Not so long ago we received a consult from a single mother going through a rather desperate situation. Her only child needed to go through a surgical procedure and she needed money urgently. Though she worked, payday was not soon and the money would not be enough either. The particularities of her emergency surprised us because they matched what payday loans were created for. We suggested applying for a payday loan and since she did, the problem was solved. Later, she visited us carrying her son in her arms and so I decided to write this article.

Using this case as an example, we will analyze the characteristics of a payday loan and the proper use it should have. Emergency situations happen every now and then and payday loans can save your day as they did to this lady. However, if you know how they work and how you should use them you will benefit more from them and will not need to count on the luck that this lady had when contacting us just on time.

Urgent Matters, No Time For Long Procedures

This single mother contacted us a few days before the day surgery was scheduled to occur. She wasted a lot of time trying to get money from friends and family with no luck at all. The amount she raised did not cover much. She did not need a lot of money though (the surgical procedure was not complicated). She just needed $1300 which the insurance would not cover because the procedure was needed to prevent a scar from showing when her son grew up.

As explained, she had committed to pay prior to the scheduled surgery which could not be postponed due to the nature of the injury that would heal leaving a scar if the intervention was delayed. Since there was no time for long credit and income verification processes, payday loans immediately came to our mind. Why? Simple, because payday loans can be processed within the same day and the money can be deposited into the applicants account by the next day.

Credit Problems, No Credit Checks, Few Requirements

This lady did not have a good credit score. Thus, even if she had the time to go through a long credit verification process, chances are that she would not have passed it. Fortunately, payday loans do not require credit checks at all. The whole loan approval is based on simple requirements that almost anyone can meet without hassles or sacrifices.

In order to obtain a payday loan, you need to show proof of income (by offering copies of paychecks receipts like this lady did or by showing copies of tax presentations if you are self employed) and you need to have a savings or checking account on a bank or financial institution where the money from the loan will be deposited and eventually the single or multiple payments will be deducted.

As you can see, payday loans are an excellent tool when there is an emergency. These loans where created to solve this kind of problems and not as a source of regular financing. As usual, our suggestion is to employ them wisely. If you think that your current situation is similar to the one explained above, then do not hesitate, the solution to your problem is a payday loan.