?Even for people with good credit, a bank loan may be hard to secure. The bank wants to ensure that their investment is a smart one. The business of payday loans is a little different. They can be a life saver but only if you use them properly. Even if you have bad credit you can still qualify for a cash advance. Bankruptcy, overdue bills and bounced checks are all problems that don't necessarily prevent you from getting an advance. There are only a few basic guidelines that lenders have to meet. There is very little paperwork to fill out, and the process is quick. Because there are no credit checks, however, the lending company considers this a high-risk loan. For the lender there is much risk; for the customer the reward is high. The paycheck loan system is only as rewarding as you make it. The most essential rule is to pay back your loan at the proper time. This is true for personal cash loans even more so than many other loans or bills. Late payment penalties can be brutal. Before you know it, you could create a host of other money problems. Always set a goal to pay back your loan totally by the established guidelines. Depending on the lender you could repay the loan early. Another tip is to be conservative with the amount of money you borrow. For most borrowers the max loan amount is $1,500. Knowing when your paycheck is coming and how much it will be can help you determine how big of a loan you can handle. Many people are pleased by the idea that they can get money they don't have without paying an overdraft penalty. If you don't repay your loan, however, the loan serves no useful purpose. You can further damage your credit and create an unnecessary hardship. The personal loan system is fast and simple. Even so remember that it's important not to abuse the opportunity. Keep in mind that the financial benefit can easily be outweighed by the negative aspects. With paycheck loans, don't let a good idea turn into a bad one.