Four biggest benefits Of payday loans when you're struggling financially
Palestinian women walk past a money changer in the West Bank city of Ramallah February 16, 2010. REUTERS/Mohamad Torokman/File Photo. (photo credit: REUTERS/MOHAMAD TOROKMAN)
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When you find yourself struggling financially, you can always opt for a loan. But which is the best loan that you can pick? Do you opt for a long-term loan? A short-term one? How much money should you borrow? And for how long? These are all questions that need answers but you might not have the time to answer them when you’re struggling.
According to the data published by Paydayr, same day payday loans are a great solution for your problem. You’ll be covered at least until you get your next paycheck and you don’t have to worry about interest rates. A conventional loan from, let’s say The Bank of Jerusalem, would take at least a few days to be approved. With payday loans, you’re getting your money on the same day.
Here are the 4 biggest benefits of same day payday loans when you’re struggling financially.
It’s Fast
Actually, it’s one of the fastest loans that you can get. The vast majority of lenders will approve your payday loan application within a few minutes, as long as you provide the required documents. There will be no lengthy forms and you’ll receive the money within hours. Because payday loans are very competitive, forcing most lenders to offer great value in order to stay ahead of their competition.
A conventional loan would take at least a couple of days before being approved. This won’t be useful for you if you’re having an emergency. Moreover, applying for a conventional loan doesn’t immediately mean your application is approved. On the other hand, when you apply for a payday loan, you’ll know within an hour if your application was approved or not.
It’s Convenient
Nothing spells financial convenience like a payday loan. There are no lines to stand in and no appointments to book. Everything happens online. All you need is an internet connection. Besides, unlike conventional loans, you’re getting your money cash. This means that you can use it however you like.
If you were to apply for a conventional loan, you would receive your money on a plastic card. Credit or debit cards aren’t as convenient as cash during emergencies, as you can only use them to pay for products or services. That’s if there’s a POS available.
You Qualify Easily
This is something that anyone who needs money fast wants to hear. The biggest requirement is that you have a stable source of income. If the lender can verify this, you’re basically one step away from having your loan approved. Payday loans don’t need collateral. How many times have you tried to take a loan and were asked for collateral? Not with payday loans. Because the sum of money isn’t very large, the lender relies on your proof of income to approve the loan. Proof that you’re a permanent resident in the state you’re applying in is also one of the few requirements. An obvious requirement is that you’re at least 18 years old. Hopefully, if you have a stable job, you’re also over 18.
Large Amounts Are Possible
The majority of same day payday lenders will limit your loan to a certain amount. This amount can vary based on the lender’s ability to cover the loan and your ability to pay it back. In short, it’s going to be limited by your salary at first. However, if you were to pay your first loan on time, most lenders will offer better value on your subsequent loans. For example, if you borrow 4000 shekels and repay the entire amount on time, lenders would offer you the possibility to borrow more the next time. Various benefits and policies apply, based on the company you lend the money from.
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