How Payday Loans Can Help You – Our Guide
May 27, 2019No matter how effective your financial plan is, the unexpected can happen. There may be times when you need to take out your savings. For example, you may have to spend your hard-earned money on home repairs after a major storm.
If turning to your friends, family, or financial institutions for help is not an option, then you should consider getting a payday loan. With payday loans, you will get a cash advance to pay for any unexpected expenses, particularly in an emergency situation, before you get your paycheck. Listed down below are some reasons why this option might be the perfect financial solution for you:
1. Easy Application
In the event of an emergency, you need cash as soon as possible without having to go through all the trouble of arranging an appointment with a loan officer and waiting for approval. Also, most lenders are less inclined to give a smaller loan as there is little advantage for them. However, with payday loans, you can easily get the money that you need with a government-issued piece of identification, pay stub, and pre-authorized debit form.
Moreover, companies that offer payday loans often let customers make an application online, which means that you can get the help you need without having to leave your house at all. When your application is approved, you will get your money within the same day, enabling you to deal with your unexpected expense in a timely manner.
2. Save Money in the Long Run
Payday loans can save you money in the long run, but only if you do not fail to repay the full amount after you receive your paycheck. If you have no money to pay your mortgages, rent, and utility bills, then you will most likely end up with late fees, credit card fees, overdrafts, as well as bounced checks. To ensure that you have enough money to pay for your monthly expenses and avoid unwanted penalties, consider getting payday loans. Apart from initial charges, you will not have to pay for any interest or fees while your loan is outstanding.
3. Fast Processing and Approval
As mentioned, you need money fast during times of emergency. Fortunately, the process of getting a payday loan is extremely fast. That is because there is no need to wait for appointments with loan officers or approvals. By attending a location that offers payday loans or applying online, you can get a payday loan almost right away. This means that you can settle your expenses on the day that you applied for a loan. To acquire a payday loan, all you need to prove is that you have a legitimate source of income and a checking account.
4. Credit Score Is Not Taken into Account
Another great thing about payday loans is that they do not base their decision on credit scores. Unlike traditional loans that are approved based on an applicant’s credit score, companies that offer payday loans do not check credit scores at all. Again, all you need is a paystub to prove that you can repay the loan and a checking account to deposit money into.
Also, your credit score will not be affected after getting a payday loan as well. To put it simply, a payday loan is considered as a cash advance that you will pay back once you get your paycheck. This means that it is typically not recorded on a credit report. Even so, it is imperative that you pay the full amount back on time. Otherwise, your case may be reported to credit bureaus.
Hoopla Loans provides Payday Loans in South Africa – get in touch today to see how we can help improve your situation.