The guy who invented the concept of payday advance was either a genius, or a product of the saying: Necessity breeds invention .
Whoever he was, it s a pretty great idea. Theoretically, if you find yourself strapped for cash between paydays, all you have to do is go online and find the nearest payday advance company in your area, for example, if you re living in Ontario, then you d be well assured that there are many companies offering payday a in Ontario, whether it s on site on the loaning premises, or even online. Once you ve given them your information, you re pretty much in the money, if you excuse the pun.
Now, doesn t that sound so great? One minute, you re up to your elbows in debt, or you re tearing your hair out worrying about where you re going to get some extra cash, then less than a couple of hours later, you re walking out of your bank or loaning company premises, with a big grin on your face and a wad of cash in your hands.
Hold your horses though! Like everything else, payday advances, especially online ones, do have their pros and cons. For the sake of argument, both sides will be presented here:
Pros
Fast In less than an hour, you ll be approved and have cash on hand.
Easy All you have to do is send some basic information, and wait for them to assess you.
Safe No more dreading whether or not some mugger is waiting for you once you have the cash in hand such as when you leave the loan premises, which are less safe than at the bank.
Minimal Paperwork Online payday advance companies will require very little to no paperwork from you, unlike other companies that requires faxing your information to them, then waiting for them to manually check each piece of information given to them.
No Time and Geographical Restrictions Since many companies use online checking systems, you can virtually send your information to them anytime, anywhere.
Impersonal, yet Service Oriented Since it s online, you ll still deal with professionals, but you ll also be avoiding those awkward moments that you encounter if you re going to borrow money from family or friends.
However, there are also a few cons that come along with this deal, so stop and take a while to consider these things.
Cons
Higher interest rates Of course, you always have to keep in mind that this IS a business, after all. The company will still charge you higher interest rates than if you get a loan from friends or family, who most likely will not charge any interest at all.
Scams This is the biggest danger that you face in doing business with online payday advance companies. There are so many out there that will just get your sensitive information such as identity and credit card information, and use them, or worse, sell them on the black market. Suddenly, you get a bill for a cruise to the Bahamas you never went on, or a down payment for a car you never bought. So be careful!
Can only solve short term problems Remember, higher interest rates will result in much higher bills over time. So if your money problems are recurring, or long term, don t use online payday loans over and over again.
In the end, it will still be up to you whether or not using payday loans is right for you. Be sure to go over all the pros and cons, and think about your individual situation, and you re sure to make the most sound financial decision you can make.
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