A payday loan can prove to be a financial lifesaver for individuals, families and even seniors who find that their current financial resources won’t meet an immediate and pressing financial need. If you are like most people, you’ve experienced the sinking feeling that the amount of money you have on hand is less than you need to keep up with your bills or unexpected expenses. A payday loan offers a quick and easy solution to this dilemma.

It’s easy to apply for a payday loan by simply filling out an application either online or at a payday location. Most people prefer to do everything right from the comfort of their own home using their personal computer. The payday loan applicant reads and signs a contract to receive the loan amount, which must be repaid under certain terms by a set deadline at a specified interest rate. The approval process is quick, enabling the borrower to receive funds deposited directly into their bank checking account or in person at a paystore store location usually within 24 hours.

There are 5 times you may need a payday loan. The first and most overwhelming reason most people apply for a payday loan is simply the need to put food on the table. You may find that your income doesn’t give you enough cash to pay for groceries and everyday household items. This is one time that a payday loan can help carry you over the hump.

Another time you may need a payday loan is when you are faced with an unexpected medical emergency. That aching tooth that needs a dental appointment or your child’s sudden fever in the middle of the night requiring a trip to the hospital emergency room are situations that can’t wait for you to save enough money to cover the bill. Medical emergencies are among the top reasons for applying for a quick and easy payday loan.

A third time you may need a payday loan is to handle an unexpected repair bill after your car breaks down. Your car takes you to and from a job that gives you your income and you need to have it repaired as quickly as possible in order to keep earning money.

A fourth time that a payday loan comes in handy is to handle the expenses associated with an unexpected death in the family. The arrest of a friend or family member is another time when payday loans can help ease financial stress if you are called upon to bail someone out of jail and cash is required to secure their release.

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