Advantages of Payday Loans
- Payday loan facilitates US citizens to get loans up to $500 in cash within 24 hrs. Applicants with records of bad credit history; bankruptcy and defaults also stand in an equal opportunity to get Payday
Loan.
- Payday loans are easy to apply and easy to get. Unlike traditional banks, the application is much simpler, and less verification is required.
- There is no credit check involved, which shortens the time frame. The entire process takes just a few minutes, instead of days or weeks, and can be approved on the spot, resulting in the borrower receiving a cash loan in within few
hours.
- The borrower can either pay the entire loan on the original date agreed or can pay additional fees to extend all or part of the actual loan to a later date.
- The other major advantage to get a payday loan is that there is no collateral required. Payday loans are available to people who are working, whether or not they have good credit. A person can qualify for a payday loan even without
owning any kind of real property.
- Nearly everyone finds themselves in an occasional situation where they absolutely need some extra cash and don't have savings or other resources to help them. In those cases, a payday loans are beneficial.
- Payday loans are easy to find. There are literally hundreds of websites dedicated to either making payday loans or to helping the consumer locate the best lenders. The borrower can find the particular loan that best fits their
needs, without ever leaving the comfort of their own home.
Disadvantages of Payday Loans
- Payday Loans are available at high interest rates.
- One may have to repay the amount of loan before the expiry of the repayment period. If you fail to do so, it could result in repaying the loan amount with some extra amount.
- They cost more than traditional loans because lenders are allowed to charge higher loan fees or finance charges, for short-term, unsecured loans.
- Most payday loan companies offer flat fees that are based on the amount borrowed and the amount of time until it is paid back in full.
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