What is a Payday Loan and How Do They Work

Payday loans are short-term loans that are meant to be paid back in full by your next paycheck. These cash loans often come with high interest rates, but they can be helpful in providing a little extra money if you’re in need of it. If you want to learn more about payday loans, take a look at the following guide. This guide will explain how payday loans work and help you decide whether or not you should use one in your current situation.

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The Basics

A payday loan is just that, an advance of funds for you to use until your next paycheck. But, how does it work? Let’s take a look at how an online loan from Slick Cash works. After filling out an application, Slick Cash gives you access to their Online Loan Marketplace where you’ll have access to dozens of lenders, all competing for your business. Once they’ve found one that meets your needs, they give you a direct link to complete your application at that lender’s website. After submitting your application, you are eligible for up to $3200 by tomorrow! Yes, it really can be that quick and easy – especially if you have decent credit. If not…well…you may need some help getting there.

The Benefits

Although payday loans may seem like more of a last resort in terms of financing, there are benefits to using them. First, they’re relatively quick and easy to get: In most cases, you can apply for payday loan online or even in person at your nearest branch. There’s no need to fill out forms or wait weeks for approval—payday loans can be yours in as little as one business day. Second, they come with low interest rates: The average rate for payday loans is roughly $15 per $100 borrowed over two weeks; for comparison, credit cards have an average interest rate of about $30 per $100 borrowed. Although these fees add up over time, having access to quick cash can help you stay afloat during tough financial times.

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The Drawbacks

The fees for payday loans online can be steep, even if you pay them back on time. The average fee for these kinds of loans is $15 per $100 borrowed, but some states have capped fees at lower amounts. If you get behind on payments, though, then fees will add up quickly. With some companies such as Rapid Cash Advance Loans & Payday Loans Online Guaranteed Approval – Slick Cash Loan charging around 30% interest per year, you could end up paying much more than double what you borrowed in less than half a year!

Where Can I Get One

If you are in need of an emergency loan but don’t have time to stand in long lines at your local bank, Slick Cash Loan offers an easy way to get cash quickly. All loans from Slick Cash Loan come with a guaranteed approval status, which means no credit check is performed. This saves you both time and money—with lenders often charging higher interest rates for people with poor credit history. It also means that you don’t have to worry about whether or not your bad credit will disqualify you from getting one of their loans.