A payday loan allows you to get money for emergency situations. Maybe you need money to pay utility bills, fix your car, anything that you basically did not budget for that you can consider an emergency is one of the many uses of a payday loan. In short, when you apply for a payday loan you are agreeing to be issued a "short term" loan until your next payday. Just like any other loan, there is interest to be paid but you can limit the interest by paying off your payday loan within your first pay period. If not paid off, then the loan can be carried over to your next pay period.
Most payday loan companies will give you the opportunity to have at least 3 extensions. This means that you can have up to three pay periods to repay the loan. This gives you enough wiggle room to be able to budget your funds accordingly to pay back the loan. It is very important though that you never consider a payday loan as a long term loan. The sooner you can pay it off the better for you in the long haul.
It can be difficult sometimes to select from among the hundreds if not thousands of payday loan companies and offers that are available on the internet. It's very important that you select a company that has been around for quite sometime, and that gives you the less hassle. In most cases you are acquiring the payday loan due to an emergency or a great need that you have, therefore you will want to work with a company that has a fast response time, and does not require you to fax all kinds of documents just to get approved.
Overall, you should focus on companies that offer faxless payday loans, and where the entire application process can be done online.
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