Oct 28, 2014

10 Benefits of Payday Loans

You’ve heard of a payday loan before, but just thinking of borrowing money makes you nervous. Some people have the wrong idea about payday loans and what taking an online cash advance means. Here are a few benefits you’ve probably never considered:

1. Getting a payday loan is pretty easy - if you’re hard up for a small amount of cash, you can have it in your pocket in no time.

2. There aren’t many requirements when it comes to taking out a payday loan. If you have a bank account and some sort of verifiable income, odds are that you can get a loan. Also, make sure that you haven’t defaulted on a payday loan in the past - that could count against you if you have.

3. You’ll have the money almost immediately - since there are so few requirements and payday loans are typically low, you won’t have to wait long to get the payment. Some companies take up to 24 hours to send the money through while others can have you paid within hours. Some lenders even have a one hour guarantee!

4. Some payday lenders will let you borrow money for more than that traditional two weeks.

5. Even if you’re ineligible for other types of credit, you may still be able to secure a payday loan.

6. Your personal information will be protected when you apply for a payday loan - lenders are not allowed to give your information to third parties.

7. Payday loans are generally a short commitment. You pay off the loan on your next pay day and then it’s off your mind for good. While you may think it’s easier on your budget if you have more time to pay the loan back, the short payment schedule means that you won’t increase your cycle of debt.

8. Several states have laws setup to protect you from outrageously high interest rates when it comes to loans.

9. You can use the money for anything you want - there are no restrictions on how you use your payday loan. Whether you need to pay bills or you want some spending money for vacation, you can do whatever you like with the deposit.

10. Payday lenders are super convenient and they often operate outside of normal business hours. You can apply at night, on the weekend or even on a holiday.

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