Regardless of how lawmakers want to portray the people who use payday loans, the truth is that individuals who use payday advances are usually those who find themselves in a situation where a short-term financial problem arose.
Most individuals who obtain payday loans manage their monthly financial obligations well, but may find themselves in a financial pinch due to unforeseen circumstances. We all may find ourselves in a situation where a financial problem arises and we have no way of meeting that financial obligation. For some, the solution is usually to turn to credit cards. However, for many of us, credit cards either aren't an alternative, or we simply choose not to use credit cards.
Easy Access to Quick Cash
A payday advance is a practical solution to many consumers' short-term financial problems, as the money from a payday loan can be quickly accessed so that these financial problems can be resolved in a short period of time.
Payday advances are used by many people because of their convenience and practicality. For example, if you find yourself late on your rent payment and your landlord is threatening to evict you if you don't pay, you obviously need access to quick cash. Luckily, the entire process of obtaining a payday advance can take as little as a few hours from start to finish. From the moment you apply for the loan with the easy, online application until you receive the money as a direct deposit into your bank account, it can take as little as day or two, or even in just a few hours!