A payday loan is a typical form of fast cash loan which makes use of a paycheck in form of collateral. Whether you are in need of immediate liquid cash to pay medical bills or want to bear the expenses of your kid’s admission, a payday loan is considered to be the easiest way to meet up emergency cash need. In short, this type of loan is a form of financing which is made available to all from every layer of the society. But why you should take advantage of the for emergency cash needs? Here are the top reasons to apply for a payday loan.
1. When you hold bad credit history:
If you are that unlucky chap with a bad credit history then getting a loan from banks is just next to impossible. But emergency needs don’t consider your status and knock all of a sudden. The only exception is online direct lenders for payday loans. You will not be analyzed based on your credit history and loan will be offered based on your paycheck amount and date.
2. Online Payday Loans Are easily available:
Bank loans are complicated and need lots of documentation and time to get processed. But for payday loans from online direct lenders, you don't need to meet any complicated requirements to make loan application and get a disbursement. In fact, it will be possible to apply for this loan online and get the approval in just some hour’s time. Such conveniences make payday loans a perfect choice for dealing with any financial emergencies.
3. Protect customer credit rating:
Payday loans payment reports are not reported to the companies dealing with credit reporting. So if you avail one it will not impact on your credit score anyways.
4. Multipurpose use of Payday loan:
Online direct lenders offering payday loans are no way interested to know about the actual use of the money. After the loan approval and disbursement, you can make use of the money for almost anything you are in need of on an immediate basis. In general, applicants make use of payday loans to fill up the financial gaps before getting the next paycheck, and few others need it to make bill payments for avoiding late charges to maintain a good credit history.
Many of you may deny the fact that payday loans are affordable. Well, it is true that payday loans' APR rates are very high when compared to conventional loans . But trust us it is affordable if you get into the mathematical calculation of the interest which you need to bear. The fact is that the loan is designed for the duration of shorter length and that too till the next payday check which comes to you every month on a designated date. If you calculate you will see that you are paying something around $25 against each $100 which you borrowed. The amount may vary based on the – online direct lender you choose for the loan. The best part is that there are NIL hidden charges or any other extra charges regarding which you need to worry.
6. Easy to manage:
Loan management is something which creates a haunting feeling in your mind. But things turn simple when you go for an online payday loan. There is no need to worry regarding missing of the repayment date or for not being capable to repay the loan for . This payday loan financing is carefully designed to stay flexible as well as easy to manage. Just the way the amount will get credited on your shared account at the time of disbursement, it will be debited from your account when the paycheck will hit the account.
7. Easy Conditions for a payday loan:
The conditions are simple for payday loans making it simple to apply. You need to be of 18 years of age at least, holds a valid identification proof and active checking account. Aside to this, you should have proof of income.