5 Reasons Payday Loans Are the Smart Loan ChoiceThere are a lot of people out there willing to disregard payday loans or even to call them harmful. These are the people who never need to use them. They have the luxury of criticizing the choices others make when it comes to getting loans and cash. Payday loans may not always be the best choice, but there are several reasons why there are times that they are the only real option.
1. Payday Loans Include Borrowers with Bad Credit
One of the most important reasons that payday loans are needed is because they are one of the very few ways that a person with bad credit can borrow. If you have a lower credit score, you’ll be rejected by countless lenders. But, payday lenders will not automatically disqualify you because of your credit score. This makes payday loans not only the best, but sometimes the only option for someone to get extra cash.
2. Payday Loans Provide Quick Cash
Another reason that payday loans just make sense in some situation is that they provide a very fast source of cash. There will be times when you can’t wait a week or even a few days to get the cash you need. You may have a bill that needs to be paid the next day, like your rent to avoid being evicted, or an electricity bill to avoid having the power turned off. At those times you can’t wait for a standard loan; you need payday loans to provide cash by the next day.
3. Payday Loans Are Much More Convenient
If you live paycheck to paycheck and sometimes need extra cash to get to payday, you probably work hard and a lot of hours. This is typical and what a lot of people don’t understand. You actually work and that means you don’t have the luxury of time to spend on complicated loan applications. With payday loans you can apply from your smartphone using an app and spend just a few minutes whenever you have spare time.
4. Payday Loans Provide Small, Reasonable Amounts
For someone who earns more or has more assets, getting a large loan might make sense. But for many people working lower paying jobs, a big loan is too much. You can’t afford that kind of loan. What you need, and what most banks won’t offer you, is a small loan, sometimes just a couple hundred dollars. This is what payday loans offer, and what makes them a great choice for so many.
5. Payday Loans Are Affordable
Another thing that critics don’t understand is that payday loans are actually affordable. The interest rates are high on these loans because they are short-term loans. Although the rate seems too high to be affordable, when you are only paying it on a small loan for only a week or two, the total amount you pay in interest is not that much. This is truly a loan that most people can afford.
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