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Need Emergency Cash? Consider Same Day Cash Advances From an Online Payday Loan Service

Written By renie kolo on Saturday, March 9, 2013 | 8:55 AM


Things happen. Emergencies arise. It's happened to me, it's happened to you. And if you need cash fast and you don't have any money in your savings account - or if you don't have a savings account to begin with - it's easy to freak out.

Don't do it. When a financial emergency happens you can borrow money until your next paycheck from an online payday loan service. And you credit score doesn't matter. You can get same day cash advances from an online payday loan service no matter how bad your credit might be.

What Are Same Day Cash Advances?

Cash advances are loans that a financial institution will give you that they expect you to pay back with your next paycheck. Because they do not check your credit history and lend you the money within 24 hours they charge a lot higher interest than a bank does. By the way, more than one online payday loan service will wire the money into your checking account within an hour after you apply.

Although the interest rate is high, if you need the money for an emergency and pay it back quickly, it will seem relatively minimal.

However, because it is possible to extend your loan beyond the normal one to four week payback period, if you need to extend your loan you will have to pay additional fees and interest. And this is where people can get into financial trouble with these loans. If they keep on extending their loan they will end up paying a lot in extra interest and fees.

For that reason most people only apply for same day cash advances when there is a real emergency - when they need the money to fix their car or need it to avoid paying a bounced check charge or need it to take care of a medical problem - stuff like that.

One of the weird benefits of borrowing money from an online payday loan service is that because they force you to pay off the loan quickly it can actually save you a lot in interest compared to using a credit card.

If you make minimum payments on your credit card, the interest on you credit card keeps on piling up, month after month. It's easy to end up taking years to pay off a relatively small credit card bill.

Payday loans, as their name implies, are paid back usually on your next payday. So you got the money you needed, you paid it off, and there's no more interest piling up.

A Quick and Easy Application Process

Applying for same day cash advances with an online payday loan service takes only about five to ten minutes. They're primarily looking for your name, address, work information, and checking account information. Because there's no credit check you will usually be approved in anywhere from five minutes to one hour.

Because the interest rates and fees can vary a lot from one payday loan company to another you can also save yourself a lot of money if you compare the rates from at least three or four different companies.

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