September 6, 2011

If you have a car and you just smashed it into a tree, but you don’t really have the money to have it repaired, I think that you are slightly – or more than slightly – panicked and would like to know just how you can get some cash to get it fixed and fast.

If you don’t have the money saved in your account, and your credit card is tapped out or non-existent, and you don’t want to or can’t approach friends and family, there is a way.

Many payday loan lenders offer loans, both online and in storefronts. Payday loans are short term loans for relatively small amounts of cash that are easy to get. They are designed for people with poor or no credit, and no where else to turn. You can get your loan approved and the money in your account the same day you apply, or usually no longer than 24 hours or the next business day.

The main requirement for applying for a payday loan is – as the name suggests – regular employment. Showing proof of employment – such as a paycheck stub or regular electronic transfer payments into your checking account, along with some ID, will usually be enough to get you approved.

You can use the money to get your car repaired and back on the road quickly, so you can get back to work. And earn the money to pay back that loan. They don’t come cheap, however.

Payday loans, especially when used for car emergencies, can be tremendously helpful. They can also be dangerous if you take out a loan without knowing how you are going to pay it back. They are not an alternative to financing a car with a normal car loan. Payday loans should only be used for emergencies, such as getting your car back in safe and working order.

Of course, the money you borrow can be used for anything you want. It’s not a good idea to use payday loans to finance purchases of things you want but don’t need. They should only be used for emergencies. If you do not keep your promise to repay the amount due within the time specified, the interest, fees and penalty charges can grow quickly, so quickly, that in a few months you can owe double what you originally borrowed.

The only time you should take out a payday loan to use on your car is in an emergency.

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