For most people getting access to easy credit is difficult. Many of us have credit cards and put these forward as easy credit. This is true but more and more credit cards are getting difficult to secure and the interest rates we are charged are tied directly to what happens with our credit report. One bad mark can send s credit score tumbling and the credit card rates going up when the card needs to be renewed. So when we get in a cash crunch and need quick money, we have limited options (particularly if we have already maxed out our credit card cash advances).
This leaves an alternative for fast cash that millions use every day and other who don’t never consider; payday loans. Payday loans are a viable option when you need to get fast money and your ability to provide collateral, a great credit history, or an extended period of time for approval is not available.
Yes there are legitimate concerns with these loans. First, their interest rates can be exorbitant, with some lenders offering rates getting into the triple digits when the rates are annualized. Also most of these loans carry high fees that are tacked onto the interest payments making them even more expensive. These issues are important ones and need to be considered when you are looking at them. But with this said, there are a list of payday loan benefits to consider as well. Here they are for your perusal:
Get your payday loan online
You can apply for and receive payday loans online. There is no need to travel all the way across town and in traffic to apply for the loan and pick up the money. The entire loan process can happen from the comfort of your living room and be completed in less than an hour. When you are approved, the money will be deposited into your bank account. as always, we recommend that you work only with FCA approved lenders
The process is simple
The process of applying for a payday loan is very simple and can be done by anyone. There are some basic requirements like a minimum age of 17 and a minimum verifiable wage you need to make every month. These basic requirements get you started.
Your credit score does not matter
Approval of the payday loan is not tied to your credit score. So if you have a low credit core or no credit, you can still get approved for the loan.
Use the money for any purpose
With many types of loans the lender needs to fully understand and agree with your use for the funds. Payday loans can be used for any purpose and what you use them for does not determine in whether you will be approved for the loan.
No limit to how often you can take out a loan
As long as the payday loan is repaid, you can continue to take out loans again and again.
Most people are surprised at the benefits of payday loans. When you review these benefits, you might find that it is in fact time to take a look at these loans as an option for quick short term money.