The vast majority of the US population isn’t saving any money for retirement. Add to that number to the amount of people that don’t save up for short-term issues like unexpected medical bills or home repairs and we begin to see a harrowing truth…
People that live in this country either don’t like to or can’t save portions of their monthly income.
If you’re among those people that haven’t or haven’t been able to sock away money and you’re facing a serious expense that needs to get paid, you may be weighing loan options.
Fortunately, there is no shortage of avenues that you can go down when it comes to borrowing money. One of the most popular roads that people in fiscal pinches take is borrowing from payday loan lenders.
If you’re not sure whether or not a payday loan is right for you, consider the following payday loan benefits which might sway you towards giving one a whirl.
One of the biggest payday loan benefits is the speed in which these loans are serviced. If you were to go to your local bank to request a loan, it could take up to a week to find out if your application has been approved and even longer to actually get your money.
With payday loans, you walk out with cash the same day that you walk in for a loan.
This turnaround time makes it so people that need money are able to get out of the problems they’re facing without too much stress.
Payday loans do everything that they can to work with people in all sorts of situations. In most cases, if you have a driver’s license and proof of income, payday loan providers have a product that they can offer you.
Convenience is the name of the game with payday loans and that disposition is a valuable one for borrowers that don’t have much in the way of resources and really need a business that’s willing to help them out.
3. Low Barrier to Entry
If you’ve ever tried filling out a loan application through a bank or credit union, you’ve probably had to jump through a number of hoops to get your paperwork submitted.
Some common hoops include having to prove that you meet certain income thresholds, proving that you’re a legal resident, that you have a checking account, good credit, etc.
Many of those qualifying factors, especially good credit, are things that borrowers don’t have.
Payday loan providers understand those shortcomings and have completely streamlined their requirements to make borrowing easy.
The highest barrier of entry you’ll find with payday loans is that they’ll ask you to prove that you’re working. Beyond that, you should have no problems getting a deal done.
4. Flexible Amounts
Payday loans are usually offered based on how big your monthly paycheck is. If you need more than the amount on your check though, some loan providers may be willing to work with you.
For established customers, payday loan officers may be willing to allow you to borrow against a couple of monthly paychecks. While this is not the norm, by talking to an agent and explaining your situation, you may be able to get them to show you some leniency.
On the flip side, you can also borrow less than your paycheck amount to incur less in fees.
5. There Are a Number of Local Lenders
You don’t have to go far to find a payday loan lender. This is one of the most convenient payday loan benefits.
Chances are if you run a quick Google search for “payday loans”, suggestions will pop up within less than a 10-minute drive of where you live.
Just make sure that any payday loan lender you borrow from is reputable before coming to an agreement with them to ensure that you don’t get a predatory offer from a fly-by-night company.
6. Expanded Online Options
Don’t want to leave your house to get your money? No problem!
A growing number of payday loan direct lenders are offering their services online. Some will even wire money to your account as quickly as the same day that you fill out their digital application.
As with brick-and-mortar lenders, make sure that digital lenders are reputable before engaging with their loan products.
7. Credit Protection
One of the biggest problems people run into with loans is the inability to pay them back. When borrowers take on too much debt and then end up falling short of their income goals, lapsed payments can wreak havoc on their credit score.
Payday loans largely insulate borrowers from this risk.
In most cases, payday loans are borrowed against a future paycheck that you know you’re going to get. That means that you have a very high likelihood of meeting your payment obligations.
8. Well Regulated
You hear horror stories all the time of payday loan companies that take advantage of borrowers. While there are bad lenders out there, many of them are being driven out of business by aggressive regulations.
Depending on your state, you may have a number of protections in place that keep loan sharks from offering you bad deals.
That adds even more assurance to the already generally safe process of taking on a payday loan.
Our Final Thoughts on Payday Loan Benefits
Payday loan benefits largely outweigh cons that you’re liable to run into when taking on this kind of a financial product.
Because of that, we think that payday loans should be something that people who are tight on cash should consider as a viable solution.
Need more financial advice? No problem.
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