Friday, September 16, 2016

Online Payday Loans Are Your Emergency Backup Plan

Online Payday Loans Are Your Emergency Backup Plan


Everyone says we’re supposed to have an emergency fund in savings, right? How many people do you know who actually have one? A few hundred dollars maybe, but does anyone have the three to six months of living expense that experts advise? Is that even practical for most of us in this economy? Not for most of us, no – and that’s a simple fact of life. What is practical for nearly every one of us is online payday loans. Even if we have nothing at all saved up, when an emergency hits we can have the cash we need within one business day. This can come in handy if it’s something like your car or HVAC breaking down – something that can take time to fix that’s difficult and inconvenient to live without. On the flip side is the kind of cash crunch you can see coming, like if your hours are cut at work due to a slow week or season.

How Fast and Easy are Online Payday Loans?


When you’re stressed out about money, the last thing you need is a so-called “solution” that causes more problems than it solves. Some personal loans make you dig through your old financial paperwork and scan prior year tax returns or other financial documents for them, or provide credit references or a detailed list of all your monthly expenses. To get an online payday loan, all you need to do is go online to the website – you can even apply using your smartphone – fill in some basic information about yourself and your income, and submit the form! The lender doesn’t require any additional personal or historical data – they don’t even run a traditional credit check. That means that even if you’ve had financial difficulties in the past that have damaged your credit score, you can be approved for online payday loans as quickly and simply as anyone whose score is considered excellent, and have cash in hand by the next business day.

Are Online Payday Loans Safe?


It’s perfectly reasonable to wonder if submitting all that personal information into an online form is something you should do, or whether it’s too risky. After all, online identity theft and financial fraud are hot topics these days – they happen a lot and whole departments of large corporations are dedicated to protecting assets and information. But you don’t have a department working to protect you, so you have to do it yourself! So the question comes down to what happens to that information that you tap into your phone or tablet so that a lender can have what they need in order to provide a loan to you? Here’s how it works: you supply the information through the web portal and click submit. That data is safely encrypted so that anyone trying to intercept it en route to the recipient will receive nothing but garbled random characters. The computer on the recipients’ end has the “key” to unlock the encryption, so they can read everything just as you entered it. No system is perfect, but financial websites are required to use a stronger type of security than other types of websites, and this includes loan application sites like the one for online payday loans.