Advantages of Payday Loans When Compared to Regular Loans If you need cash ASAP, a payday loan is one of the best options you have. It gives you the means to cover any urgent expenses while you still have to get your next salary. As this loan is payable with your coming paycheck, you need not deal with penalties that accompany late payments. There are many advantages offered by payday loans over more traditional types of loans, but the following are the most important: Instant Availability it takes a while for conventional loans to be granted by the lender. Usually, you will have to wait a number of weeks to get the funds, and that’s not good if you need the cash instantly. Moreover, there is no guarantee that your application will be approved. Once you have submitted your payday loan application you will usually know if it has been approved or not within a matter of hours. Some lenders will even give you feedback right then and there. If your application is disapproved, you can immediately approach other potential lenders.
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Payday loans are generally processed on the Internet. You don’t have to have an appointment with a loan officer, and there’s no need to keep calling them just to talk to them about the status of your application. Simply forward your application on their website and they will respond soon. Minimal Requirements One of the reasons payday loans can be approved instantly is that there are very few requirements. Mainly, you just need to show that you have a stable and verifiable source of income. Traditional loans, on the other hand, may require collateral. Surely, this isn’t necessary if you want to apply for a payday loan. Just show to the lender that you have the ability to repay the cash you intend to borrow, and they will accommodate you. There may be other requirements, but nothing more complicated than proving permanent residency in your state or sometimes an active checking account. Bigger Loan If you’re a new borrower, the amount you can loan will be limited, but as long as you pay on time, this limit can be lifted the next time you submit an application. Sometimes, for your second loan, your loan limit can increase by a 100{d7a07e728dce916c73df004f747ed6fc113f47c67c9471f448d210b8bd1de1f0} from your first. Credit Card Protection Lastly, a payday loan’s short repayment period may come to you as a disadvantage, but the opposite may be true – it helps you maintain a good credit rating. You are usually given one or two years to repay a traditional loan, and we know that anything can happen within that span of time. You could get sick, lose your job or be in any scenario that makes it extremely difficult, if not impossible, for you to pay your loan off. This is how payday loans work for you in terms of keeping your payment history spotless.