Payday loans can be a great way to access the cash you need in a hurry without having to pull out your credit card. You might have some unexpected bills to pay before your next pay check arrives. You might just want some extra money to tide you over until you get paid next.
No matter what the reason, payday loans can sometimes offer massive advantages over using other types of credit to pay for the things you need now. Here are six of the biggest benefits payday loans have when compared to other credit types.
Applying for a payday loan is quick and simple. You can fill out the application form online from the comfort of your own home at any time of the day or night. There’s no need to wait for your local bank branch to be open to get your application in.
2. Fast Approval Times
It should only take you around 10 minutes to complete the online application form for your payday loan. In most cases, you only need to wait a few minutes to receive your approval.
3. Fast Cash
If your payday loan application has been approved, you can expect to see your cash sitting in your account within hours. Compared to the length of time it can take to get a credit card application approved and receive your card, a payday loan offers a much faster alternative.
4. Bad Credit History Accepted
If you have bad credit, it’s likely you won’t be approved to borrow money using other types of credit. However, you can easily apply for a payday loan no matter what your credit history looks like.
5. No Impact On Your Credit Score
Whenever you apply for traditional forms of credit the lender will notify the credit reporting agencies. If you’re attempting to improve your credit score, the last thing you need is another entry affecting your file. Most payday loan lenders won’t report your new credit, which means you won’t be impacting your credit score negatively.
6. Short Term Debt
If you use your credit card to pay for the things you want, chances are you won’t pay it all back right away. Many people take months and even years to repay their credit card balances, accruing expensive interest charges along the way. By comparison, a payday loan is intended to be a short term debt only, so you know you’ll pay it off and be debt free again sooner.
If you need fast cash to pay for unexpected bills, consider the benefits of using a payday loan. They certainly offer plenty of advantages compared to other types of credit.