Payday loans are a very useful resource for many people and can provide a range of advantages over traditional loans, provided that they are used in moderation. Listed below are just a few of the reasons to consider utilizing a payday loan.
Get Approved Easily
One of the biggest reasons to consider a payday loan is if you need money badly but cannot get approved for a loan from a bank or other type of lender. Rather than checking your credit report or history, the payday loan provider will usually only need to see proof of employment and be provided by with a card or bank information so that they can automatically collect their money when your payment comes due. In most cases, you will only be declined if you cannot provide sufficient proof of employment or income, or if the lender finds out that you have payday loans out with another lender.
Get Money Quickly
A major problem with traditional loan providers is that you will typically be waiting a fair amount of time before you receive your money. This is because traditional lenders will have to go through more extensive approval steps that can often take days. However, waiting several days for your money may be a big issue if you have an emergency bill come up, such as to repair your vehicle, pay your mortgage, or make repairs to your home.
With a payday loan provider, you can usually get the money that you need during your initial visit. Some payday loan providers can even speed the process up a bit by offering direct deposit and online applications.
Get Extensions If Needed
Finally, payday loan companies are typically very flexible when it comes to the repayment date for the loan. If you find that you will not have enough money to pay your bills and the payday loan with your next paycheck, you can usually request an extension from the payday loan company.
In that situation, the payday loan company will often charge a fee to extend the payday loan and give you a new payment date. While this can be useful if you did not get as large of a paycheck as you were counting on, you will want to be very careful with extensions because the longer you take to repay the loan the more interest you will pay. While this may not be an issue with a traditional loan, payday loans will typically have much higher interest rates that can cause the repayment amount to increase very quickly.
Contact a payday loan provider (like Payday Express) in order to discuss the various ways in which they can help you. These types of loans are useful because they can help you get approved for a loan easily, get emergency funds quickly, and get payment extensions if you need them.