5 Emergency Reasons for Guaranteed Payday LoansMay 03, 2019
Between 2000 and 2006, Ghana’s debt fell from 120% GDP to 12%. Mozambique’s also feel from 200% to just over 20% in a similar time period. Unfortunately, many of these countries are gradually accumulating more debt.
But, while debt comes with its own set of issues, there are some instances where a loan is the only way out. And, payday loans are a particularly good way of paying for bills and other items quickly.
Here are five emergency reasons for guaranteed payday loans that you may not have considered:
1. To Pay for an Emergency Expense
In Africa, the youth unemployment rate is extremely high. This means that many have to get loans in order to pay for expenses such as bills. But, paying the bills isn’t the only reason you may want to consider a payday loan.
With a guaranteed payday loan, you’ll be able to cover emergency medical and auto expenses, for example. You’ll also be able to pay for your rent and groceries if you fall a bit short one month.
2. To Lend Money as an Emergency
Sometimes, you have to bail loved ones out of trouble. They may owe a company a lot of money. Maybe they had high medical or auto bills one month.
If they can’t apply for a payday loan themselves, you can do it on their behalf. A payday loan gives you access to the funds you’ll need to help them out of their predicament.
Be careful when lending friends and family money. Make sure that you trust them. Also, make sure that you have the money to pay the loan back if they can’t. If they don’t pay you on time, you may face some very high interest rates.
3. If You Can’t Get a Bank Loan
Another reason you may want to apply for a payday loan is if you can’t get a bank loan. This is because payday loans work differently to bank loans.
With a payday loan, you apply for the loan through a secure system. Then, various lenders will review your application. A company will accept your offer and tell you the rates. Once you agree to the terms of the loan, they will deposit the money into your account.
4. If You Have a Bad Credit Rating
If you have a bad credit rating, getting a loan can be challenging. A payday loan doesn’t require a credit check. With this in mind, a lender is more likely to accept your application.
Moreover, you’ll receive your loan more quickly as they won’t have to take the time diving through your credit history.
5. To Pay a Bill With a Higher Interest Rate
If you miss a payment on another loan, you may find that your interest rates become higher. Luckily, you can use a payday loan to pay off another debt.
Aside from helping you avoid higher fees, it may save you from getting a black mark on your credit score.
Get Your Guaranteed Payday Loans From Hoopla Loans Today
Guaranteed payday loans are a great way to get out of short-term sticky financial situations. But, before you agree to a loan, make sure to choose the right lender.
At Hoopla Loans, we give your loan application to multiple lenders so that you get the best terms. To find out more about our services, contact us today.