Payday loans are easy and convenient loans that involve a small amount and a short payment term. Anybody who can present a pay slip or bank statement can avail of a payday loan that is worth as low as $50 to about $1,500 which is payable within 30 days or even 2 weeks.
Get Local Payday LoansThe application process is also simple and fast. You only need to fill out an application form, provide a check or bank account details, and wait for about 1 day or just a few hours to get your loan. A payday loan is a great source of quick cash that you can easily pay on your next payday. Still not convinced?
Here are 4 more benefits of payday loans you may not have thought of:
Payday loans make credit available when you have already exhausted all other alternatives. According to payday lending advocate Tom Lehman, a payday loan makes available to high-risk borrowers small loans when other financial institutions will not. This simply means that unlike in the past, the masses, especially the poor, have access to credit today. For instance, you have already asked from family and friends for help. You have tried to get paycheck cash advances from your employer and cash advances from credit cards, credit unions, pawn shops, banks and other small consumer loans provider. You think you are out of options. But this is where a payday loan can help you.
Payday loans save you from resorting to illegal means such as loan sharks.
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Emergencies and disasters, like fires and typhoons, which are out of your control can result in an unexpected and urgent need for money. Availing of a payday loan can help you go through rough times better. In fact, a study conducted by Adair Morse of the University of Chicago Booth School of Business found that in natural disaster areas, people living in communities where payday lending was available fared better than those in communities without this service.
For instance, housewives who need to replenish groceries a few days before their husband's payday can get cash now and pay later when the salary comes in. Or a divorced woman who has been given a deadline to pay her utilities bill can avail of enough money now to pay them off and avoid disconnection. Or an employee whose parent needs medical attention has applied for cash advance from the company but needs to wait several days to get the money can get the needed funds via a payday loan now.
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