with no need to provide a lot of documents, which is a natural procedure for getting bank credits. Paperless application process means that you should be ready to fill out a special application form online, which will take you several minutes only. To make the process even faster you should have all personal details at hand.
Payday cash advance is the loan that is provided without faxing as well. This makes it much more convenient in comparison with other types of borrowing money. The only thing you need to do is to learn more about payday cash advance offered and click to start an application if you feel fine with the interest rate and the lender’s terms
Online application process has a lot of benefits to offer. Among them is no need to visit a bank. Paperless application makes it possible to apply for a loan whenever you are now. After you have submitted an application form, you will be contacted within several minutes. Usually the period of waiting isn’t longer than half an hour. By the way, in case you have changed your mind suddenly there is nothing to worry about as you have 72 hours to give money back without paying any fees.

Top-5 Things Each New Customer Should Be Aware of Applying for a Payday Advance