“Paydayloans” – Are They for Real?

You have seen an advertisement, "Get Paydayloans, Even with Bad Credit," or "No Job? Get an Easy Cash Advance," and you have to wonder if it is the real deal. Trust me, it is for real, but you still have to ask yourself if it is the best choice for you. Say you just got a new job and you need some money to get you through until payday; that is quite a different story than if you just lost your job and you do not have any prospects lined up. These loans can be expensive anyway, even though you may be able to find a lender that will give you a loan with bad credit or no job, it is likely to be even more expensive. You still have to find a way to pay the money back, plus all the loan fees.

A cash advance can be a great way to get you out of a bind if you have regular income and you know for sure that you can pay it back in a short amount of time. But, if you are in a situation where your income is uncertain, a cash advance is a poor substitute for income. This can get you into a deep hole very quickly.

Now, based on the facts of your situation, if you can honestly tell yourself that it is worth the fees you will be charged, and you know for sure you will be able to pay it back, then do what you think is best. Even though the advertisements say that it is possible for you to get a loan even without a job, or with bad credit, take a look at what it is really going to cost you and see if you will be able to pay it back―for real. Yes, “Paydayloans” are for real, but you also have to be for real.

Is a Cash Advance Loan the Best Choice for You?

If you are like most people you have found yourself in a situation where things would be a lot easier if you had a little extra cash before your next payday. A payday loan might seem like an easy option, but is this kind of cash advance loan really the best choice for you? Before you accept a cash advance loan, the lender has to disclose the amount of the fees involved for the loan, as both a dollar amount, and as an Annual Percentage Rate (APR). Sometimes these loan fees can be quite high compared to other lines of credit.

Before pulling the trigger on such a deal consider some of your options. A credit union or small loan company may be able to offer you a short term loan at competitive rates. Sometimes this can be done as a signature loan with a sufficient credit rating, but you may get better terms if you can offer some collateral. You may also be able to make adjustments to payments with some of your creditors if you are having trouble making payments. If you regularly use all the money in your checking account, a small mistake can be costly; see if your bank offers overdraft protection. And, it is always a good idea to have a budget in place so you know how to prioritize expenses and have a better idea what your cash situation is like before it sneaks up on you.

Even if you have explored all these options it is not a bad idea to have a relationship with a cash advance loan provider that can help when things get unexpectedly tight. Even if you do not have an immediate need, if you learn about what is out there, you will be much better prepared and know what to expect if the need arises. A cash advance loan broker will be able to help you find a provider that can offer terms that are best suited to your situation.