Monday, October 09, 2017

Four Advantages of a Payday loan

If you need quick cash but have no resources to fall back on to get the money you need before your next paycheck, then you need to consider a payday loan. This type of loan has many great advantages to them. The following are only a few to consider.

There is no credit check
Payday lenders are not concerned about your credit. The reason for this is that they are short term loans. They are designed to hold you over until your next paycheck. A lender wants to know that you are employed and how much you make. They will need to verify your employment, but your credit is irrelevant.

There is no collateral needed
With most loans, they want to see some form of security. With a title loan, you need to have a car. If you want money from a pawn store, naturally, you need something of value to pawn. With a payday loan, you need no collateral at all. To a payday lender, it is your job that serves as the security for your loan. Just like collateral, a lender will only loan a certain percentage of the value of the collateral. A payday lender will loan a certain percentage of your paycheck.

Payday loans are fast
It may take a longer the first time you apply for one, but you will get the cash quickly. Once you get your first loan and pay it back on time, the next time you get a loan it will only be a few minutes because you are in the lender's system. However, even a first time customer will be surprised at how fast they get the cash they need.

They are easy to pay back
The amount that you borrow will be due on your next paycheck. Although there are several methods used for the lender to get paid for the loan, the most common found today is to take it directly from your checking account. This can be especially attractive if you have direct deposit to your account. You don't have to worry about having enough money in your account for payment. The money will be there, and the loan is paid off.

Some of these loans may be good for 30 days, but most of them are for a couple of weeks, so if you need a cash advance on your next paycheck, then  you should consider a payday lender. Due to their convenience and advantages listed above, payday loans conroe are growing in popularity. 


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