1. Having some instant cash handy when you need it can be
a life-saver in an emergency. Ideally, there's some money
put away for those inevitable rainy days, but sometimes it
seems there's one rainy day after another, and then the
cash is finally gone. A lot of people are having that rainy
day financial experience lately, since the economy has
been so tough. And many of them have turned to pay day
lenders to get some help for occasional emergencies.
2. There aren't a lot of options for people with jobs to get a
payday cash loan these days. Once upon a time you could
go to your employer and ask for an advance on your
paycheck. That was not uncommon at all. But these days
employers have rules and regulations, most of which do
not include no credit check loans on paychecks. In fact,
many employers outsource their payroll computations and
direct deposits, so making any kind of a payday advance
loan would be impossible under those circumstances.
3. And then there's another alternative, the time-honored
tradition of asking friends and relatives for some instant
cash when needed. This alternative, which I call the
"family plan" hasn't been working out too well for many
people who find themselves in short term cash crunches
lately. The reason is simple - many times their friends and
relatives are dodging their own cash crunches and simply
do not have any cash to spare. That's what I mean when I
say it's a really tough economy out there right now.
4. So, fortunately there's another alternative for you to get
some quick cash when you need it. Since bank and credit
union loans are not exactly "instant," due to requirements
to run a credit check and get some form of collateral from
you as well, that makes the quick and easy payday
advance loan a much more attractive option for some
people, in some situations.
5. Pay day loans, also called cash advance loans, are not
completely instant, but another name for them is instant
loans because they are so much faster than banks or credit
unions, for all the reasons mentioned above. When you fill
out an application for a pay day loan, if it's early enough in
the day, you might receive your instant cash the same day.
But more often you'll receive it the following day. Actually,
the instant cash shows up in your checking account as an
automatic deposit. That's how you receive your loan
money. And you repay it by way of an automatic debit on
your next pay day.
