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In today's tough economy, a lot of people are finding they need a little extra financial help just to get through the month. First and foremost, this involves careful budgeting, putting money aside for emergencies and keeping extraneous spending to a minimum. Many people are also discovering the benefits of fast payday loans. When you're faced with an unexpected expenditure, they can be just the thing to help you stay afloat. But, what exactly are fast payday loans? Here are some commonly asked questions:

What is a payday loan? They are small loans you take out to cover unforeseen expenses between paychecks. While they can be useful, consistently taking out loans can end up being difficult in the long run! Be careful to only use payday loans for emergencies and things you truly need.

Will my credit score need to be evaluated before receiving a loan? No, lenders do not consider your credit score, and applying for one does not affect your credit score in any way, either. Because of this, they tend to be a viable option for people with bad or no credit scores.

What is the cost of taking out a loan? The costs associated with a loan depends on where you live. Overall, costs are higher than with regular long-term loans, but since you'll be using them only once in a while, the benefits tend to outweigh the cons.

Is there a limit to how much I can borrow? Yes, and it will depend on where you live. The maximum amount you can borrow for a loan will be decided based upon your income in order to ensure you don't borrow more than you have the ability to pay back. Remember, they are meant to get you out of debt, not put you in it!

What happens if I'm unable to repay my loan when it's due? Hopefully, this doesn't happen! Make sure you only use easy payday loans for emergencies and never take out more than you need. Carefully budget your week's expenses so you ensure you'll have the money available to repay your loan on its due date. If you are unable to pay your loan, contact your lender for more information. If you have not repaid in a sufficient amount of time, most companies will turn you over to a collection agency.