Why the Recession Has Renewed the Need for Payday Advances

The recession and the credit crisis of the last two years have made us stop and reconsider the way we handle and borrow money. Only a few years ago, we all enjoyed free-flowing, easy credit. Most of us could secure a credit card, a car loan and even a home loan on a whim. However, the credit crisis, followed by the housing mess and the subsequent recession, has made creditors tighten their belts regarding the amount of credit they extend to individuals.

As a result, many of us who once enjoyed easy credit now find it nearly impossible to find credit. In addition, if we are lucky enough to secure a credit line or short-term loan, it is riddled with high interest rates and difficult loan applications.

Payday advances have therefore been brought back into the spotlight for the millions of Americans who have struggled with credit problems. Even individuals who were easily able to secure credit just a year or two ago now find it very difficult to find credit. With that said, it becomes increasingly clear why million of consumers have turned to payday advances.

Why Choose a Payday Advance?

• Simplicity – Payday advances are popular because they are simple to apply for and easy to receive. The simplicity of payday advances include easy online applications which can be applied for in a matter of minutes, and the applications for payday advances typically require no documentation or faxed material.
• Convenience – When we are in a financial pinch, and we need money fast, most of us simply cannot wait for a typical, short-term loan. Payday advances allow consumers to receive their money in as little as an hour, thereby providing them with unsurpassed convenience.
• Practicality – Payday advances serve as a practical short-term loan, as they can be used for everyday or emergency expenses. Standard short-term loans are anything but practical, and paying outrageous bank or credit card fees may be even more impractical. Therefore, many consumers turn to payday advances because of their overall practicality.
• Affordability – Payday advances are misunderstood when it comes to their actual costs. While the annual interest rate may appear high, keep in mind that these are short-term loans, designed for two-week intervals. In addition, payday advances certainly offer a better alternative for expensive bank overdraft fees. Did you know that if you overdraft even $6 with your Bank of America account, you will incur $35 in overdraft fees? In addition, Bank of America has the right to charge you overdraft fees 10 times a day. Imagine bouncing only $60 worth of checks, yet facing $350 in fees! Clearly, payday advances are a much more affordable alternative.

The recession has certainly changed the way we spend money, and it definitely has changed the way we think about money. Payday advances serve as a useful financial tool for many consumers in today’s society because credit may be harder to obtain. In addition, many consumers may simply be searching for a better alternative to overdraft bank fees and credit card fees.

Learn more about how a payday advance can help you through any financial difficulty. Take advantage of guaranteed payday advance rates through PayDayOne to quickly obtain the funds you need before your next pay check arrives.