Reasons to Use Payday Loans
When you urgently need money, where do you look?
Tell your family and friends? Ask your boss for a loan on your next salary? Sell ââa few items? Contact your bank for a loan?
Indeed, people consider many interesting options when they need money for an emergency.
This article wants to touch on another exciting instant funding option that you may not have considered yet for payday loans. Instant cash, no collateral, low interest rate, short term repayment? Yes, those. Memory?
As we rightly pointed out, this is an article about payday loans and reasons to consider them for your instant financing situations.
1. Ease of applying and getting approved
When you say you are in urgent need of cash, we want to believe it is a matter of great urgency. In this case, you can’t afford to wait a few days to get it.
Luckily, applying for and getting approved for a payday loan is so quick, you don’t even have to leave your home to do it all. Everything happens on your smartphone.
Once you’ve chosen a lender, all you have to do is visit their site, submit your details, and wait for them to credit you. Usually within minutes/hours the money should appear in your bank account.
2. Fewer restrictions and conditions
Applying for a loan from a bank can be very frustrating due to the endless amount of documents and conditions you need to meet.
Payday loans, on the other hand, will not stress you out at all.
As we said, it is possible to get a payday loan without leaving home. Even when filling out forms online, forms can never be too rigorous. In fact, filling out a payday loan form can be as easy as opening a social media account.
Finally, no hidden or strict conditions are applied. No warranty. No stories. No-muss.
3. Higher chance of approval
In a bank, you are judged on many criteria. Your credit history, bank statement, source(s) of income, number of dependents. In some cases, some banks/creditors even consider how long you’ve been doing business with them to determine your odds.
This is not the case with payday loans. There is a plan for everyone on every payday loan website. Although the amount of financing may vary, there is always a guarantee that you will find a lender willing to lend you money, regardless of your current financial condition or situation.
Banks, credit unions and most traditional lenders have a large number of customers to deal with. As such, they don’t have packages tailored specifically for individual customers. For example, if a bank’s loan system is fixed at an interest rate of 5% per annum. This is the same number it will be for each client that applies.
If you want a me type loan service to you, choose a payday loan system. By me-to-you, we mean a loan system where you can speak directly to the supplier to discuss your terms and get an offer that suits you perfectly.
Payday lenders understand that each borrower is unique. As such, they are ready to listen to everyone’s story to determine the right amount of financing to disburse as well as the repayment plan to issue.
5. Credit score is never a problem
Payday loan providers won’t kick you out even if you have bad credit. Although you may not qualify for the same amount as someone with a higher score, you can take comfort in the fact that you will always go home with something.
6. Offers of small loans with short-term repayments
It’s easier to get into debt if you’re paying off a large loan. Usually people get tired on the road, i.e. after paying for a while.
On the other hand, when the money is small (say Â£3,000 or Â£4,000), you can easily recover your monthly income and settle your debt faster.
7. No external parties involved
Not everyone likes other people getting involved in their business. For me, I don’t like it. So asking me to bring a co-signer or guarantor before being approved for a loan is enough to get me out.
If you’re like me, payday loans may be your next best financing option.
With this funding system, you won’t need to bring a guarantor, co-signer or anything like that. It’s strictly a matter between you and the lender, which is good for your privacy.