Imagine a scenario where you need a payday cash loan . You need to quickly because you have something that requires money as quickly as possible and you do not have time to wait for a few days or even a week for your bank or credit union to approve a loan . Or maybe your credit rating is " less than stellar " and you are afraid that even if you do wait in the bank or credit union after you apply , you will be rejected .
Maybe you find the deal of the century on a good used car , and you need to jump on this opportunity before someone else grabs it out from under you . Maybe you have some medical bills that may or may not be reimbursed by your health insurance , but you need drugs NOW , not in a few weeks when you get replaced .
There may be a variety of reasons that you need a payday cash loan and you need it NOW . In the difficult economic and financial times today where consumers around feeling financial pressure , this scenario is becoming more and more common . Perhaps your credit rating is " less than stellar " and you are afraid of being rejected after waiting a few days or weeks after applying for a loan at a bank or credit union .
This is where payday cash loans can meet your needs and requirements . This type of loan is not without its own set of disadvantages, but depending on your circumstances , they lack much could outweigh the advantages . Let's see what kind of loan means for you .
A payday cash loan is a loan where you get literally within a few hours . Generally there are no credit checks , so the types of loans available to you if you have good credit or if you have bad credit . It is also known as Payday Loan , Quick Cash Loans , Payday Advance Loan , and a few other names but the end result is that they all refer to the same type of loan .
To get this type of loan , you just need to show some paycheck stubs from your job . Yes , you need to have a verifiable source of income , but if you do so , you are almost there . You will need some additional form of identification such as driver's license , passport or something similar which is a picture ID . That's it ! With this information , you can get a payday cash loan in a matter of hours .
On the downside , one of the drawbacks of this type of loan is that it does not have a payback period that extends for months or even years as a typical personal loan will have . Instead , the loan due on your next payday , which is usually a few weeks or months from now . The interest rate is quite high which makes companies that offer these loans in the business , and if you need to extend the return for yet the next payday , you can usually do it , but the interest rate will be higher .