There is a wise old saying, “All good things come to those who wait”. Yet, the times have changed, and with time this proverb too needs to be updated. Take this, for example, you are in urgent need of cash and time, as well as money both, are in shortage.
In that case, this saying becomes an irrelevant piece of advice. Because you want money and that too in the shortest time possible. So what are you going to do? Well, the answer is in the right front of your eyes, instead of knocking on the doors of a traditional banking system, what you can do is opt for payday loan services and get cash in the shortest amount of time possible. In these situations, waiting is not a good idea. When you are in urgent need of money, you can rely on payday loans for quick access to money.
Now, if you do not already know, a payday loan is one of the fastest ways to raise money to solve a money related problem. The payday loan money can help you clear all your unexpected expenses before you get your salary. It saves you from all the penalties imposed on late payments. A payday loan amount is to be due by the next salary, which means that you will only be in debt for a few weeks. A payday loan has multiple advantages over a bank loan. Here we discuss some of the major features of a payday loan. Let’s begin!
Faster availability to the needy
A payday loan is approved in just a matter of hours when you provide all the necessary information to the lender. The application process is very simple and swift, compared to the process of a traditional banking system. There is no need to fill big lengthy applications and you get your credit on the same working day. You can learn more on online payday loans in Ottawa with the help of this article. Some lenders transfer money as soon as you share your financial details with them, this is because it keeps them ahead of their competition.
Whereas, traditional loans and credit take a long time to process. You may have to wait several weeks just to get your application approved by the administration. Which can prove disastrous in an emergency. Furthermore, you could never be sure if your application will be approved. However, if you apply for a payday loan, you receive feedback within hours from the company on whether your application was approved or rejected. So, in case your request was rejected you can seek help from elsewhere.
All the formalities involved in applying for a payday loan are to be executed online. You do not have to call your lender or a bank a thousand times just to make sure that your application is approved. On the other hand, when you are applying for a payday loan all you need to do is log into your computer – from your home or workplace – and fill in the necessary details on the website of a money lender.
As soon as you get your loan amount credited to your bank account, you can spend it however you want, on electricity bills, hospital bills, or paying your mortgages. However, most of the traditional loans are available to the customer for specific needs only. For example, you can spend a home loan only to buy a home and a car loan to buy a new car. The paperwork involved in a payday loan is next to nothing. Sometimes you do not even need to send any documents, but lenders do need proof of your monthly income. You can share the required documents with a simple email.
Nominal terms and conditions
To apply for a payday loan, you need to meet a few essential conditions. The only requirement is a stable source of income and that can be verified with your monthly salary slip. As long as you have your salary slip, you are guaranteed to get a payday loan. When you are applying for a traditional loan, you need to confirm your collateral first.
In the case of payday loans, you do not need any collateral. Your salary slip is enough proof for the online money lender. Other important requirements include having an active bank account. Your age should be above 18 and if you meet all these requirements you are eligible for a payday loan. A banking system will ask you for your credit score, and in case you have a poor credit score your application will be immediately rejected by the moneylender.
This is one of the chief reasons why payday money lenders are growing in popularity. You don’t have to have a perfect credit score, neither you have to wait for weeks to get your loan amount sanctioned. All you have to do is fill in some of the basic requirements, as mentioned above and you are all set.
Leaves your Credit rating unaffected
The only disadvantage of a payday loan is the short time in which you have to return the money you have loaned. Still, if you think about it, this condition is not as bad as one might think. The reason is, it is an advantage if you want to protect your credit rating. If you apply for a traditional loan, you have a long time before you pay it back. In that period, you could lose your credit as a result of some mishappening in your life.
Losing your job is the worst because it takes away the power from you to pay back your expenses. Defaulting on your loan will adversely affect your credit score. You may have to pay a fine, which will only add to the cost of the loan. Whereas, a payday loan has a short time in which you have to repay the loan and does not affect your credit rating in any way.
A payday loan is the best available option for those who are in a need of fast cash. With very few formalities, a payday loan is very easy to apply for and get approved. If you ever find yourself in a situation where you need quick cash, look for online payday loan services around you.