When you find yourself in a tight financial situation, getting the cash you need may seem easier said than done. However, many families are able to find temporary relief through payday loans. But how exactly do these cash loans work? The team at Advance U Cash in Florence, KY, has your answers.

In essence, payday loans are a short-term loan designed to help individuals deal with unexpected expenses. For example, families experiencing a temporary financial setback might take one out when they don’t have enough to pay the rent or a utility bill.

A payday loan isn’t dependent on one’s credit history — instead, it is based on your income. To qualify, applicants generally need to provide two forms of valid identification, proof they have a checking account, and a recent pay stub to verify their employment. The individual’s current income is used to determine how much cash they can receive (typically an amount between $50 and $500).

As long as you are able to provide the required documentation, you can receive the cash you need on the day you submit your application. You generally won’t be required to pay back your loan until you receive your next paycheck, though some lenders also offer flexible loan periods.

Keep in mind short-term payday loans have a high interest rate, which makes fast payoff of your loan absolutely essential. By basing your amount off your income, lenders try to keep your repayment manageable. However, you still have a responsibility to stay on top of your monetary situation so you can pay off your loan and meet your other financial obligations.  

If you find yourself in need of payday loans or other financial assistance, turn to Advance U Cash. With flexible due dates, bad-credit loans, and more, they’ll do everything in their power to help you regain control of your financial situation. To learn more about their services, visit them online, or call (859) 746-2274.