10 Reasons why you need an Online Loan
Check out these reasons to get a loan
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To cover everyday bills like groceries, rent, and utilities
According to studies, 69% of the average borrower of guaranteed payday loans is using it to cover recurring expenses. These would include utility bills, groceries, rent, or credit card payments. These borrowers tend to be experiencing a consistent cash shortfall and payday loans can help them stay current without cutting back on to many other extraneous expenses.
Stop Late Fees
Late fees can build up every month on overdue utility or credit card bills. Late fees can sometimes cost more than the principal balance owed. Payday loans provide a fast and easy way to stop late fees immediately. Using a loan to pay down bills will allow the household to catch up on overdue payments.
To pay for an emergency medical or auto expense
Incidental expenses are those incurred because of medical needs, auto repair, car accidents, and anything else that wasn’t planned. When these events happen, they often impose financial burdens on us, necessitating large out-of-pocket costs—some of which we may not be prepared to pay.
A payday loan can assist with these bills, giving you the opportunity to make the emergency care, service, or purchase when you need it so long as you can pay the loan back during the determined period of repayment.
To loan emergency money to a friend or family member
Sometimes it’s someone you know who has found himself or herself in a predicament. For whatever reason, they may not have money of their own to use or be able to apply for the payday loan themselves. In this case, you might be able to take one out, help them, and take care of the repayment afterwards.
Because you couldn’t get a bank loan
Financial hardship can happen to anyone, and sometimes people will seek small bank loans or mortgage loan modifications to make their mortgage or rent payments. Mortgage loan modifications aren’t always easy to get, and you may waste months trying to finalize or appeal your lender’s decision. In the meantime, payday loans could help keep you current on your mortgage or rent.
Credit Checks Are Not Always Required
Traditional banks often have very tough requirements for taking out a loan. One of the benefits of payday loans is that a credit check is not usually required. The loan is based completely on the income currently being earned. This makes it easy to get cash to pay down debts even if late payments have started to hurt credit.
Approval is Fast
Payday lenders usually have simple and streamlined procedures for approving an individual for a loan. Many companies just perform income and identity verification. There is no reason to wait for a chain of bankers to assess every past financial detail. Payday loans can often be approved in just a few hours or days. This makes payday loans a valuable resource when dealing with a financial emergency.
Prevent Repossession or Eviction
Overdue car or rent payments can potentially lead to repossession of a vehicle or eviction from an apartment. Repossession or eviction can sometimes happen quickly. The speed and simplicity of payday loans can help anyone to avoid repossession or eviction. The loans can be used to make sure car and rent payments are made on time.
Short Loan Terms
Some traditional bank loans have repayment schedules that last for years. It can be stressful to commit to making monthly payments on a loan for the next five or ten years. Payday loans have much shorter terms. Most loans are repaid when the next paycheck is deposited. This means the money can be borrowed and then repaid all within just a week or a month so there is no lingering debt.
No Collateral Is Needed
Payday loans are not like most other forms of short-term lending. Borrowers do not need to provide assets or collateral to secure the loan. The loan is secured based on regular income. This makes payday loans available even for people who do not own a car, home or other expensive asset.
If you’re financially well off but need the extra cash, paying it back will be easy
In some cases, it may be simpler to borrow money than spend what you have, even if you might happen to have enough to cover the amount already. Guaranteed payday loans, if paid back immediately, may be more cost effective than making the purchase on a credit card depending on your interest rates.
No matter where you stand on the debate about payday loans, at least now you have 10 reasons to consider one.