As the weather warms up, making ends meet might be the last thing you want to worry about, but unexpected expenses can happen to anyone at any time. One option to make ends meet is a payday loan. These loans allow for quick access to funds to help get cash into your pocket when you need it most. Curious about how payday loans may fit into your summer plans? Here’s how payday loans work and some ways they could help you cover expenses this summer:
What is a payday loan?
Payday loans are usually described as short-term loans that can help cover costs between paychecks. Some primary benefits of using a payday loan are the easy application process and availability online or in-store.
Because these loans are designed for a short period of time (typically two to four weeks), they typically come with higher interest rates and fees. Payday loans are a great option any time of year, but they offer unique benefits during the summertime.
How a payday loan can help you this summer
Here are some ways a payday loan can help borrowers this summer:
1. Help make ends meet between paychecks
Summer is full of good fun, and sometimes that fun can lead to not having enough money for your needs. Whether you’re missing a day of work and have one less day of pay or you had to cover an unexpected expense while out and about, it’s important to have a backup plan. A payday loan allows you to borrow money and make ends meet until your next payday.
2. Good Credit Isn’t A Determining Factor
If you’re living with bad credit, there are still loan options available for you, including a payday loan. Your credit score isn’t the only factor lenders consider when they make an approval decision. They may also look at your income, employment history, and current debts. In other words, you may not need good credit to get approved.
3. Same-day funding
There are few borrowing options as efficient as a payday loan. If you need cash quickly, such as the same day you apply, then payday loans are a great option. These loans offer same-day funding so that you don’t need to wait days for the funds you need. Keep in mind that same-day deposits may require a debit card or checking account linked with the payday lender.
4. Wide availability
There are a number of payday loan businesses, both large and small, that have locations across the country. If you’re looking for an online alternative, many popular payday companies also have an online presence. Whether you live in a big city with payday loan options nearby or want to get funds online from the comfort of home, these loans are very accessible quick cash options.
5. Hassle-free applications
Unlike traditional loan applications that might require interviews, references, or cosigners, the payday loan application is relatively easy. Oftentimes, all that’s needed is your bank information, identification documents, job information, and a way to contact you. This simplified application process is what helps to get money into the hands of those in need quicker.
The bottom line
Payday loans can be the perfect solution to help make ends meet during the summer. Regardless of why you need the funds, it’s always a good idea to have a backup plan in place. With payday loans, extra funds can give you the peace of mind you need to enjoy the fun all summer long.
