Top 5 Benefits of Payday Loans
August 31, 2011
When bills start racking up and money starts becomes an incontrollable issue, what choices do you have? They say money comes and go but at times it may feel like itâ€™s only going and never coming! Iâ€™m sure we can safely say that everyone finds themselves in this position at some point in their life- but what to do?
Maybe you should consider a Payday Loan!
Payday loans are the new wave of loans hitting the financial market, helping everyday individuals like yourselves pay back bills, credit card debts and meet money deadlines in a quick and easily accessible way.
But what is a Payday loan? Simply put, it is money that you borrow from a lender when youâ€™re in a tight position. You then repay the money with an additional small fee after you have received your pay from your employer.
This is the most beneficial option for those individuals who find themselves struggling to pay bills due to income restraints such as being paid monthly rather than fortnightly or weekly.
So are Payday loans a suitable option for you then? Here are the top 5 benefits of acquiring a Payday loan and why it could pave your way to a healthier financial future.
Number 1: Payday loans are most renowned for their almost immediate and efficient service. If you are approved a Payday loan, you are given instant cash meaning you can begin repaying you expenses as soon as possible without worrying about time constraints. However it is important to remember that Payday loans are most appropriate for short-term money needs such as money for repairing your car or paying an electricity bill. It would be unwise to apply for Payday loans for periods which exceed 1-2 weeks or at maximum 1 month.
Number 2: A Payday loan has a reasonably fast turn around which means you receive approval for your loan in as little as 24 hours. Who wouldnâ€™t be cheering if you could receive money that quickly!
Number 3: Convenience in todays day and age is at the prime concern of society. So it should be no surprise at all that Payday Loans are easy to apply for at the convenience of your time and place. They can be applied for online or even at a branch. All you will need is proof of identity and evidence that you do receive a steady income. Other than that, any individual who is over 18 years of age and earns at least $1000 a month, is eligible to apply for such loans.
Number 4: Customers are given the option of prepaying the loan to avoid interest or other additional late fee charges later down the track. This also means that you receive an improved credit rating as you will be more inclined to be approved for you next payday loan as you have proved you pay back money instantly.
Number 5: And finally payday loans donâ€™t require any additional documentation when applying. Meaning you are ready to go and apply whenever you need money. Also, if you do fail to pay back the amount, you can get an extension on the loan for a small surcharge fee which give you more time to pay back your lender.
So if you havenâ€™t yet considered a payday loan, perhaps it is time you did and started amending your financial ways.