Payday loans have many names — cash advances, signature loans and paycheck loans, etc. Payday lenders provide quick and easy short-term cash to those who need money immediately. That’s the big reason why they’re so popular. However, payday loans come at exorbitant costs. This can — and often does — lead borrowers into a downward spiral of rapidly escalating debt. Let’s look at the issue from various angles to get a complete picture.

First, the pluses. Here’s why cash advances may hold enormous appeal for you.

* You can have bad credit and still qualify for a payday loan. In most cases, no credit check is conducted.

* The process is fast — it takes as little as 20 minutes to complete. You can even find lenders who target approvals in 30 seconds!

* There are no upfront costs — so the buy-now-pay-later mentality can find full expression.

* You can apply in person at a local outlet, over the phone or over the Internet.

* You get funds deposited into your bank account in 24 hours.

* Compared to some other sources for cash, payday loans are discreet — no one else needs to know about it.

* The transactions are secure — your financial information remains private.

If you’re faced with an emergency — say, unexpected medical bills — your only consideration might be to get money now. The speed and convenience of a cash advance comes in handy here.

So what are the disadvantages? Next Post!