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Financial Hardships: Benefits Offered by Taking Out a Payday Loan

Financial Hardships: Benefits Offered by Taking Out a Payday Loan

In 2017, over 760,000 payday loans were issued in the UK. The fact is if you are facing financial hardships, a payday loan offers quite a few benefits.

Unfortunately, payday loans have gotten somewhat of a bad reputation in the past few years. Most of this information is inaccurate. In fact, if payday loans from sources such as loanpig are used responsibly, they can be extremely beneficial.

If you want to learn more about the benefits offered by payday loans, keep reading.

Speed

The majority of lenders provide virtually instant approval for payday loans if you are able to provide the needed information. The process you use to apply is both fast and easy. There’s no need to fill out any long forms like you do with more traditional loans.

It can take several hours for the lender to actually transfer your funds, but most lenders provide the approved amount the same day or within 24 hours. If you provide the needed details, then some lenders may be able to help you receive your funds within an hour.

If you opt for a conventional loan or even a credit card, it’s going to take quite a while. In most cases, you will have to wait a week – or more – to gain access to your funds.

Convenience

All of the interactions and the processes involved when you apply for a payday loan are handled online. You don’t have to set up an appointment with a loan officer, and you don’t even have to call your lender to receive the cash you need.

You can send your application in from your office, home, or virtually any other location. If you want a traditional loan, you are going to have to meet with your loan officer several times. A huge advantage of payday loans over using credit cards is that you receive cash. If you use credit cards, you are only going to be able to use it to pay for services or goods.

With cash, you can use it for anything and anywhere. You also don’t have to explain to the lender how you are going to use it. With traditional loans, you are going to have to outline how you plan to use the funds.

Minimal Requirements

Getting a payday loan is actually quite easy. There are only a few requirements that you have to meet. The main requirement is that you have a consistent source of income. If your income is both consistent and verifiable, then you are almost guaranteed to find someone who will be willing to provide you with the money you need.

If you apply for a traditional loan, you may have to put up some type of collateral. This isn’t necessary with a payday loan. Your income alone is enough to show the lender you are capable of repaying the amount you borrow. Some of the other requirements include being 18 years of age or older, having a permanent address, and an active checking account.

Receive More

While your initial loan may be a bit limited based on your income, once you successfully pay your first loan on-time, your lender is likely going to increase the amount you can borrow. This makes it possible to continue receiving the financial help you need when you need it.

If you are ready to reap the benefits offered by a payday loan, then find a quality lender and apply today. You won’t be disappointed, and you can get the funds you need as quickly as possible reducing the stress you are under. 

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