Payday loans are used by millions of Americans because of their fast and easy service. With no credit checks or extensive application requirements, your cash advance application can be approved in minutes. Payday loans allow you to avoid late fees, saving you hundreds. They also help you keep your credit score. With online sites, you can also do some quick comparison shopping to find the best terms.
Quick Turnaround Time For Application Approval And Funds
You just cant beat the speed of a payday loan. While other financing companies can take weeks to approve your credit application, payday loan lenders can approve it in a matter of hours.
The key to such speedy service is that you dont have excessive requirements to meet. No credit checks. No documenting assets. No co-signers. Simply fill out the information that you shows you are of the legal age and have a source of income. Some lenders will have other minor requirements.
Just as the approval process is quick, so is receiving your cash. Most often your funds will be deposited into your checking account the next day. That means that in less than 24 hours, you can take care of your unexpected financial emergency.
Saving Yourself For Escalating Late Fees
Financing fees for a payday loan are usually less than late fees for bills or NSF fees for bounced checks. So by taking out a cash advance, you can avoid these high costs and hits on your credit score.
A late payment can stay on your credit report for seven to eleven years, depending on the account. This means that you will pay higher rates on everything from credit cards to car insurance.
Surfing Online For Better Rates
Online payday loan lenders post their rates on their websites. So with a few minutes of surfing, you can find financing fees lower than your neighborhood cash advance store. Look for the APR since it includes both rates and fees.
From the privacy of your home, you can research rates and apply for your loan in no time. Payday loans can be any more simpler.