While it may be true that payday loans sometimes get a bad rap, they also serve as a much-needed backup plan for people who need cash fast. For the folks relying on payday loans to help with unexpected expenses, these cash advances are often the only thing that keeps their heads above water until the next payday. There are many reasons why people apply for payday loans; following is a list of the most common factors behind the decision to obtain a cash advance.

Emergency money is needed – Unexpected expenses are a huge reason why people apply for payday loans. Sudden car trouble, medical expenses, vacations, home repairs…these are just some of the examples of things that can happen where people need a large amount of money and they need it fast. Many people just don’t have the money saved up to help them during times like this, and that’s why they turn to payday loans. Though payday loans will cost you (usually between $15 and $30 for every $100 borrowed), you can get the money quickly and often with no credit check.

The money is easy and quick to get – Payday loans provide an easy way to get the cash you need, and fast. You have the option of either going to a loan office or applying for the cash advance online. Many lenders don’t run credit checks, as long as you meet certain requirements. For instance, most places require you to be at least 18 years old with a checking account and a steady job. They’ll likely want information from your pay stubs and bank statements, in addition to your social security number. Applications are processed quickly, and many places have a 24-hour turnaround from the point your request is approved to the time you get your money.

You have bad credit – Bad credit can stop most people from getting credit cards and other loans, but not payday loans. Cash advance lenders often don’t care if you have bad credit, and will advance you the money anyway. Though you may be faced with higher fees, you will likely be approved for a loan.

It’s a short-term solution with no long-term commitment - Payday loans offer a quick fix for people who need money ASAP. Loan terms most often come with a repayment schedule of two weeks to one month, and lenders generally want to be paid when you receive your next paycheck. As long as you pay off your cash advance, there’s no long-term commitment involved. If for some reason you can’t meet the repayment schedule, you can request an extension on your loan, which many lenders are willing to grant.

It’s better than bouncing a check – When a check doesn’t clear your bank account due to lack of funds, it costs you, and it costs you big. There’s usually a returned check fee from both your bank and whoever you wrote the check to. And if you’re using your checking account for multiple purchases, then this will add up quickly. Many times you’ll spend less money on a payday loan than you will with bounced checks.

As you can see, there are many reasons people opt for cash advances to get the money they need. Payday loans come with many advantages, and when used responsibly and paid back promptly, they can provide a solid backup plan for the times when you’re strapped for cash.