What is a Payday Loan? How Could it Help You?

An easy way to get money quickly when life rears it’s ugly head are payday loans. It’s a small unsecured loan that is for a short amount of time. You can of course find payday loans online, but some banks will also fulfill the role of payday loan lenders. To get one, typically all you need is a verification of your employment, like a pay stub or some kind of bank statement to prove that you have some kind of steady, reliable income.

Payday loans are a good alternative to use when you are low on money and something unexpected happens, like your car breaking down or a trip to the emergency room. They’re just small loans to be used when you are out of money temporarily. Often they are only for only for a small amount of money and last two weeks or so at the most, though the state of Illinois allows payday loans for up to 45 days in duration. Not usually more than a couple hundred dollars, but payday loans can definitely come in handy if you are struggling for funds that you need right now, but would have the means to pay off in the future. And, short term loans are convenient as well, so you don’t have to worry about accruing interest over a period of time. You get the loan, pay it off, and it’s like it never happened.

Installment loans can get hairy. With something like a mortgage, you are borrowing for thirty plus years, and you pay a lot of interest on it over those years when you add it month by month, payment by payment. Cash loans are also difficult to get from a bank. Online payday loans can be easier than those from a bank, but whatever way you choose to go, there’s no denying the convenience and simplicity of payday loans.