Are Payday Loans a really good idea?

Hello, Bob. We do understand your hesitation. Money matters really require special consideration. We don't dare give you any advise. But we'll provide all the details on short-term cash advance necessary to make the right decision.

A payday loan is one of the most beneficial and useful types of loans. It amounts up to $1000 and is granted for 14 - 30 days.

Read more: Payday Loans.

The main reason for its popularity is that it's a great and quick solution to unforeseen problems and emergencies.

Simply put, payday cash advance is good for many reasons, such as:

• It's quick:

The application process is very simple. Applicants do not need to provide a full set of documents. For example, you need extra cash flow in an emergency, you can get money by acquiring a payday loan, rather than going through a huge and prolonged process of applying for other types of loans through banks. In such case, Payday loans are considered much better than regular loans.

• It's convenient:

Payday loans can be applied for online, so there is no need to queue or make an appointment with bank officials. You can apply for a payday loan while sitting at home, and the amount will be credited to your account within a few hours.

• It has simple requirements:

It is easy to qualify for a payday loan because it doesn’t have typical banks’ requirements. If your financial gain is consistent, there are 100% chances to get a loan on time. To apply for such loans, the applicant must be 18 years old and have a stable job. Please note, that you can even get payday loans with a bad credit score because the resolution is based only on your actual financial situation.

• It's available for both good and bad credit score. 

Lenders approve most applicants no matter how high their FICO score is. They base their decision on your employment and income.

• Payday Loans are unsecured.

It means you don't need to risk any property as a collateral. And you are not required any guarantor either.

• It's possible to avoid hard credit check.

Many lenders can only do a soft inquiry to check your creditworthiness. It doesn't damage your credit score.

It’s necessary to admit that short-term Payday Loans owe their availability to rather high costs. However, with all their benefits enumerated above, it is certainly a good idea to apply for payday loans to meet your emergency needs. If you are still in doubts, consider Personal Installment Loans, or compare the best direct lenders offering Payday Loans that would suit your needs.