When you’re in a bind, a payday loan could be your saving grace. But what benefits are there to this type of short term loan?
Easy and Quick Applying and Qualifying: In most cases, applying for a payday advance is simple and only takes a few minutes. In fact, you can usually complete the entire process without ever leaving your home. In addition, the only qualifying factor is typically sufficient income. This means that if you have never defaulted on a previous payday loan and have enough income, you should qualify.
Information is Secure: Some people are afraid of what could happen to their personal and baking information when they apply. Thankfully, that is not something you have to worry about since payday lending companies are not legally able to give this information to other companies.
Flexible: Payday loans are a short-term loan that is typically paid back the next time you receive your paycheck. However, most cash advance financial institutes give you the option to extend your loan if necessary.
Fast Deposit: Not only does completing the application take only a few minutes, but – once your approved – the deposit should be made into your account within 24 hours. Many lenders offer a one-hour guarantee once you are approved.
State Laws: Cash advanced got a bad rap because of high interest rates. In recent years, however, state laws have been put into place to protect borrowers from extremely high fees and interest rates.
Amount of Loan: The amount you can borrow at one time depends on your income limit. This makes it easier for you to repay the loan when it is due. Furthermore, since you cannot borrow more than your means, it helps reduce the chance of falling into a cycle of debt.
Use it for Anything: There are usually no restrictions when it comes to payday loans, which means you can use the funds for anything.
Interest Rate Capes: Most states make it illegal to charge an interest rate above a predetermined percentage. This means you won’t be subjected to fees and rates that put you in more of a financial hole then you previously were.
A Lifesaver in Emergencies: When an emergency hits, you typically have a limited amount of time to come up with the funds. Traditional loans cannot give you the money in a few hours. Payday loans, however, can provide you with the money in a matter of hours.
You can learn more about payday loans from performing a quick search online. Just make sure to research the company you choose to do business with before applying.