10 Payday Loan Benefits and How They Can Work For You

In the past, Payday Loans have received some negative criticism. Yet, they’re still around because they serve a special purpose for specific scenarios. Sometimes, folks just need quick cash for emergencies without having to jump through hoops.

Wait, What is a Payday Loan?

A Payday Loan, also known as a Payday Advance, is a short-term loan used to help with small, often unexpected expenses. Payday Loans are typically repaid on your next pay date, usually between two to four weeks.

These small-dollar loans are a safe and convenient way to stretch your buying power when it matters most. Whether you’re struggling to make ends meet or facing unexpected bills or repairs, a Payday Loan from Check Into Cash can help. Read more about Payday Loans here.

Payday Loans are built to help with small, often unexpected expenses. Here are 10 Payday Loan benefits and how these loans can work to your advantage.

10 Payday Loan Benefits

1. Many People Qualify

Payday Loans are well known for helping those with less-than-perfect credit. While traditional banks and lenders typically have tighter restrictions on their loans, Payday Loans are built for everyday people who may need a boost when times get tough.

2. Easy to Apply

From start to finish, the application process for a Payday Loan is relatively quick and easy. Just answer a few questions, share a few documents, and once you submit your application, you’ll receive a nearly instant decision. This lets you carry on with your day and get back to things that matter most.

3. Fast Funds

Once approved, you’ll receive cash right on the spot when you visit a Check Into Cash store location. No waiting; simply walk away with funds in-hand. When you apply online, you’ll receive funds in your bank account as soon as the next business day.

4. Secure Information

Check Into Cash takes your privacy and confidentiality very seriously. Not only is it the law, but it’s also one of our core principles. Rest assured, when applying for a Payday Loan or any other product or service from Check Into Cash, your personal information is kept secure. Read more about our privacy policy.

5. Manageable Loan Amounts

Your approved loan amounts rely on your income, credit history, and a few other factors. This helps Payday Lenders give the right amount. Not too little, not too much. You’ll get a manageable Payday Loan that can be repaid easily according to your pay schedule.

6. Sooner Pay-Back Date

While some loans drag on for months, years, and even decades, the lifespan of a Payday Loan is short and sweet. It’s due according to your pay schedule, so as long as your payments are made on time, there’s no revolving debt rollover from one month to the next.

7. Use For Anything

At Check Into Cash, we won’t tell you how to spend your money. After all, it’s YOUR money. You can spend it however you wish.

8. Here for Emergencies

Things happen. Life can change at the drop of a hat. A Payday Loan may be a helpful solution if you find yourself in a financial pinch. If things go south at a moment’s notice, you can rely on Check Into Cash.

9. Caps on Interest Rates

Each state sets a limit on the amount of interest and fees allowable by law. This helps keep businesses in line and protects consumers from less-reputable companies who may try to take advantage of your situation.

10. Highly Regulated Loans

Short-term lending is a highly regulated industry. There are countless rules, laws, and legislation in place to keep financial companies honest and open with their loan products. This means fewer surprises knowing your Payday Loan comes from a compliant company like Check Into Cash.

How Payday Loans Work

Here’s a brief overview of how Payday Loans from Check Into Cash work:

1. Easy Apply

Whether your state offers in-store or online services, our application is Quick, Easy & Confidential®. Get approved in minutes.

2. Get Funds Fast

Once approved, leave a store with cash in hand, or have funds deposited online as soon as the next business day, depending on your state.

3. Pay It Back

Simply repay your Payday Loan, plus fees, usually within two to four weeks, according to your pay schedule. No surprises.

What’s the difference between a Payday Loan vs. Online Payday Loan?

For a Payday Loan, you'll visit your nearest store to complete the loan process and leave with your cash in-hand.

For Online Payday Loans, the entire transaction occurs online. Funds are deposited in your account as soon as the next business day once approved.

Depending on your state of residence, you may be eligible for one or both of these quick, helpful loans. Get started by applying today to see how much you’re qualified to receive.

Not all consumers may qualify for loan products noted above; certain restrictions apply.  All products and services not available in all states or stores.  Rules, fees and limits apply.  See store for details.

California:  In California, deferred deposit loans are provided in accordance with the Department of Financial Innovation pursuant to California Deferred Deposit Transaction Law, Cal. Fin. Code §23000 et seq.