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Not everyone can have perfect credit and there are times when we all could use a little bit of extra cash to get us from one paycheck to the next. If you ever find yourself in an emergency where you are looking for a way to round up some extra cash, one great option is a payday loan.

However, these loans are not for everyone and it is important for those considering this option to fully understand what goes into this unconventional loan process. It is the goal of this writing to educate those questioning payday loans so that they can make a better informed decision regarding their decision.

Typically, when you are first starting out with a payday loan company, you can expect to be approved for a small fund. Usually this amount is under $500, but as you begin to use the company more frequently, this amount will rise. Most people who select this loan option use the funds for everyday living expenses, such as rent, utilities or groceries, but you are able to use the money any way that you see fit.


One of the most important benefits of a payday loan is the fact that there is typically no credit check involved. Many, who have poor or little credit, simply present their paystub and proof of employment and are presented with the funds needed. For those looking for an emergency fund on short notice, this is a fantastic option.

Also, the loan process is much faster than a typical bank loan, which can take several days to complete. Most payday loan businesses offer next day fund availability, but you may also be able to find some options that offer same day services as well.


However, there are some things to keep in mind when choosing this option. First, it is important to understand that finance charges are typically extremely high when choosing a payday loan. For example, if you are borrowing $100 USD the typical finance charge is between $15 and $30. To put that into a percentage perspective, you will be repaying an additional 15 to 30 percent over the top of what you borrow.

One of the biggest downsides to a payday loan is the length of time that you have to pay off the balance. Most payday loan establishments intend the money to be repaid once you receive your next paycheck. Therefore, most loans are due within fourteen days of the origination of the loan. If the loan is not paid off in this time frame, the interest rate greatly increases and you can expect to repay at least double what you borrowed in the first place.

One of the main reasons that interest rates are high for payday loans is the extreme risk that is posed to the lender. It is estimated that nearly 20% of all payday loans are in default and can actually cost the lender about a quarter of their annual revenue. This is mostly due to the ease in which borrowers can obtain loans and the lack of credit verification that is required.

What to watch for

If you are considering a payday loan it is extremely important to read the fine print of the paperwork before signing for the loan. Here, you will be able to determine any hidden information that may cause a payday loan to be an option that will not work for your situation. You should also check out the loan company in order to determine if they are reputable or if they have had any major complaints.

If you find yourself constantly relying on payday loans, it is probably time to seek credit counseling. These loans are not intended to be an ongoing process and by engaging in them constantly, your finances will quickly become even more difficult to handle than they are now. It is a good idea to consider other loan options and to save for an emergency cash fund when you are able to.

For those who are looking for a way to find some extra cash quickly, a payday loan may be a very viable option, especially for those with little or bad credit. However, it is important that you understand your options and the way that you will be expected to repay your loan. It is also important to understand that there are other options other than payday loans that will offer quick access to funds. If your credit is in decent standing, you may find other options to be more attractive than a payday loan.

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