Payday Loans: An Overview
Payday Loans: An Overview
Payday advance loans are very short term loans of
usually one or two weeks, which are to be repaid when you get
your paycheck. The objective of taking payday loans is to tide
over unexpected financial exigencies or medical emergencies.
Payday loans are also called a cash advance, check loan, payday
advance loan or paycheck loan. If you are not able to pay off
the payday loan on the stipulated date, you have the option to
roll it over. However, you have to pay extra fees for the
extension of the payday loan.
Why are payday loans needed?
Payday loans or a cash advance may be required at the end of the
month for meeting urgent expenses like medical bills,
electricity bills, phone bills, house rent, other utility bills
or any other unexpected expenditure. Such situations usually
arise when a person lives beyond his means or fails to maintain
a household budget. In these circumstances, fast payday loans or a cash advance is usually
the only way out of a difficult financial situation.
Is it wise to get a payday loan?
There are times when it may be wise to obtain payday loans to
get out of a tight financial situation. You must be sure that
you have the capacity to pay back the Payday loans or cash
advance as planned. Some of the situations in which it may be
wise to obtain a payday loan are: