We’ve all been in this situation.
We have some pressing financial situation that we need to deal with right away. We have some money, but we need to save it for the rest of the month. We also have a job, but the payday is still some time away. We don’t want to involve our family and friends into our financial matters, so the question poses itself: what should we do?
Introducing payday loans.
Payday loans are defined as small, short-term unsecured loans, regardless of whether repayment of loans is linked to a borrower’s payday; payday advance loans rely on the consumer having previous payroll and employment records. These kinds of loans tend to evade our mind when we need to think of a quick money scheme to solve our problems at hand, and that is why we have composed this listicle to see why are the payday loans the best option for your finances.
1) Payday loans are quickly approved; if you’re eligible, you can expect for the loan to be approved within 72 hours of your request. This is in sharp contrast with typical bank credits which, while often having somewhat lower interest rates, take forever to be approved – they likewise take forever to be returned.
2) You receive money quickly. To be more precise, you can get money just hours from the approved payday loan. This is perfect for tending to sudden and unforeseen costs.
3) The whole idea behind payday loans is that they’re done swiftly and efficiently, and that they’re returned in the same manner. Ideally, the payday loan should be returned upon the next payday. It won’t hang over your head forever, thus reducing the stress you can be exposed to.
4) The money you receive is added directly to your bank account, which allows for its quick and efficient allocation and management. Of course, if you so desire, you can always withdraw the money at bank or ATM in cash form.
5) Speed is all payday loans are about. With that in mind, you can usually get a payday loan directly online, without a fussy drive or walk to a bank, thus further saving both money and time.
6) Considering that payday loan allows for a very quick financial boost, they protect your credit rating from going down, as it allows you to quickly finance any other debts that may be due. If you plan to use the payday loan for this, make sure you compare their respective interest rates.
7) Where payday loans truly shine are unforeseen circumstances that require your immediate attention in order to prevent further loss. Say, for example, that you’ve got a leaky pipe. You can wait a day, two or three for your payday – but in that scenario, you would have to pay for the damage caused to the hardwood floors, walls and ceiling; and not to mention the electric wiring. On the other hand, a payday loan would allow you to pay for a plumber instantly, without wait. Sure, you’d have to pay the interest rate, but even that interest rate is lower form what you’d pay for increased costs of the total repair.
8) As payday loans are so easy to acquire, they are a better solution than borrowing from friends and family; loans from family and friends involve a strain in personal relationships that could be easily avoided by the simple use of a payday loan.
9) One of the major benefits of payday loans is that they do not actually require a credit report; that is to say, as long as you’re employed and you receive your salary on a regular basis, you can receive the payday loan without much fuss. This makes them perfect for financing other debts, as described above.
10) It is as if payday loans are intended for younger people who are just learning how to budget their expenses. Payday loans will provide them with a quick escape for a month, thus giving them one month more to learn how to spend their money frugally.
11) Finally, payday loans are loans that keep on giving. There is a certain limit at how much money you can withdraw via a payday loan. However, the debtor will usually be more than willing to increase the limit in the case you are regular and timely with returning previous payday loans.
We hope you enjoyed our list of payday loans. And remember – the payday loan gets better the more you use it. Keep that in mind next time when you need a quick financial injection; if you need a loan for several months or longer, a payday loan is not going to help you. In such a case, there are other options; for the remainder, payday loan is perfect for you.