Our Guide to Understanding the Benefits of Payday Advance Loans – What to Know

November 07, 2019

The process of hunting and applying for the right loan as someone with poor credit can often be discouraging, to say the very least. A poor credit score can close off certain opportunities and withhold favourable interest rates for those that need them, leading people to believe that financial loans aren’t for everybody.

In regions like South Africa, applying for a loan is commonplace and financial assistance is widely available. Therefore, applying for a loan with poor credit isn’t as difficult. In fact, it can be a fun and educational experience, thanks to convenience and accessibility. Although it should go without saying that it is essential to apply for a personal loan with utmost care if you have poor credit, there’s one type of loan that can easily work out in your favour: payday advance loans.

Payday advance loans are designed with the modern borrower in mind: those held back by certain financial circumstances that urgently require cash to overcome. In recent years, payday advance loans have revolutionized the way that loans work for those in dire financial circumstances. 

The benefits of payday advance loans you need to know about

To better understand why payday advance loans are the best option for your needs, let’s look at a few of their stellar advantages: 

Payday advance loan benefit #1: They’re easy to find and convenient to access

Compared to standard financial assistance programs that demand time, money, and endless forms only to result in rejection, most payday advance loans can be applied for online. A quick search on the internet will lead you to several payday advance loan service providers in your area, all of which are only a call, email, or chat away! In addition to the entire convenient aspect of finding payday advance loans, lenders have also made the process more convenient by digitizing it, cutting out the need for paper forms and the like. 

Payday advance loan benefit #2: The application and granting process is short

One of the most significant advantages of payday advance loans is that the entire process of applying for one and being subsequently granted funding can take less than a day. In some cases, the application process can take as little as half an hour. Approval itself can be handed out in only five minutes! The reason for the quickness of a payday application and granting process lies in the fact that lenders are getting better at using technology, speeding things up by way of convenience! 

Payday advance loan benefit #3: It’s much easier to pay them off

A common hindrance that most people have towards taking out any type of loan or enrolling in a financial assistance program is that the interest rates and payment periods are inconvenient. In the case of payday advance loans, however, lenders have made the repayment process much easier by lowering interest rates and offering flexible payback periods! 

Payday advance loan benefit #4: There’s no need to struggle in between payments

Years ago, payday advance loans were far more difficult to receive simply because people found themselves struggling in between payments, making it counterproductive. After all, why would anybody take out a loan, only to run into more financial difficulty? When it comes to payday advance loans, however, lenders have formulated policies and plans that make it much easier for borrowers to stay afloat in between payments.

Payday advance loans are a great way to overcome financial predicaments without having to run into the risk of incurring more debt. With a borrower-centred approach in mind, lenders who offer payday advance loans provide risk-free options that are convenient, easy to pay, and are overall effective! Should you find yourself in need of financial assistance, look no further because a payday advance loan can definitely help! 

If you’re in South Africa and would like to take out a payday loan, feel free to contact Hoopla Loans today! We’re happy to help.