Pay day loans are one of the fastest methods for people to get no fee quick loans, also known as ‘check and go’, or more simply, a cash advance. The majority of people who apply for a pay day loan are those who suddenly find themselves in some sort of financial crisis or emergency situation and they realize, “I need instant cash now!” There are many reasons why people want to check and go these days, and a pay day loan is perfect for most of these situations as the borrower can pay the loan back with their next paycheck.
What kind of people apply for instant cash from a pay day loan? It ranges from people who have no credit, bad credit and even people with good credit. None of this really matters with an fast payday loan as there is usually no credit check required; employment is more of a factor than credit. For the millions of people who have jobs but don’t have good credit because of bad decisions or bad luck in the past, this is a perfect way to come up with the money they need when banks and other lending institutions will turn them down.
Check and go pay day loans are also used by people who have good credit and could obtain a traditional loan through the bank but the process is longer and much more extensive at a bank. With advance pay day loans, the borrower could have their money in as little as one hour with the correct requirements met. A checking account and direct deposit setup between their employer and their bank makes it possible for this to happen.
Medical emergency situations can put people in a financial crisis very quickly and they will say, “I need instant cash now!” There are many occurrences that insurance simply doesn’t cover anymore and if a person finds themselves in that kind of situation they can see their good credit standing plummet quickly. Pay day loans can help people in this situation and need a little extra to help them through to the next pay day. Traffic fines can be another costly situation that instant cash pay day loans can help with. Most traffic fines can run into several hundred dollars for one offense and if the fine isn’t paid on time it can lead to license suspension which in turn can lead to many more fines and penalties and in some cases even arrests. Vehicle accidents are other situations that can turn into a financial crisis quickly, especially in cases where insurance doesn’t cover enough of the damage. Important costs such as these must be paid to avoid the negative consequences so advance pay day loans can be an effective solution if the person doesn’t have enough money at the time the bill is due.
As previously noted, the majority of people who use check and go pay day loans are normal people who find themselves in some kind of unexpected negative financial situation or crisis although there can be a wide range of reasons a pay day loan can benefit people who suddenly realize, “I need instant cash now!”