Payday Loan Advantages

 

The Advantage Of Payday Loans

There are lots of things that happen in life unexpectedly. You might find that your car breaks down and needs to be fixed so you can get to work. Your child might need to go to the doctor for an emergency illness. Or your air conditioning might break in the heat of summer and it needs to be fixed immediately. All of these emergencies can be addressed with a payday loan.
Payday loans are short-term loans that are given by non-bank organizations. There are many companies that offer this type of loan. Usually the amount that is loaned is less than half of your take-home pay and is for a term of seven to 30 days. The lender charges an interest rate to you for loaning you the money and you are required to pay it back within the term of the loan. Often, payday loans are approved within 24 hours or less. You can apply for payday loans in person, online or over the phone. Generally, you need to provide proof of income or employment and your bank information.

Quick Loan Application Approval

Unlike bank loans, payday loans are approved quickly and often with little hassle. If you need money immediately, this is a tremendous advantage over a traditional loan.
Traditional loans can take several months to process and can have a rigorous underwriting process. Once the loan is approved, it can still take several days after that before you have access to the money.
With a payday loan, the loan paperwork is processed within 24 hours and direct deposited to your bank account immediately. This way you have access to the money right away and can use it for your emergency situation.

Ease of Access

Another advantage of payday loans is that you can apply for them 24/7. Apply in person at a payday loan office, online or over the phone. With this kind of access, if you have an emergency in the middle of the night, you can get on the phone or online immediately and apply for a short-term loan.
Unlike banks, you do not need to apply in person or fill out an extensive loan application. Payday loan applications are very short and usually only require that you provide proof of income and your bank information.

No Credit Check Payday Loans

For many people, the best advantage is that payday loans rarely, if ever, require a credit check. For those of us who have been affected by the current recession, no credit check means that there will be little hassle over past mistakes and hardships. This can be a tremendous advantage and selling point for getting a payday loan. Not only are the terms easy, but getting approved is a simple and direct process. If you have an income and a bank account, you can usually get a payday loan.
Payday loans are an excellent option if you have an emergency and need access to money quickly. You can apply for a payday loan over the phone, in person or online and get approval within 24 hours. The money will be direct deposited to your account and you can use it immediately. Using a payday loan can be a terrific alternative to a traditional loan.