Do you need a short-term loan, but your inner circle is tapped out? You aren't alone, as about 12 million Americans use pay day loans every year, according to Bankrate. Luckily, banks aren't the only sources for loans, thanks to payday loan providers. Are pay day loans right for you? Read on for more insight.

Emergencies

Emergencies can happen anytime. For example, you may have health insurance but have not met your deductible yet. Therefore, if you or someone you love has an accident, you may have to pay a great deal of money out-of-pocket. If your savings are tapped out, pay day loans can help you with these medical emergencies that can save someone's life.

Emergencies can also happen at your home or car. Maybe you had a vehicle collision but don't have enough coverage in your car insurance. If you live in an area without reliable public transportation, you may need to quickly gather funds to rent or buy a new car in the meantime.

Poor Credit

You may want to apply for a bank loan, but it may be impossible due to your credit rating. Many secured loan providers want at least good credit or higher. For example, a mortgage term is much more favorable when you have scores of 650 or higher, according to Experian. Some lenders will give you a loan if your score is in the fair range, but they charge you a greater interest rate. Plus, applying for a secured loan that checks your credit can cause a longer turnaround to receive those funds.

Credit Cards

Even if you have decent credit, you may not be interested in applying for credit cards or using the ones you currently have. Therefore, a quick payday loan provides access to funds without going through the credit process. Applying for these loans doesn’t affect your credit rating.

Cushion Until Next Check

You might want a short cushion until your next paycheck. That's why pay day loans are named as they are. The point of these loans is to provide short-term access to cash until your next payday. Whether your payday is weekly, biweekly, or monthly, you have until your next check to pay the loan back. Once you pay it back, the loan will be complete and you won't have to worry about a revolving line of credit.

Convenience

Pay day loans are very convenient to use. You can apply for most online, while some have brick-and-mortar offices you can utilize. Apply for them from your computer or mobile phone and get a response within seconds or minutes. It's just as convenient to get your cash as they will deposit it directly into your bank account. When it's time to pay them back, the company withdraws payment from that same bank account.

Fewer Assets

When you apply for a secure loan from a bank, there are assets you're supposed to put up for collateral. It may include your car, business, plot of land, or property. What if you don't have assets to put up to cover such a loan? Your typical payday loan doesn't require collateral so you don't have to worry if you cannot provide anything.

Approval

Do you need access to your money by tomorrow or maybe the same day? Pay day loans can make it happen in a way that a typical secure loan can't. Even if you got approved for a new credit card, you would have to wait until the card comes in the mail, which usually takes about 10 business days, according to Forbes.

If you have a true emergency or need a cushion between paychecks, that's too long to wait, and payday loan providers understand that. Payday loan providers will notify you of your approval on the website or by email. In other words, you don't have to wait several days for a letter in the mail.

Even if you're gainfully employed, you may not always have enough cash to cover your needs immediately. Bank loans are selective in their applicants and sometimes credit cards simply aren't an option. When you need a fast loan, payday loan providers can assist you. We supply same-day pay day loans and walk you through the process. For a company with over 30 years of experience, contact Atlantic Finance today.