John, a 23-year-old USA resident working in an IT firm, recently found himself in a tough spot. While on one side his car demanded immediate repairs, his mother on the other side suffered a paralysis attack. John, however, did not have much savings to pay for car repair and his mother’s illness as well. He neither had a credit card nor much of savings that could have saved him. Finding himself in between financial crunch, John called up his family friends and sought their assistance but to no use. While some said that they are themselves facing financial crises, others straightaway refused to lend money. Keeping his situation in mind, John called up one of his counselor friend Kia and shared his problem. She in turn recommended him payday loans to combat the situation.
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Now the question arises as to what are payday loans? Are they good or bad? Also known as payday advance or cash advances, payday loans are short term unsecured loans that a borrower gets instantly regardless of his/her debt history and current income. However, one can only apply for payday loans if he/she meets the following eligibility criteria:
- The borrower must be at least 18 years of age while applying for payday loans.
- He/she must be a permanent citizen of the country where the payday loan application is being submitted. Identity card is essential to prove this criterion.
- The borrower must have a fixed monthly salary and have been working with a company since at least six months at the time of submitting application.
- The borrower must also have a bank account under his/her name.
If one meets the above criteria, he/she can apply for payday loans and get cash instantly. There are even times when criteria differ from one money lender to another.
One of the most important aspects for this type of payday loans las vegas is that the borrower has to pay back the payday loans on his/her next paycheck day along with interest, which is higher than the interest charged on other loans. Introduced with an aim to help people facing unforeseen financial crises, payday loans come with advantages as well as disadvantages. One of the major drawbacks is that they are more expensive than other types of loans and if a borrower fails to pay back payday loans, he/she would have to pay some additional charges along with the rate of interest, which can be even more than the total debt amount. Let’s have a look at some of the pros and cons of payday loans.
Some of the benefits of payday loans are listed below:
- They can be availed easily- Most of the payday loan lending companies nowadays follows online procedure to make it easy for borrowers to apply for payday loans. The process is simple and not at all time consuming. An individual, seeking payday loan, has to fill the application form online and submit required documents. The loan majorly gets approved within 24 hours.
- No cross check of borrower’s credit history- The money lending companies do not even check the borrower’s credit history and so if an individual has a bad debt history, he/she still can apply for payday loans.
- Hassle free process- The process to apply for payday loans is not complicated.
- The borrower receives the desired amount instantly in his bank account- Unlike other loans; payday loans can be availed instantly.
- Reduced paperwork- With online payday loan application procedure, money lending companies have lowered the amount of paperwork required to apply for loans.
- Safe transactions- Maintaining confidentiality of borrowers, money lending companies ensure that all transactions are safe and secure.
Some of the aspects that must be kept in mind while applying for payday loans are as follows:
- Before applying for payday loans, an individual must ask himself if he would be able to pay back the debt amount by the end of loan period.
- A borrower must be aware that rate of interest charged on payday loans is relatively higher than charged on other loans.
- One must choose a reputed and trustworthy money lending company. Before applying for payday loans, it is essential to choose a reputed money lending firm, which follows all the rules and regulations.
- A borrower must read all the rules and regulations before submitting the application for payday loans. It is essential to go through all the rules set by the money lending company so that one is aware about the rate of interest charged on the debt amount and also make sure that there are no hidden costs involved.
- One must not get addicted to payday loans as even though they are easy to avail, they may become an addiction.
Even though it is no sin to avail payday loans, getting habitual of them can increase an individual’s financial burden multifold. It is highly recommended that the borrower pays back the loan on due date with the interest amount. An individual, meanwhile, must also know that the payday loan amount various between $100 and $1500 and the duration to pay back the amount lasts for 14 to 31 days. One can even extend the due date but there are additional charges that one would have to pay.
So if you are also facing unforeseen financial crunch, just like John, you can apply for payday loans by searching for the best and reputed money lending firm. However, ensure that after availing payday loans, you pay them back just in time and do not apply for extension of deadline. Also, it is important to use the debt amount for genuine reasons like paying medical bills, renovation of house, paying pending tuitions fees of kids and the like. If used correctly and for appropriate reason, payday loans can prove to be helpful in the hour of need. So it is crucial to keep in mind all pros and cons before applying for payday loans.
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Payday Loans always stay in upfront position to provide financial assistance in utmost money needs. Receiving instant cash up to $1500 is not an easy matter. Though it demands no credit checks and detailed information of borrower but they surely require high costs. Even their interest rates are so high that borrower is supposed to pay back almost double of what he had borrowed earlier. When a borrower wants to borrow quick cash loans then he come across numerous online cash lenders
available online. Some of them are direct lenders however many of them are brokers that provide you a list of direct lenders. ¬¬When one doesn’t left with an option of borrowing from family or friends, he obviously contacts payday lenders. These loans are also known as paperless as well as fax less loan services because they are completely based on online processing. People somehow find it difficult to deal with paper and faxing work. Keeping in mind their ease and urgency, instant short term loans are set hassle free.
Difference between Direct Cash Lender and a Broker
Direct cash lender directly deals with broker. He provides direct cash to borrower. On the other hand, broker is an intermediate agent who provides loan products by various direct lenders to consumers. If a borrower tries to borrow through broker, his personal information will accessed by various lenders; so there will be no guarantee of personal security. Moreover they will never transfer funds directly to your account they will just provide you direct lender from whom they will get their commission which will be further received from borrower in name of loans cost. However if one will borrow from direct lender he will not be supposed to pay that extra cost. There will no extra charge implication while applying through direct lenders.
Ease of Direct Lending
While searching on any search engine, you will come across various direct lenders. Borrowing from them is just a 10 minutes process. All you need to do is to fill out online application form along with very few personal details especially your current bank account number. All cash transactions will be performed via this account whether it’s borrowing or paying back. After evaluating your eligibility criteria, cash is promised to transfer into your bank account within one business day.
But somehow if you don’t have internet access, you can visit nearby direct cash store. You can fill your form there only and your eligibility will be evaluated then and there only. If you succeeded to qualify, you will be handed funds on the spot immediately.
Direct Lending Repayment
Repayment also becomes easy when it comes to direct lending. At the time borrowing you will give advance checks to your lenders. Lender will connect automatically with your account number. On the day of repayment, he will apply that check in bank; all you need to do is to maintain enough bank balance that can fulfill repayment criteria. In any case if you find yourself running out of money to repay, then you can inform your lender prior to repayment date so that he can extend repayment period by paying some extra fee.