We’ve all heard of payday loans and seen the adverts for them, but most people don’t really understand what they are or why they might be useful. If you’ve wondered whether you could benefit from using a payday loan, here are the key benefits of payday loans to help you decide:
1. Get the cash you need – FAST!
Payday loans are a really easy way to get hold of small amounts of money in as short a time as possible. In fact, in the majority of cases, it’s possible to research payday loans, apply for cash and have the funds in your bank account within just next business day! For this reason, payday loans are particularly beneficial for people in tight situations where they need money fast. Examples include those who are about to miss bill payments that would lead to penalties.
2. Only borrow as much as you need
Most loans require you to borrow a fixed amount of money in multiples of $100 or $1,000. But what if you only need to borrow exactly $635 to pay a particular bill? Borrowing $1,000 in order to make this payment would mean paying interest on money you didn’t need to borrow in the first place, as well as requiring longer to pay it all back. With a payday loan, you can borrow the exact amount that you need at the time that you need it.
3. Few eligibility criteria
You shouldn’t have to meet a long list of requirements in order to qualify for a payday loan. Typically you simply need to be a US citizen, 18 years or over, in steady employment, and to have a bank account that accepts direct deposits. However, remember to ask about all of the eligibility requirements for your chosen payday loan before starting the application process.
4. A quick process
Getting a payday loan is simple and quick. And getting rid of the debt is simple and quick too, as long as you make your repayment on time. The majority of payday loans can be in your bank account within next business day of starting the application process. And the idea is to repay the loan when your next payday arrives, meaning that most payday loans are repaid within a couple of weeks.
If you think a payday loan could help you get out of a tight spot, look at online payday loans and find a solution today.