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Looking For A Payday Loan? Ask Your Bank!
Need Cash Now?
Check All Your Options
When you need cash now, you may be very tempted to check out a payday loan. They seem to be very popular and easy to get and they are certainly advertised enough. When payday is still several days off and you are running low on food, gas and other necessities, it may seem like a good idea to pay those high fees once just to have what you need, but be careful, and be sure to check all your options.
A Payday Loan May be a Lifesaver in a True Emergency
If you have a job and a bank account and you get your check direct deposited, you are eligible for a payday loan. Payday lenders don’t check your credit. They just verify your employment and get your banking information (so be sure to check out lenders thoroughly before you give out any information). Then they deposit funds into your account, but understand, as soon as payday comes, they will take those funds right back out again, and you may be worse off than you were to begin with.
If you have a bank account and direct deposit, you may also be eligible for a form of payday loan from your bank. Several banks (Wells Fargo and B of A being 2 of them) have a cash advance feature on their checking accounts. Before you go shopping for a payday lender, give a quick call to your bank to find out if they have this service. This is a safer and faster (instant) option. After all, they already have your checking account information, so you won’t be risking giving it to a stranger.
Payday Loan & Cash Advance Fees are Steep!
No matter whether you get a payday loan from a separate lender or use your own bank, be sure to use payday loans and cash advances carefully. Use them only for true emergencies and only in limited amounts. Never take the full amount you have access to, or you will end up with no paycheck next payday, and then you’ll have to take out another payday loan or advance. With the fees, this can end up really costing you after a while because it’s a hard cycle to break.
If you have an unexpected medical bill or really need gas to get to work and have no money at all or if you suddenly realize you are going to be overdrawn and want to cover a check before fees accumulate, a payday loan or cash advance can be helpful and smart. Just be sure you think before you jump in!