subject: Using Online Payday Loans to Plan Ahead? Yes, When Done Properly [print this page] Author: Frederick Erickson Author: Frederick Erickson
It might seem to be a contradiction to use Payday loans as a means of planning ahead, but when done properly, they can indeed by a valuable tool in financial and cash-flow management. With so many banks having cut credit limits or raised rates to astronomical levels, consumers no longer have the tools available to them to handle financial emergencies. When a car breaks down, millions can no longer simply whip out the Visa or MasterCard and charge it. It is for situations like these that one can actually prudently plan ahead with the use of Payday loans.
The secret is simple - gain approval for an online payday loan without actually taking the funds. Once you have been approved, most lenders won't require you to resubmit your bank account or employer information for 3 to 6 months. It is basically like getting a credit card you don't use, or being approved for a small personal line of credit that you don't draw down except in the case of emergencies.
Keep in mind, however, that establishing a Payday loan line of credit should only be used as a tool for emergencies. You should still plan your spending prudently, and saving even a small amount with every paycheck will grow over time, giving you a cash cushion that you can use for emergencies without the high fees associated with short-term quick cash loans.
The reason for planning ahead by having a payday loan available on demand is that, at least for larger amounts, even an instant Payday loan company will sometimes require a day or two in order to process all the needed paperwork and fund your loan. You'll need to fax them your bank statements, your most recent paystub, and so on.
Smaller amounts can usually be had the same day, but for most companies, anything over $300.00 will probably require a couple of days before you see the money in your bank account. You may be faced with an emergency that simply won't wait a day or two, and when you do, you'll be thankful that you planned ahead by having already established an account and credit with an online payday loan company.
Additionally, remember that not all online payday loan companies offer the same level of value, options, and service. Rates can vary, as well as fees or no fees, credit check or no credit check. Customer service and communications can also vary widely; you want a company that will get back to you instantly, either with an approval, or with a live human being on the phone who will make the approval happen. So do your research, and only select payday cash loan companies with a good reputation for integrity, value, and service. This way, if you ever do need guaranteed online payday loans, they will already be there for you.About the Author:
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