Benefits of Payday Loans for Short-Term Financial Crunches
1. Lower Eligibility Requirements: If you are above the age of 18 and have a proof of income, you are likely to qualify for a Payday Loan or Installment Loan though the amount of loan will depend on your income and several other factors. This is not the case with local banks or other traditional lenders.
2. Quick Processing: When you apply for a Payday or Installment Loan, you typically get funds in your bank account within 24 to 48 hours. Also, you will get instant feedback on your application and do not need to wait for days or weeks to find out whether your application has been approved.
3. Convenient: Everything is done online. You just need to provide the required information on the application form that should take you less than 10 minutes in order get money in your bank account within a few hours.
4. Poor Credit Score: Even if you have poor credit score, you are likely to qualify for a Payday or Installment Loan. The only thing you need to show them is proof of income and your ability to pay it back.
5. Regulated Industry: Contrary to popular perception, the payday lending industry is a regulated industry on state level as well as federal level. Lenders are required to disclose the interest rate and they cannot overcharge or cut corners.
