What Are The Advantages of a Payday Loan Compared to Other Loans? - Better Times Financial

What Are The Advantages of a Payday Loan Compared to Other Loans?

What Are The Advantages of a Payday Loan Compared to Other Loans?

No matter what financial situation you find yourself in, a sudden cash crunch can come out of nowhere making you scramble and those living on the edge an out and out panic. You can always apply for a bank personal loan, however when was the last time a bank helped you out? Additional if you’re credit is good enough for a bank loan you still have the long process and tons of paperwork required to get a bank loan. This doesn’t make an emergency any easier and adds to the stress. What you need is a loan that has an easy application, one that you can complete online, deposits the money into your checking account and doesn’t take forever, like can I have my loan now please! Payday loans are not only simple to apply for, but you’re more likely to get approved by a payday lender, even if your credit has seen better days and you can get them on short notice.

Payday loans are basically short term cash advances, where you are lent a small amount of money to get you out of your your financial crunch, till the time your next paycheck rolls in. To top it all, you’re not even required to leave the comfort of your home to apply for one. There is a wide variety of online lenders that would be happy to help you with applying for your loan and they process the paperwork pretty fast as well. As soon as you get your next pay you can always pay the loan back but if you need to extend the loan that can be arranged too. If you want to know more about the advantages of payday loans, read further.

  1. Speed: First things first, in an emergency you need to quickly arrange for funds. Payday loans are fast. The best part about pay day loans is that they can be received directly into your checking account; sometimes you can get the money wired in and have it the same day that you applied for it. There may be a fee for the wire, but in a true emergency all you need to know is that you can get the money immediately. Imagine a situation where you need cash fast; bank loans if you can get them take days, family loan – well sometimes it’s just too embarrassing to ask, where else can you turn? Paydays loans need just about 24 hours or overnight to get approval and have the money in your account
  2. Availability: The future is full of the unknown. Most of us don’t have a working crystal ball; you never know when an emergency will spring up. An emergency can occur anytime even on vacation or during the weekend. Whenever the problem arises, you can apply on line anytime.
  3. Credit Check: Is your credit bad, not good, less than what it used to be or almost nonexistent? Most payday lender do not check your credit with the 3 reporting bureaus. What the payday lender wants to know is are you bouncing checks all over the place, if the answer is no you have an excellent chance of qualifying for a payday loan. Now remember this is a payday loan, you have to have a job and a checking account too!
  4. Online Application: Unlike other types of loans, applying for a payday loan is simple and private. Submitting your application online can mean instant approval, however the lender will want to talk to you before completing the loan. Once you submit the application, you will hear back from the lender about the approval.
  5. Ease of application: Gone are the days when you need to stand in line at a bank with your paperwork in your hand waiting to apply for your loan. In the case of payday loans you can apply for it right from the comfort of your home or even using a smartphone.

In a perfect world getting the things that you need would not be so difficult; in the world we have it’s a different story. Payday loans can be the perfect loan for you if you have bad credit and need the money fast. When you repay the loan you’ll find your lender will be there to help you out next time you have an emergency.

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5 Comments

  • ArtAuclair says:

    Thank you so much for this no b.s. article!

  • tamires daiane vieira says:

    hello my name is tamires, live in brazil. I have a tour company, but at the moment I’m seeking a business loan to buy vehicles, and also a fleet of executive vans. I’ll talk a little about my company. We have been in business already 4years in tourism pact on the market, but I’m very sad because tourism in Brazil do not have much support from the government. but okay …. thank you for the attention
    thank you very fondly

    tamires

  • thomas nolen carson says:

    what are the repayment terms? I cant find them any where. Tom

    • Repayment terms will be on the lenders website, generally there will be a tab on the home page to the APR and the terms of the loan. You will also find the repayment terms in your loan documents, if all else fails call the customer service department of your lender, they will be happy to explain the repayment terms.

  • Diana Foster says:

    i need a loan to fix my car, i have other bills i can pay i work over time but i need help with my car, i see that lots of other people that have the same problem as me. It was really helpful to read everyones comments and the articles, I haven’t applied for a loan yet, but now I know what to expect when I do. thank you.

 
 
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