In today's tough economy, it may be difficult to stretch out a small salary for all your needs. The situation may be even more complicated if you have a family or a large number of people depending on you. In some cases, you may also experience emergencies that can easily drain your bank account; your car may suddenly need some repair or a loved one may unexpectedly require costly hospital treatment.

There are several ways you can get funds if you ever find yourself without cash even before your next payday. For instance, you can always take out a loan from a local bank. However, if you have an unfavourable credit history, this may not be possible. In addition, applying for a loan may take time - if you are in the middle of an emergency, there is no way a bank loan can give you the funds you need at the soonest time possible. Another alternative is to pawn some of your possessions. However, although this method allows you to get your hands on much-needed cash immediately, pawnshops usually lend you an amount that is less than the item's true worth. And if you don't own anything of high value, like jewellery or high-tech electronic equipment, you will need to pawn multiple items just to receive the funding that you need.

Quick

One solution to your salary woes is the payday advance (or payday loan). Payday loans are basically small, short-term loans that are taken out against your next pay cheque. Payday loans come with many advantages over other types of lending methods, the first of which is the speed of getting the funds that you need. Unlike bank loans, which require time-consuming meetings and negotiations with the lender, a payday loan is processed via electronic means. This kind of loan can actually be processed within 24 hours, so if you need the money for an emergency, you can expect to receive it the next day.

Unsecured

Another advantage that comes with getting payday loans is that they are unsecured, and thus, they require no collateral. You won't have to offer your precious assets in case you fail to pay your loan on the agreed upon date, hence you are protected from losing valuable properties.

Short term

The last benefit that comes with payday loans is their short duration. Since you will be paying your debt right away, you won't have anything to worry about once you receive your pay cheque. However, like all forms of loans, you need to be diligent when it comes to making payments. With some discipline and self-control, payday loans can be a truly effective way to overcome unexpected expenses.