5 Benefits of Accessing Payday Loans With Savings Account
September 26, 2019
Everyone struggles with their finances from time to time, despite the best efforts. Emergency funds are great, but sometimes they are just not enough. When the next paycheck is still weeks away, and bills are piling up, it’s good to have a back-up plan. In such cases, payday loans can be that back-up plan.
Payday loans are quick, convenient, and very accessible. However, there are cases when a borrower’s application gets declined after failing to meet the requirements or the lender. The good news is, payday loans are quickly approved when linked to a bank account. With a savings account, there’s no need to submit additional requirements, documents, and IDs.
Listed below are more benefits of applying for payday loans through a savings account:
1. Ease of Application
Payday loans, when accessed through a savings account, are one of the fastest loans for borrowers who need immediate funds. Traditional loans usually take weeks or even months to be approved, but payday loans can be approved within a matter of hours. Application is easy, as there’s no need for collateral, and no lengthy documents to sign. A valid savings account will suffice, as long as it can prove a source of steady income.
2. Widely Available
More and more companies are offering payday loans with savings accounts. According to financial experts, this is becoming a new economic trend as more borrowers are turning to the service. There’s an extensive list of online companies for borrowers to choose from, or they can opt for lenders in physical stores.
3. You Can Borrow a Large Amount
Most lenders set a limit to how much a new borrower can obtain. This amount depends on your proof of income and your ability to pay the money back. Usually, this is limited to your salary at first. However, if you have a good payment record, this amount can increase the following time you apply for a loan. For example, if you apply for $1,000 and can pay it on time, your lender can increase this to up to double depending on their policy, your salary and your bank standing.
4. Faster Pay-outs
Payday loans have a short repayment period. This may seem like a disadvantage, but it is actually an advantage if you want to protect your bank standing and credit rating. The faster you can pay, the faster you can increase your chances for a higher loan the next time.
5. Get Your Cash Instantly
Your savings account reflects your source of income. Should lenders find it to be satisfactory, your payday loan will easily be approved, and you can get your cash the following day! There is no need for long queues, collaterals, and background checks.
Contrary to what some people think, payday loans are not a cash trap for borrowers. However, when life throws the most urgent and unexpected setbacks, in the form of medical expenses, home repairs, or education bills, we all need a little help. For more information about loans and other financial concerns, contact us and see how we can assist you.
If you’re in South Africa and want to take out a personal loan at affordable rates, feel free to contact Hoopla Loans today to see what we can do for you!