You’ve seen the ads and have heard the stories. Now, you yourself need extra cash to cover for an emergency expense. Are instant payday loans the best solution for you? We examine what you need to know about these types of loans and whether or not you should turn to them to help solve your temporary cash problems.
What are instant payday loans?
If you’re familiar with cash advances, then you have an idea of what instant payday loans are. These are unsecured loans that are available in small amounts, typically ranging from $100 to $1000. Some lenders offer more, especially if you qualify.
If they are unsecured, what do I use for collateral?
Instant payday loans are designed for emergency cash needs, that is why they are available only in smaller amounts. If you need say, $2500, for example, you’ll have to find another source for your loan. While you will not be required to provide collateral, most lenders will require you to issue postdated checks, a show of good faith that you will pay back your loan.
What are the benefits of using instant payday loans?
Aside from being one of the easiest forms of loans to get,...
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