8 Benefits of Instant Payday Loans Over Other Credit Sources
When you need quick cash for an emergency, where do you turn to? A bank loan would probably take weeks or months to be approved and thus would not be suitable for an emergency. The best relief for a financial emergency would be an instant payday loan.
A payday loan is a type of fast credit provided by payday lenders. The loan is usually meant for small emergencies, with most lenders offering between $100 to $2000, which should be paid back within 30 days. Below are eight benefits of an instant payday loan:
Easy to qualify for. It’s easy to qualify for an instant payday loan. Most lenders only require you to be a US citizen, have an active checking account, and be getting consistent income to qualify for the loan.
Fast approval and disbursement. When you apply for an instant payday loan, the money will be deposited to your checking account within a few hours. Some lenders even disburse the funds within an hour.
No collateral required. Unlike most bank loans, you don’t have to provide collateral such as your vehicle or property to secure the loan. Instant payday loans are offered without any security.
Easy online application. To apply for a payday loan, simply go online at a lender’s website and fill a simple form indicating your name, residential address, phone number and the amount of loan you wish to be given.
Flexible payment option. Most lenders require the loans to be paid back on your next payday or within 30 days. Moreover, the payment is automatically deducted from your checking account and thus there is little risk of defaulting.
Flexible amounts offered. You can apply for small flexible amounts, usually from $100 up to $2000.
Can be used for any expenses. Payday loans can be used for any expenses, whether personal or business. The lenders have no restrictions on how the money should be used.
Poor credit history is no issue. You can get approved for an instant payday loan regardless of your credit history. People with poor or no credit history also qualify for the loan.
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