It is estimated that one in two people within the United States is currently struggling financially. This is why many Americans are trying to find creative ways to face financial emergencies that can occur between paydays.

For example, in the case of an unexpected dental procedure or medical bill, it is quite common for finances to fall short. Instead of falling short on groceries, gasoline, and other necessities, consumers are seeing the value in payday loans, loans, and even selling valuable items to a broker.

A payday loan is basically a cash advance against a pending paycheck. For a one-time fee, consumers are able to borrow up to $300. According to the terms and conditions of most payday loans, an ACH transfer is set up and loan repayment is done through an ACH transfer at payday.

The qualification process of a payday loan is quite easy. First, a consumer must fill out an application. Secondly, they are required to provide a government issued ID, most recent bank statement, two most recent paystubs, and blank check. Thirdly, one must agree to the terms and conditions. Upon approval, cash is granted on the spot.

While it isn’t recommended that payday loans are utilized each month, it can be said that payday lenders are providing a very important service to American citizens. No longer are individuals faced with the stress of not having enough money to make ends meet. Because of traditional banks commonly turning away loan applicants because of low credit scores, a recent bankruptcy, or home foreclosure, it is vital that there be another other forms of loans available.

In the case that consumers are using payday loans regularly, it is highly recommended that they take a close look at their budgets and make spending cuts where possible. Payday loans are a sure way for the employed to survive trying moments in life. For more information on payday loans and payday lenders, a quick online search can lead consumers to a trustworthy payday lender in their area.