We’ve all been there - it’s been a regular month, everything has been going relatively smoothly and you’re certain that you’ll stick to your budget till the end.

You think you can make it to month end without a glitch and then suddenly your dog urgently needs to go to the vet. Your car breaks down. The element in your geyser stops working. And all this starts to happen one after the other.

It’s a week or two before payday, you do not have a credit card and these things need to be fixed, resolved or dealt with ASAP - preferably today still, so how do you pay for this? The answer is simple, a quick cash or payday loan.

What are quick cash or payday loans?

It is all in the name - these are short-term loan amounts that are generally not too large, usually only a fraction of the borrowers' income, that are used for annoying and uncomfortable emergencies like the ones mentioned above. These loans are usually repaid either by the borrowers next payday or spread over a maximum of 3 pay cycles.

It is easy to see why these types of loans can be very handy and convenient - however, let us have a look at some of the other features of quick cash or payday loans, the good and the bad.

Convenient is an understatement

These loan types are all about convenience. They are so quick and easy to obtain - you can apply online, have your request approved and the money in your account within an hour. How beautiful is that? Also, these loans sort themselves out when it comes to repayments, along with your application and approval they set up an automatic repayment with your specified pay cycle.

No need to submit mountains of paperwork

If there is one thing we collectively dislike as a society it’s the need to sometimes fill in and provide a ton of paperwork even for the smallest of things. When you are dealing with some kind of emergency as we mentioned in the opening statement, the last thing anyone wants to have to do is spend a lot of time filling out endless forms and submitting batches of supporting documents. When you apply for a quick cash loan there is very little paperwork involved.

No security required for payday loans

Since the loan amount you are getting is not too big and lenders operate on a good faith basis and repayments are automated, you are not required to provide any form of security when you apply for a quick cash loan.

Persons with poor credit scores can still apply

Persons with a poor credit history and credit rating are not prevented from applying for a quick cash loan. Any person can successfully apply for a quick cash loan, provided they meet the minimum requirements of being 18 years of age and having a full-time source of employment.

Higher interest rate & cost

Do not fret, the phrase "If it sounds too good to be true, it probably is" is not entirely true in the case of quick cash loans. These loans are incredibly convenient and easy to obtain, however, they do come at a higher interest rate and loan cost than traditional personal loans that take longer to pay out and the repayment terms on those loans is usually much longer. When you look at the interest rate and cost associated with a quick cash loan you need to consider why they cost a bit more - you get your funds within the hour and the application takes a few minutes - you pay for the convenience and service and in an emergency situation it is always worth it.

No person looks forward to unexpected expenses sneaking up on them, however, it’s very comforting to know that whatever the situation and no matter how dire things may seem - there are always options available to help you in your time of need. A quick cash loan may well be the answer to your problem the next time life happens. Remember to keep your options open and consider more than one financial provider for any loan options you may need.