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Payday Loans Can Do Good to You

Working in an office for eight hours while waiting for the monthly salary can be daunting because sometimes, you can feel how broke you are in the middle of the month and you are not used to saving even a small amount of cash, and you still have lots of bill payments to settle.

This causes financial strain. The worst thing is when you are hit by emergencies. Emergencies could range from medical bills that your insurance doesn’t cover school fees for your kids, insurance payments, mortgage payments, and other types of bills.

You need an instant way of getting the cash that you need to sort out these problems. This is where fast payday loans come in.

Overview of a Payday Loan

A payday loan is a short-term loan granted to an individual which he is required to repay back on his next payday. Getting a payday loan is quite easy, in fact.

Most payday dealers now work online. This means that you have an option of either going to their offices personally to apply for the loan or applying online. Physical shops are payday loan direct lenders. You make your way to the offices and apply. The application is reviewed, and they will need a couple of your details and information before a payday loan is extended to you. It is the same process if you go online to apply.

You will be required to present an identification document, show previous paychecks, and evidence that you are actually employed or generally have a source of income.

The lender will also need you to give him a postdated check for the exact amount you borrowed plus the penalties you will pay in case you default. If you can’t repay your payday loan on time, the lender will encash the check.

When you get an online loan way, you have to understand that there are two types of lending websites. You have direct lending sites, which are direct online lenders, which means you will just have to deal with the lenders directly because they are the ones doing the lending.

The other type is a matching site. This means that the site matches the borrower to potential lenders. This established that it is your choice as a borrower to decide what kind of lender you want to go with.

Most people are unsure if payday loans are actually good for them financially. This article explores some of the ways in which payday loans may work for you.

Why Payday Loans Could Work for You

 

  1. Fast and efficient

Emergencies strike at times when you didn’t expect them to. In fact, if you are unlucky, they will come at a time when your wallet is just empty. Payday loans could be your way out. Payday loans are designed in such a way that they are really fast to obtain.

Other types of loans, like a traditional loan, will take you a few weeks to about a month to know whether you have been approved for the loan. This may not work if you need money urgently.

Payday loans are approved within 6-24 hours.
The application is processed, and within a matter of hours, you have money in your pocket. Payday loans are fast, actually faster than most loans out there and thus make them suitable for your emergency situations.

  1. No collateral

Most loans need to have collateral. For traditional loans and car title loans, you have to leave something as security. In case you won’t be able to pay the loan, the collateral is sold to recover the loan instead. Losing their properties, such as their houses or cars, is what most people fear.

Payday loans do not need collateral. All you need to issue the lender is a postdated check – something which the lender may cash in if you are unable to pay the loan. The check acts as a form of security. This makes payday loans more suitable for some borrowers. Getting a payday loan means that you do not have to worry about lenders taking away your possessions and selling them.

  1. Credit scores

lenders rarely ask for your credit information

Credit scores and most loans go hand in hand. A good credit score means that you will probably be able to get a reasonable interest rate. A good credit score in these tough economic times has become quite unattainable. Most people are deep in debt. It is difficult for people with bad credit scores to secure a decent loan.

With payday loans, a good credit score is the least of your worries. This is because payday loans are tailored to cater to all kinds of situations – in fact, you can get bad credit through payday loans.  Payday lenders rarely ask for your credit information. Your credit score will not affect your accessibility to the payday loan. This is what makes payday loans attractive to many people.

  1. Rollover option

In case you can’t pay your payday loan when the time comes, you have an option called the rollover option. This entails the extension of the payment duration. Payday loans are usually paid within 30 days. Rolling over buys you an extra 30 days to make the repayment in full. The rollover option has a catch, though. The payday lender will take the opportunity to review your loan contract and impose a penalty fee for late repayment and other processing fees for the rollover.

  1. Legislation

Payday loans are under strict legislation to protect borrowers. Payday loan companies have to adhere to the laws strictly. This means that their interest rates cannot be more than a certain percentage. The legislation on payday loans is on a federal and state level. State legislation may vary from state to state, and they are all about protecting borrowers from unscrupulous payday lenders.

With all these points, you may find that a payday loan could be a viable borrowing option for you to solve your urgent financial obligations.

 

Author: Julie Snearl

Editor and writer for over a decade , she has written and edited finance for both national technical and consumer readership, Julia Snearl is the editor for Personal Finance in KashPilot. Her experience in editing business books also includes working as the editor of charts of Ahead of the Curve. More than 3 years' experience in editing content for finance on KashPilot, Julie is interested in learning about how to use digital content to assist people make better financial choices.


Types of Loans We Offer

Installment Loans

Receive your cash and repay it in equal monthly installments. Each payment will include interest, and prepayment is any time without penalty.

Payday Loans

Payday loans online are loans given to people who need money in the short term. Most payday loans are meant for small expenses, such as utility bills or vehicle repairs

Loan Consolidation

KashPilot Offers Loan Consolidation Online for Bad Credit, these are people who can’t manage their loans or can’t repay all the fees and rates (apr) on right time.

Title Loans

KasPilot Offers Title Loans, Your vehicle’s title serves as collateral for a loan you may think of as a secured loan. When you use your car as collateral for a loan



FAQ's

A Payday Loan can be used to cover costs until your next income arrives. Whether you need to pay rent, cover an unexpected medical bill, or purchase groceries, Payday Loans can provide you with the quick cash you require.

You must produce identity, proof of income, a bank statement, and a personal check in order to qualify for a loan. If you do not have a personal check, you can offer a debit card or ACH authorization in several jurisdictions. There is no requirement for personal property to obtain a Cash Advance.

Payday loans are short-term loans owing on the borrower's next payday. Timing is contingent upon your pay schedule.

KashPilot's Payday Loans are accessible to all credit types. When KashPilot evaluates a Payday Loan application, a credit history is among the many elements analyzed.

Yes, Cash Advances are often referred to as Payday Loans. This is a short-term, personal loan that is payable upon receipt of your next paycheck.

State legislation establishes the maximum amount of money you can get through a Payday Loan. In addition, you will qualify for a specific loan amount, within the permissible range, based on your current income.

When evaluating your Cash Advance application, we may use information from third-party data sources to determine your creditworthiness.

Typically, your Payday Loan is payable on your next payday. We provide numerous payment alternatives, including in-person and online payment choices, to make the repayment of your loan easier (varies by state).

KashPilot has assisted thousands of individuals with poor credit by offering a number of financial options, such as Payday Loans, Online Loans, Installment Loans, Title Loans, and Personal Lines of Credit.