3 Important Reasons Why You Can Depend on Payday Loans
When you find yourself in a tough financial spot, you might feel like you have run out of options. Millions of Americans experience this form of financial desperation every year, even more so in the current COVID times.
However, there are several credit options that should not be ignored - one of them being payday loans. Though there have been some horror stories and bad press about payday loans, the truth is payday loans are regulated both federally and by each state. Each state has its own regulations and restrictions on these types of loans, which is why payday loans aren’t as bad as people portray them.
Here are the 3 important reasons why you can depend on payday loans.
1. Easy and Fast Application Process
Traditional lenders like banks or savings and loans require tons of paperwork, long waits, hard credit checks, despite which most loan requests are denied. On the other hand, payday loans are often done online. The loan request form is very short and simple and can be completed in just 2-3 minutes. You get an answer in seconds after submission and, if approved, are connected directly to your lender. The whole process is simpler, easier, and very secure.
2. Perfect for Emergency Situations
Cash shortage emergencies can be really scary. Regardless of whether your car broke down, you incurred emergency medical expenses, or could not pay your utility bills, a payday loan can rescue you.
A payday loan can be requested with incredible speed right from your smartphone or pad/pc. Your current and near term income is the primary factor in gaining approval. This makes the whole process simple, easy, and stress-free. If approved, cash will be deposited in your bank account within one business day. You can use it whichever way you want, and no collateral is required.
3. Available Even With Bad Credit
Many people have poor or bad credit, and it is often just a result of tough circumstances. However, banks and credit card companies do not care; they will simply refuse to lend money if you have a bad credit history.
With online payday loans, it does not matter. Your credit situation is not really important. Your current income is the best indicator of your ability to repay your loan, and that is what online payday lenders want to know.
Why Do People Get Payday Loans?
As mentioned above, there are many reasons people need a payday loan, all of which are legitimate. Lenders of payday loans know that tough financial situations can be caused by a thousand different reasons and can provide that emergency cash needed for those needs.
Keep in mind that online payday loans are fee-based loans. You often pay between $15-30 per hundred dollars borrowed. However, that is far less than your bank will charge you for those 4 checks you wrote that are about to bounce. At $35 per check, you will get hit for $140! Your fees will be far less than the bank fees. Utilities are even worse. They will hit you with fees, penalties, new deposits, setup fees, and so on, amounting to several hundred dollars.
If you need an online payday loan right away, then FaaastCash is here to help.