There are times when immediate cash is an absolute must. For instance, things like car repairs, medical emergency, bills etc might come up when one has absolutely no ready money. The best way to properly tackle immediate financial needs is through payday loans.
Better and Quicker
Payday loans, also known as fast cash advance loans provide a handy and effective alternative to the regular bank loans. Securing bank loans involve a lot of paperwork and credit checks on the part of banks. Some people might not even qualify for the usual bank loans. Eliminating all the above problems are payday loans which are also known as paycheck loans.
What are Payday Loans all About?
These loans are small unsecured loans ranging from $100 to $1500. These loans come with a short loan period and have to be paid back until the next payday. The minimum eligibility criteria for these loans are:
- The person should be at least 18 years of age
- He should have a full time job or a steady source of income in excess of $1000.
- He should hold an active checking account.
Other than this, some lenders might ask for a personal phone number and residence proof in addition to the above documents.
Reasons for the Popularity of Payday Loans
Payday loans have rapidly gained in popularity owing to its immense benefits. The following attributes of these loans have contributed to its growing popularity:
- No Credit Checks- Even if someone is plagued with bad credit, he can still avail this loan. These loans, unlike regular bank loans, do not have a good credit record as a criterion for approval.
- Short Approval Time- These loans are designed to address the immediate fiscal needs of a person. That is why these loans are approved within an hour or two for quick access to money. The approved money is then transferred electronically to the borrower’s bank account.
- Less Paperwork- Most os these loans require no paperwork as everything is done electronically over the internet. In case one opts to go to a lender with a retail location, the only documents he would require would be an identity proof, salary proof and a checking account number.
- Open 24 Hours a Day- Online payday loan websites are open all throughout the year. As emergencies can come up anytime, these loans equip a person to face all financial emergencies.
- Available Throughout the Country- Online loans do not have the limitation of being available at just one place. As long as one has access to an internet connection, he can file his loan application irrespective of his current location in the country.
Providing a Way Out
Payday loans help a person get out a financial squeeze by providing immediate money. They come as a huge stress reliever to everyone in need of ready money. The whole process of getting advance loans is quite simple and with so many companies providing these loans, one is never too far away to benefiting from them.