In today’s hustling world that sees a lot of commotion irrespective of the time of the day, nobody likes to wait for things to be done and we certainly do not like a delay. Well, many a times we may just need cash urgently and waiting for long may not even be an option. We may choose to turn to a close one, but not everybody may have money to lend or may be willing to do so even if they do. After all, we all like the idea of savings in order to have a secure future.
If you’ve borrowed a loan from a traditional lender such as a bank previously, you may know that getting funded by them is a long and tedious procedure. If you haven’t approached them to get a cash advance before, then well, you know now.
If we have a broken pipe, we may not exactly like the idea of turning our house into a swimming pool which is why fixing it as soon as possible is what majority of us prefer, don’t we? But, if not a traditional lender, whom can we count on to provide us with the funds that we need to fix it?
A payday loan lender is the most common answer. That’s because, even though you may see an increment in the rates of interest, getting funded is a fast process, nevertheless.
Now, how and why do we claim that getting a cash advance from a payday lender is quick? You shall know as you read on; also just to add a bonus right there, these loans are very easy to avail as well!
- No credit checks: In case you didn’t already know, traditional lenders conduct hard credit checks before coming to a conclusion about whether one is a reliable borrower and whether (s)he should be funded or not. This in itself can be a really long, time-taking procedure, after which quite a few other processes for approval follow. Since direct lenders offering payday and installment loans offer loans without conducting hard credit checks, not only does one have a higher chance of being approved for a loan but funding is undoubtedly faster.
- No collateral: Collateral is something you provide for security in case you fail to repay your loan, which is then taken over by your lender in order to avoid risks. Cars, properties and other expensive and valuable items are examples of collaterals. Now, you may be confident about being able to repay your loan without any problem at all, but the whole process involving a security pledging is time consuming without a doubt. It can take up to days for your lender to approve your loan due to this one requirement. However, with payday loan lenders, you don’t have to worry about it. Their loans are unsecured which means that one doesn’t have to offer collateral in order to receive a loan. What’s more? You can get funded without putting something valuable at risk, even if your credit score is a faulty one.
- 24/7 online availability: Most often than not, we find ourselves waiting for banks to open on Mondays, even if we need money urgently on the weekend. That however, isn’t the case with online payday loan lenders since they are available 24×7 which makes it easy for one to get a loan immediately.
When Should One Consider Taking A Payday Loan?
Many of us come across emergencies that require a decent amount of cash which we may not have enough savings or income for, but not to the extent that requires an amount that only a traditional lender can offer. For example, if you need to repair a vehicle or plan a trip, want to redecorate your house, need to get through the month or need to pay off your bills for which you may not have the money required, then a payday loan will usually offer enough for you to go ahead with these tasks.
In an emergency that requires say, not more than a thousand dollars, applying for a payday loan makes for a great option! You don’t have to wait for ages in order to get a few hundred or a thousand dollars from a conventional lender when you can get the funds that you need within just a few hours! According to a recent survey, 12 million Americans resort to payday loans each year, out of which at least 7 among 10 of them use them for basic expenses.