7 Payday Loan Benefits: Can They Work for You?
What is a Payday Loan?
A Payday Loan, sometimes called a Cash Advance, is just a short term loan used to help cover emergency or unexpected expenses. Online Loans are typically repaid on your next pay date. These loans are a safe, convenient, and common way to get cash when it is needed the most.
7 Payday Loan Benefits
1. Many People Qualify
Have less than perfect credit? Payday Loans can help as no hard credit checks are run like traditional lenders do. Payday Loans are built for everyday people who will not qualify for traditional loans at the time they apply.
2. Easy and Fast to request a loan
From start to finish, the entire process is very quick and easy. Just complete a short form and submit it. You will receive a decision in seconds (almost instantly). There is no faster way to get a loan.
3. Fast Funds
If you are approved (80% of people are), you will get cash in your bank account in just 1 business day.
4. Your Information is Secure
All your information is protected by the latest encryption technology and your data is not kept and resold like so many other services do.
5. Small Loan Amounts
Most states limit payday loans to $500 with some exceptions up to $1,000. The smaller loan amounts make it easier to repay your loan on time.
6. Use Anyway You Want
Your loan funds can be used for any purpose but are intended for Emergency uses.
7. Highly Regulated Loans
Both the federal government and every state has set laws in place to protect consumers. What this means to you is, your fees are set by state law and the APR is limited in almost all states to rates similar to credit cards.
How Online Payday Loans Work
Here is a brief overview of how Online Payday Loans can work for you –
Easy, Safe to Request
Go online and complete a short, secure online loan request form and submit it. Get an answer in seconds. The entire process can be done from any device including your smartphone and only takes about 5 minutes.
Get Cash Fast
Once approved, your cash will be in your bank account in just 1 business day. You can’t get cash that fast from any traditional lender.
Pay It Back when it is Due
Simply repay your Payday Loan, including the fees, when it is due which is usually within 1 month. Your lender will let you know the exact due date and the fees for the loan.
Is there a difference between a Payday Loan and an Online Payday Loan?
The only difference is as it is stated. An online loan is the fastest way to get a loan, but you could also drive to a storefront (most states do not have them anymore) and waste your time and gas to put in one request after the other.
Or, simply go online and be referred to 100 direct lenders who are looking to loan money every day. This increases your odds of approval while saving you time and gas money you do not need or can afford to spend. Get started today to see how much you may qualify to receive.
When you need cash now, FaaastCash can help.