You’ve been hit hard lately and your bills are piling up. It’s more than you can pay and you’re not going to have the money in time. If only there were a way to get your next payday a week early—then you’d be okay.
Actually, there is a way. Instead of waiting for next week, you can get a payday loan today.
And this is only one, simple example of how payday loans can help your current financial situation. You’ll find several other fully detailed reasons below. If you’re wondering whether a payday loan is the right option for you, browse through the examples in this list.
1. Use a Payday Loan For Sudden Expenses You’ll Soon Have the Money For
The main point of a payday loan is to be a quick rescue when you have short-term financial hardships. For example, your car might break down or your appendix might burst. Suddenly, you have more to pay than you were planning on.
This is when you really need a payday loan. It’s basically like an advance on your actual payday. Then, when you get your real payday, you can pay it off.
2. Get Money Fast
Payday loans wouldn’t be very useful for the example above if you had to wait a long time before getting your money. Fortunately, you don’t.
The approval process is pretty much immediate. And you get the money usually within 24 hours of being approved. This is another reason why they’re good for sudden financial emergencies.
3. Help Your Credit
Of course, you still have the other (not good) option. That is, you can wait until your payday to pay your bills and other expenses.
However, paying bills after the due date results in late fees, which harm your financial situation even more. Even worse, past-due bills lower your credit rating, making it more difficult to get a loan when you need one in the future. You can spare yourself this credit penalty by getting a payday loan instead.
4. You Can Use Them On Anything
Most loans have restrictions as far as the types of things you can spend them on. For example, you typically can’t use a personal loan for a downpayment on a house.
And you usually can’t pay credit card bills with a loan, either. This is problematic if your high credit card bills are one of the reasons that you need a loan in the first place.
But, with payday loans, you can use the money on anything you want.
5. You Can Get Them Online
With payday loans, there’s no need to spend all day at the bank trying to convince them to approve you. In fact, there’s no reason for you to even leave your home.
There are several websites where you can get payday loan help online. The entire process, from application to approval to money received, can be done over your home’s wifi connection.
This also means that the process takes a lot less time than a personal or bank loan. Simply fill out the form and you could be approved in less than an hour.
Furthermore, this fact makes it really easy to shop for the best deal. Compare lenders online to find one with the most agreeable terms and conditions.
6. Avoid Borrowing From Loved Ones
Any financial adviser will tell you that it’s a bad idea to borrow money from friends and family. First of all, these relationships are a lot more valuable than any type of collateral you might lose by taking out a loan.
If you end up unable to pay, you might burn a bridge and lose a friend. Of course, this will also damage your reputation with others that know you, too.
Furthermore, you’re more likely to “default” when borrowing from a friend, anyway. Without any rules or a rigidly structured payment plan, it’s easier to put off paying until your loved one is finally sick of you and tells you off. It’s better to simply avoid all this drama and get quick help with a payday loan.
7. Short Payback Period
Maybe you don’t want the type of loan that you have to pay back over the next 5 years. Perhaps, for your situation, a loan that you can pay back over the next two months is sufficient.
Besides, long-term loans tend to rack up quite a bit of interest over all the years it takes you to pay them back. But, while payday loans can have a high interest rate, the payback period should be short enough that it still saves you money.
8. You’ve Been Denied For Other Loans
Lastly, it’s possible that payday loans are the only type of loan that you can get approved for. Banks don’t approve you for a loan if you have no credit or a very low credit rating. It may be that you’ve already tried and have been denied.
Fortunately, you can get payday loans with no credit check whatsoever. If you have bad credit in addition to your current financial troubles, this news may seem like a miracle.
Do You Need a Payday Loan?
If any of the above examples resembles your current situation, you know what to do. Namely, look into getting a payday loan for yourself.
Next, do you want some more great tips? We can teach you the symptoms of poor oral health to watch out for or the benefits of tidying up your messy desk. Get all these and other amazing tips on our Lifestyle blog.