Don’t know where to get money to repair the car after an accident or found out that your relative has fallen ill? Money isn’t the most important thing in our life, however, we can’t do without it. In case, your salary isn’t enough to cover all unexpected costs, then the most reasonable problem solution is to get instant cash loan online or, shorter, cash advance.

Before taking a decision to get a payday loan, it is recommended to check out all pros and cons. First, calculate how much you will have to pay back on your payday to make sure that you won’t face any financial problems.

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Instant loans online have been designed as an urgent financial help to everyone who can’t overcome emergencies on his own. It is a good idea to apply for a payday advance if you know that soon you will be paid and repay the loan without any difficulties. Instant loans refer to short-term loans, which are offered for maximum 30 days. In most cases, it is financial help provided for one or two weeks. Find more about terms of cash advance at InstantCashTime.com.

On the one hand, the short term can be considered as a disadvantage, but on the other hand, it is an advantage as the cost of the loan isn’t that cheap. If you use the instant loan for the intended period of time, you won’t overpay much. Take this into account when applying for fast cash.

How high are interest rates for online small-dollar loans?

As it has already been mentioned, the payday advance should be used for a couple of weeks till you get your monthly income. If you use the loan wisely, you won’t pay back a fortune. However, if you get the maximum available amount of a payday loan and miss the repayment date, you risk paying much more than the initial amount you borrowed.

In order to benefit from the use of a loan online, it is necessary to:

  • Get acquainted with the terms and conditions offered by the payday lender.
  • Check out how much the loan will cost you by using an online loan calculator at the site of your instant loan lender. In general, payday loans are considered to be expensive small-dollar loans as each borrowed $100 will cost you extra $15.
  • Take into account that in average, the annual percentage rate is up to 400%.

What to do if you can’t make the loan repayment?

It is difficult or even impossible to predict what may happen the following day. That’s why there are common situations when borrowers can’t pay the loan back on time. Sure, that the non-repayment leads to higher interest rates and the need to spend extra money for the delay, however, if you deal with this problem immediately, you will avoid more serious consequences. Keep in mind that it is better to inform your no third-party lender about your inability to pay back at once. This is a must as only in this way you will have a possibility to request a new repayment plan. You should explain your payday advance lender why you can’t fulfill the obligations.

You can choose an extension option, which will cost extra money but in any case, it will be more reasonable decision than not answering calls and just disappearing as the lender may sell your debt to collectors. Find out more at https://www.thebalance.com/what-is-a-payday-loan-2386228. To avoid this unwanted scenario, have a responsible attitude towards your payday loan decision.