Regardless of how
financially responsible some people might be, there will always come a time
when they could use fast cash advance payday loans to get out of a tight spot.
This usually involves some sort of unforeseen occurrence that needs to be taken
care of immediately and will require money to do so. For example, if your car
breaks down or you need to pay for some unexpected medical bills and there
still is a week until your next paycheck, you might want to look for a more
immediate source of revenue. It is common during these situations for people to
turn to advance payday loans as a means to get by.
What Are Payday
Loans?
Loans which are
not generally provided by banks, but instead are provided by companies known as
direct lenders which offer a modest sum as a fast loan without the need for a
lot of paperwork or waiting around.
Each company has
different policies and offer different services, but most of these fast cash
advance payday loans have similar characteristics: they are small loans, no
larger than a few thousand dollars; they are short term, usually requiring that
they be paid back within one or two weeks; they are accessible to most people
since they have just a few basic requirements such as a stable source of
income, proof of identity and a bank account.
The main
advantage that all of these direct lenders boast is speed. Some of them can
offer a loan to a person in as little as 24 hours, if their application gets
approved without any issues. Some of them work entirely online and also mention
the convenience of applying for a loan at home, without the need to wait in
lines and submit tons of paperwork.
Why Do People
Distrust Direct Lenders?
In theory, the
idea of a loan that is accessible to almost anyone which can be provided
without hassle in under a day sounds ideal and should be a valuable service for
many people. However, plenty of people that are financially conscious still
would rather avoid these payday loans unless absolutely necessary. There is an
ongoing debate whether these fast cash advances are truly worth it, with one
side praising their promptness and accessibility while the other warns against
the hidden traps.
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