Popular Payday Loans For the Millennial GenerationMay 01, 2019
Payday loans are a popular money source for the Millennial Generation. In fact, 13 per cent of Millennials have already picked up a fast cash loan.
Wondering what kinds of payday loan choices are behind this spike in interest?
We’ve created a guide for these top loans. Read on for the most popular payday loans and why they’re getting such heavy attention.
Why Millennials Pick Popular Payday Loans
This generation is known for digital know-how and seeking quick results. And payday loans are a fast cash loan that can put money in a person’s pocket on short notice.
That means this young generation is able to get money fast without having to deal with too much red tape.
They’re also using this method to get emergency payday loans. Since individuals can get loans right away, they work well in a pinch.
To know the most popular payday loans that Millennials are turning to, read on.
Payday Lending Stores
These stores offer a pay day loan at a physical store. To get a loan, individuals can simply walk in, request an amount, and submit an application.
The money is usually credited to a person’s bank account in less than four days. These stores can offer an advantage in customer service. That’s because the person requesting money can meet face to face with a lender and ask questions.
Online Payday Loans
Getting payday loans online is a popular option because of its convenience. Individuals can pick up cash from the privacy of their homes. That means it is a good option for people who want a more private way to get a loan.
These options are also open 24 hours. Borrowers just need to visit the lender’s website and complete a short form.
24 Hour Payday Loans
Most pay day loan groups deposit the requested money in the borrower’s account in two to four days. But these types of payday loans speed up the process.
They usually deposit the money within one business day. That makes them a good option for anyone who needs a quick cash loan.
30-Day Payday Loans
Most pay day loans are set up for a week or two. But this option lets individuals grab cash for a longer period of time.
This can be appealing to Millennials who need extra time to pay off bills or big-ticket items.
One Hour Payday Loans
These are special pay day loans for an individual in an emergency. They give the borrower money within one hour of a submitted application.
But it’s important to make sure application information is clear and accurate. That’s because lenders take extra care to make sure the borrower isn’t posing as someone else.
Money usually only will make it to the borrower’s bank account during normal bank operating hours.
More in Payday Loans
This guide should point out the most popular payday loans for Millennials. But it’s not always easy to know where to acquire a solid payday loan.
We can help. Visit our online payday loan section here to learn how to get a quick, same-day loan.