According to a Consumer Affairs survey, 50% of Americans struggle to pay their bills. And when building a financial plan, only 32% are able to save for the future. All this is due to the rising cost of living causing more people to live paycheck to paycheck.
So what are you to do about the pile of bills when your next payday is two weeks away? Continue reading to find a temporary solution to your financial woes. Learn the basics of a payday loan and what payday loans exist for your convenience.
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Payday Loans 101: What Are They?
A payday loan aka cash advance loan is a means for you to get short-term cash credit. Payday lenders offer an advanced share of your future income. In return, they charge very high-interest rates to collect more than your loan amount upon repayment.
Here’s a list of payday loans to help you decide what payday loans are best for you:
This is considered among the best payday lenders in the industry. They have a large network of trusted lenders that offer fast loan approval. So in essence, Money Mutual serves as a broker to connect you with any of their more than 60 payday lenders.
Like every payday lender, Cash USA has its pros and cons but also ranks pretty high. They provide instant access to cash but their application process may be more intense than other lenders. You can get approval for a Cash USA payday loan for critical and non-emergency situations.
Bad Credit Loans
The name may be a bit misleading because Bad Credit Loans offers payday loans regardless of credit score. But if you have unusually bad credit, this may be a better option for you. The downside is you could end up paying a much higher interest rate than someone with good credit.
This is another payday lender great for borrowers with poor credit history. And though most payday loans are for small amounts, Zippy Loans offers up to $15,000. But their high maximum loan grows quickly with their high-interest rate.
How Do I Apply For a Payday Loan?
Using an online process, there’s no need to transmit your personal data through a fax machine. Upon approval of your online application form, your lender will transfer the funds into your bank account. And with the easy online application process, you can receive financial assistance the same day you apply.
Many online payday lenders even offer one-hour payday loans.
Are Payday Loans Risky?
The high-interest rates applied to payday loans can make them hard to repay. Payday loan relief exists to help you out of the vicious cycle of payday loans. Click here to find out how and ask for help consolidating your short-term high-interest loans.
What Payday Loans Are Best?
If you’re having trouble paying essential bills you might consider a payday loan. What payday loans are best for you depends on your financial circumstances. But there are enough payday loans to choose from regardless of your credit status.
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