Sometimes people call payday loans as cash advance loans, which is a definite amount of money which is lent by financial institutions for a definite period of time. As a rule, they are given for Payday loans are becoming more and more popular. What makes them so popular?
Let us consider some reasons. First of all, you are not required any credit checks. Secondly, you get a fast approval if you submit all the necessary documents.
There is practically no paperwork, only some documents to explain the process of lending money and your obligations. The process of repayment is also simple: when payday comes, the money is automatically withdrawn from your account; however, you have to pay some interest.
Payday loans are easily available in case of financial emergencies, because the required amount of cash is not very big and you are ready to pay the interest.
Are there any disadvantages? Well, it depends on what you consider to be a disadvantage. You do understand that if lending institutions are ready to take risks, they have to charge the higher interest, from $15 per $100 borrowed. But taking into account that it is really helpful in the state of financial emergency, it is worth it!