3 Reasons to Apply for a Payday Loan – What to Know

November 26, 2020
Payday Loan

Life works in unpredictable ways, and unfortunately, much that includes finances. An emergency situation can easily leave your savings account with nothing, and in most cases, your savings won’t be able to cover the costs. With nothing left, how do you get out of a painful financial pinch? 

Luckily, there are ways. Payday loans, also known as cash advance loans, are quick and easy solutions designed to help the borrower get cash quickly. It’s a solution that can help you through financial tempests temporarily, which includes rent payments, medical emergencies, credit card debt repayment, and other tough spots. 

With the help of a payday loan, you can now avoid borrowing money from friends and family, ensuring that you remain financially independent. 

Want to learn more about payday loans? We’ve gathered three undeniable reasons why you need it:

Reason #1: It’s the best way to get cash fast

Payday loans are great for getting money quickly in a pinch. Applying for a loan is simple and can get approved within minutes. More importantly, you can get your money fast, typically ranging from within the hour to the following day.

Conveniently, payday loans don’t require much information out of you and don’t require you to state what you’ll do to the funds. Lenders don’t give limitations as to how you can spend the money as well. You can use the money however you wish, making it great for quickly solving immediate financial concerns such as credit card payments, repairs, emergencies, or bills.

Reason #2: The loan process is highly convenient 

The process of applying for a payday loan is easy, convenient, and straightforward. You typically don’t have to set appointments or disclose a lot of information to the loan officer — you only have to fill out a simple form. 

Some lenders allow you to apply for a payday loan online. Also, most non-bank lending institutions may even offer services for payday loans on the weekends, allowing you to process loans at any convenient time. This makes payday loans an ideal source of funds in the case of an emergency.

Reason #3: You only need to provide a few requirements 

Unlike other traditional loans, payday loans won’t require you to put up collateral. Others will ask you for your house or car, or perhaps a perfect credit score. When it comes to payday loan applications, however, the requirements aren’t that extensive. Generally, the basic requirements will only be your steady income, age, residency, and a checking account. So long as you can prove that you’re capable of paying the lender back, you’ll receive money with no hassle.

As you apply for a payday loan, however, keep in mind that you must write the lender a check for the amount you’ll be borrowing, which can include a minimal fee. They’ll be able to withdraw the loan amount from your due date, effectively ensuring that your finances are in order!

Payday Loans—Loaning Made Easier

Getting into sticky financial situations can be overwhelming, especially if you’re desperate to pay off a medical bill, rent, and other emergency costs. Dipping into your savings may be tempting, but there are other ways to pay your bills without worrying about burning a hole through your pockets. 

Thanks to payday loans, you can now easily get access to cash—there will be no need to worry, especially since it’s fast, convenient, and you won’t have to worry about intense application requirements!

If you wish to learn more about fast online loans in South Africa, Hoopla Loans can help! We are a fast-growing online loan broker, eager to help our clients make the most of their financial situations. We operate through smart online application systems, ensuring that you can get a secure payday, personal, and long-term loans! All these come with flexible payment options, all handled and prepared by our talented team. Apply for a loan with us today!