Payday Loans: The Smart Way to Get Fast Cash?

Payday Loans: The Smart Way to Get Fast Cash?

Payday loans have gained a reputation for being the ultimate way to get fast cash when you need it most. In fact, despite some criticism from media outlets, payday loans have become more popular in recent years than they ever were before. Of course, there have been some pretty serious financial issues impacting people in recent years, so getting money quickly has become a high priority.

But are payday loans the best way to get cash when you need it fast? There are other options, of course, and they all have their own pros and cons. Let’s take a look at payday loans online versus some of the other ways that people routinely use to get cash for emergency expenses.

Payday Loans versus Bank Loans

For decades, when people needed cash for emergency expenses, they would often head to their local bank and apply for a loan. And while people still do this, a traditional loan usually doesn’t provide the fast turnaround time that you get from payday loans. If you need money and need it right now, a traditional bank loan may not be the best option. Here are some of the pros and cons of applying for a bank loan.

Pros

  • Many people have established long term relationships with their banks. They feel a certain sense of comfort in using these establishments to get loans.
  • Banks can approve large loan amounts. This is helpful to people who need a lot of cash for big purchases, but often inconvenient for people who simply need a few hundred dollars for an emergency expense.

Cons

  • Bank loans take a lot of time. It’s not unusual for the entire process to take weeks or even months. Compared to payday loans online, which can usually get you the cash you need within a day, these long loan processes are simply inconvenient.
  • Banks charge high interest rates. Banks make their money by charging interest on your loans. If you take out a traditional bank loan, you can expect to pay back the principal plus a lot of interest over the long haul. By way of comparison payday loans interest rates are non-existent; you simply pay a one time fee to borrow a set amount of money.
  • Long repayment schedules. Banks love it when their customers take a long time to pay back loans. The longer you take to pay them, the more interest they collect from you. Payday loans are designed to be paid off within a week or two, so you don’t have to remember to send a check or online payment for your loan for months or years on end.

Clearly, the traditional banks aren’t going anywhere. And if you’re looking at a big purchase or mortgage, you’ll probably need to apply for a loan with an established bank. But if you’re thinking about getting fast cash to take care of an immediate need, it’s just as clear that payday loans are the way to go. With no high interest rates, repayment schedules or long approval processes to deal with, payday loans give you the exact amount of money you need, exactly when you need it the most.

Other Fast Cash Alternatives to Payday Loans

There are a few other methods that people use to make fast cash. These alternative methods range from selling their belongings to calling in a loan from family and friends. There is certainly nothing wrong with either of these methods. However, you can’t depend 100% on either of these resources when you need money fast. If time is of the essence, and you can’t afford to wait for money that you might or might not get, these options may simply not meet your immediate financial needs.

If you have the luxury of waiting for someone to purchase your belongings on an online auction site, or the patience to ask a loved one for an emergency loan, these are certainly viable options. But with payday loans you know that you are virtually guaranteed to get the money you need; no waiting, no swallowing your pride, simply fast cash to fill your immediate need.

In our experience it’s hard to beat payday loans when it comes to how quickly you get your money and how simple the process of obtaining a loan is – from beginning to end.

Payday Loans Online: Important Information

Before you apply for payday loans, it’s best to be armed with a bit of information. There are so many lenders offering their services online, that it can be difficult to decide which lender is the best fit for your needs. When you go online, you’ll notice that there are literally thousands of payday loans reviews as well as critiques about individual lenders, like Payday Yes and Payday One. All this information, while very valuable, can slow people down in their quest to find the best payday loans lenders.

If you’re on the fence and not sure which payday loans company to choose, we can help you out. We make it our business to match our clients up with the right payday loans lenders. Instead of spending hours online, comparing the reviews and looking at dozens of lender websites, we can put you in touch with the best lenders in minutes. If you are serious about obtaining the fast cash you need, without dealing with a long, boring online search, be sure to find out more about how we can help you to simplify the entire process.

Regardless of the option you choose to get fast cash, remember that payday loans really are the logical solution when you need funds immediately. And when you choose an online payday lender, you could literally have your money in your checking account tomorrow. When you have an emergency expense or need to pay an overdue bill, it is certainly nice to know that you have the option to turn to payday loans lenders to get the money you need quickly and with minimal effort on your part.