A payday loan is a type of unsecured loan that provides needed cash to get you through until your next paycheck. In most cases, the loan principal is a portion of the paycheck, so this type of advance is ideal for a person who needs a smaller amount of money in a short period of time. Use the following guide to discover a few benefits of these loans.

What Are Some Reasons to Seek a Payday Loan?

1. Provides Quick Access to Cash

These loans put cash in your hands much faster than a bank loan. Approvals are granted quickly—sometimes within a matter of minutes—and borrowers can typically get the funds the same day or the following business day. This is welcome news when an unexpected financial emergency requires cash quickly.

2. Boasts a Smooth, Stress-Free Application Process

Applying for a payday cash loan only requires a few bits of basic information, like a valid form of identification, a checking account that is at least 30 days old, and documentation to verify your income, such as a paycheck stub. The application is short and easy to fill out. 

You don't need to have a high credit score or put up collateral to qualify, and the lender doesn't require copious amounts of paperwork and verification before they render a decision. From start to finish, the application process only takes a few minutes.

3. Avoids Complicated Commitment & Stress

Entering into a conventional bank loan is a significant commitment. The paperwork and lending requirements are complex and involved; you may only be allowed to use the money for specific purposes, and the repayment period could take years to complete satisfactorily. 

A payday lender offers brief, time-bound loans. After showing proof of identity and employment, you simply agree to pay back the amount owed, plus any interest and fees, from your next paycheck. A shorter, simpler commitment means there's less stress involved. It helps you avoid having a huge loan obligation hanging over your head for the foreseeable future.

Enjoy the benefits of a payday loan from Advance U Cash. This business serves residents of Florence, KY, and they offer up to $500 in cash advances, with clear and concise repayment terms and fees. They also provide check-cashing services for your convenience. Call (859) 746-2274 to start the application process or learn more about their services and lending guidelines.