A payday loan is a convenient short-term loan that you can use for emergency expenses, to tide you over until your next paycheck. They are very easy to qualify for, and there is usually no credit check–chances are, if you get a paycheck, you can qualify! Beware though, payday lenders are notorious for ridiculously poor terms and high interest. Fortunately, the market has become competitive, and some payday lenders do offer more favorable terms. You’ll never get prime rate from a payday lender, but you will be able to find one with more affordable terms.

Apply Online! The more reputable payday loan providers allow you to apply online. Local storefront payday lenders may offer a convenient location, but before you stop in, take time to use an online loan portal like MoneyLend.net to comparison shop. There’s no need to take time out of your schedule and stand in line. The online application takes only a few minutes to fill out. You get a decision almost immediately, and the money is put directly into your bank account within 24 hours!

Easy to Qualify! In most cases, you can qualify for a payday loan when no other lender will talk to you. There is no credit check! All you need is a regular paycheck and a bank account, and you’re in.

Is a Payday Loan Really a Good Deal? What we’re really talking about is opportunity cost. A payday loan is a quick way to get cash to cover emergency expenses. Suppose your rent is due, and you have no way to pay? What would be the result? Eviction? Late charges? The payday loan presents an excellent alternative and an easy way to avoid trouble. Most borrowers find them to be well worthwhile.

Compared to taking a cash advance on your credit card, the payday loan is more expensive, and if you have enough credit available on your credit card, this is the more economical option, and should be the first place to turn. However, not everybody has or wants credit cards, and if you do, you may not have enough available credit. Similarly, if you can arrange for a line of credit at your local bank, you’ll get a better rate. But, banks don’t make short-term payday loans, and bank credit is getting harder to come by for everyone.

So is the payday loan a good deal? Absolutely. It’s available to almost anybody, and you pay it back usually in two or three weeks, and then you don’t have to worry about it anymore. In most cases however, if you need a little extra time, you can roll the loan over for another two to three week period. If you use payday loans only when necessary, repay them promptly, and work towards improving your credit, it’s the best deal around.