Sponsored Post: CashNetUSA

While some consumers believe that payday lenders are evil, they fill an important niche that is not served by traditional banks. In an ideal society, everybody would be on top of their finances, and there wouldn't be a need for payday lenders. But reality is not consistent with this utopia, as the majority of us have gotten a little bit behind on bills at some point.

CashNetUSA offers cash advance loans that basically use your next paycheck as collateral. A payday loan is an option to consider if you find yourself in a short-term bind and in need of money. If, for example, your car breaks down or you encounter an unexpected expense, a payday loan could definitely assist you. Obtaining a payday loan is relatively easy. The online application takes only a few minutes to complete. According to CashNetUSA, most loans are generally approved within one day.

CashNetUSA's FAQ does a lot to explain the process of applying for a loan. A checking account and a steady job are the main prerequisites to apply. One must also be a US citizen or permanent resident that is at least 18 years old. To explain how the loan works, suppose you were to borrow $250 from the payday lender. The lender then transfers this money to your checking account, and expects to be repaid this amount plus a loan fee ($44.13 on a $250 loan) when you receive your next paycheck.

I would advise borrowers to read all of the disclosures on CashNetUSA's website before applying for a loan. Understand that, in some cases, the effective annual percentage rate (APR) on the loan can be the equivalent of several hundred percent. Payday loans are designed to help you through a short-term credit need and are not meant for long-term borrowing. If used correctly a payday loan can help tide you over to the next payday.