What are online payday loans?
Online payday loans are short-term, small-dollar cash advance that must be paid back on your next pay date. They are also sometimes referred to as Same-Day Loans as it may be possible to get the funds on the day you apply. Payday Loans are highly available as most direct lenders approve both good and bad credit borrowers, some of them do No credit check and most of them require no collateral or guarantor.
When to apply for an online payday loan?
It's a good idea to apply for a payday advance loan onlibe if:
- you need to pay for an unexpected expense between your pay periods;
- your car has broken down and needs repairing;
- you are to take care of minor fixes at home that could later prove costly, like replacing a leaky pipe;
- you have to cover an unexpectedly high bill.
But remember! If you can’t afford to repay the amount you want to borrow with your next paycheck, then a payday loan is not recommended. Consider other options, maybe such as Personal Installment Loans with lower rates and longer repayment terms.
