what is an Instant Payday Loan?
An instant payday loan is a short-term loan usually in the amount of a few hundred to a few thousand dollars.
When you request a payday loan from Purple Payday Loans, we will submit your application to our network of lenders and get you the cash you need fast. You'll know in seconds if you're approved and for how much.
how Instant Payday Loans work for you?
If you do not have an emergency fund or you can not borrow money through a bank or other traditional source, what can you do? If you are lucky enough to have a wealthy friend or generous family member, perhaps you can borrow some money from them.
But, if that is not the case or you just do not want to trouble your friends or relatives with your financial needs, you can apply for an instant payday loan.
An instant payday loan is a contingent upon you having a steady job as well as a checking account. You must also be at least 18 years of age and have the legal capacity to enter into a contract.
How to apply for an instant payday loan?
Most short-term loans can be applied for and approved on the same day and you will have access to your money in no more than a day or two.
Many payday loan companies have an online presence where you can fill out the forms and application online and be approved without having to leave your home. You can also visit a brick and mortar location in your neighborhood and fill out the paperwork in person.
Once your application has been reviewed and your loan approved, the money will automatically be wired into your designated checking account. The money is available to spend any way you choose and you usually can access it the next business day.
When the instant payday loan is due to be repaid, the lender will electronically remove the principal plus any interest and fees that they charge for the loan from your checking account.
Be Careful Of High-Interest rates
While there is no denying that these loans come with a high-interest rate, they do provide a valuable service to the community. If you need the money to make a car payment or pay the rent, it is often cheaper to borrow the money for a week or two and pay the associated high interest than to miss your due date on your rent or other bills and be hit with a late fee and other penalties.
Hopefully, you will only use this type of financial resource when you really need money such as repairing your car or getting emergency health care. Do not use it to go shopping for a new outfit or finance a Hawaiian vacation. Remember a short-term online payday loan comes at a cost.
As long as you are responsible and do not depend on it every week to live, you will be okay by occasionally taking advantage of this service.
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.