The Top 3 Benefits Of Choosing An Instant Payday Loan
If you find yourself in need of a short-term loan, you will want to consider an instant payday loan for your borrowing needs. This is because these direct deposit loans offer a variety of benefits when compared to other options such as credit card cash advances and traditional personal loans. You can learn more about three of these benefits below so that you can better understand why an instant payday loan is often the best option available.
Benefit #1: Easy To Qualify For
Personal loans can be difficult for many people to qualify for because lenders often require relatively high credit scores and a substantial credit history in order to qualify for this type of loan. Instant payday loans are much easier to qualify for. In fact, there are many payday loan lenders that do not even require a credit check. Instead, your ability to qualify for this type of loan will depend upon you having proof of income and an active checking account. If you are able to demonstrate that you have the means to repay the loan, you will likely be able to qualify for the funds that you need.
Benefit #2 Charges A Flat Fee Instead Of Traditional Interest
Instant payday loans charge a flat rate fee rather than charging you interest on the balance of the loan. This means that you will know exactly how much your loan is going to cost you before you ever sign any loan documents. This can help you to make good decisions regarding whether or not a loan is really in your budget. With credit card cash advances and personal loans, you will continue to rack up interest charges until the loan has been repaid in full. This can make the cost of borrowing the money you need far more expensive over the course of time.
Benefit #3: Quick Access To Funds
Payday loan lenders offer you the ability to get the cash you need quickly. In fact, many lenders can have your money deposited into your bank account within a matter of minutes. If you have a payday loan lender in your local area, you may even be able to walk away with cash by choosing to apply for these loans in person rather than online. This can be very beneficial if you need the funds to deal with an unexpected bill or personal emergency. In many cases, the ability to get quick access to these funds can also help you to save money in the long run by avoiding things such as late fees and overdraft fees.