No matter how careful you are in planning your finances, there will always be some financial emergencies that will crop up without any prior notice. To make the matter worse, most of these financial needs cannot wait to be funded the following day. This is where instant payday loans come in handy. They are designed to help you finance any emergency need that you may be having comfortably. This may sound too good to be true but believe it. Instant payday loans offer the best option for you to fund emergency expenses. If you would like to learn more about this type of debt finance, just read this short article. It will give you all that you need.
Borrowing requirements and application procedure.
Unlike most other types of loans, instant online payday loans are very easy to qualify for. The only requirements are;
· You be 18 years and above
· You have a reliable source of income
· You have a bank account
· In addition, most online payday loan lenders will insist that you have a permanent internet address.
Once you have meet these minimal requirement, all you need to do is to turn on your computer, fill an online application form and submit it online. The lender will then review the form and if your application is successful, the loan amount will be deposited in your bank account within a matter of hours. In case any sort of documentation is required, you will be asked to fax them.
If you are wondering what happens at the end of the month when repayment falls due, the procedure is simple. The loan amount, interest and service charges are deducted directly from your salary and deposited electronically to the lender.
While taking a payday loan, keep the following vital points in mind
· Check and confirm that the lender is certified and trustworthy
· Read through the terms and conditions of the loan carefully. Preferably several times
· Ensure there are no hidden fees.
· Calculate and make sure you understand fully the various cost and repayment amount involved in the loan deal.
· Shop around and obtain the lender with the lowest interest rate and favorable terms and conditions
Benefits of instant approval payday loans
Easy and quick to obtain
The biggest benefit of Instant payday loans is that they are easily and quickly bring in the much need cash. The application process is simple and you can get the loan amount in your bank account within just a matter of hours. This makes this type of loan ideal to finance emergency needs that cannot wait till the end of the month. It’s also ideal to fund under budgeted expenses or expenses which arise due to changes in price levels.
You save money in the long run
Instant cash payday loans enable you to save money in the long run. In some cases, expenses arise and if you do not cater for them immediately, you end up paying more money in future. They also enable you to borrow and take advantage of opportunities to buy items at huge discounts and high value investment opportunity that may arise at times when your liquidity is low.
What more, with instant payday loans, you complete the whole process from the comfort of your house. This means you do not have to incur transport cost just to go and apply for a loan.
Minimal application requirements
Instant payday loans are designed to be taken out quickly and easily. This is because the rationale behind their intention was to offer individuals a quick source of finance to fund urgent expenses. As such, the documentation and legal formalities are kept as low as possible. This is unlike in most other types of debt finance which have detailed qualification and documentation requirements.
No credit check
This is one of the reasons why this type of debt finance is fast and easy to obtain. The lender relies on the salary and therefore he does not conduct credit history check. This means that even individual with poor credit rating can access this type of debt finance. All that matter is that you have a reliable source of income. You need not worry about your credit score.
You can use the money for any purpose
With instant approval payday loans, the loan amount can be used for whatever purpose you wish. Once the lender approves the application, it’s you money. You can use is to pay rent, fund your wedding, go for a tour…it’s really up to you. The lender does not tie you up to a certain use as is the case with most other type of loans.
Instant payday loans also have some disadvantages.
First, one of the worst traps that borrower fall into when it comes to paying the loan at the end of the month is delaying repayment. This happens mainly because the lender does not put pressure on the borrower to repay promptly. In fact, he will be happy if you postpone repaying. But why is this bad?
This is disadvantages because the interest rates on payday loans are usually very high. In fact, if you delay to repay the loan by just half a month, the repayment amount may balloon to double the amount you received. Never apply for instant online payday loans if you cannot repay the loan within a short time. Also, have in mind that payday loans are meant to be used to fun emergency needs only; they are not suitable for long term use. In addition, avoid applying for another payday loan to repay an instant payday advance. Doing so will easily get you into debt circle and this will mark the genesis of your financial crises.
In conclusion, when seeking to take out instant online payday loans, have in mind that it’s up to you to look after your interests. Although the government has put up a spirited fight to protect borrowers in recent days, scrupulous lenders will always find ways to exploit unsuspecting or uninformed borrowers. So, it’s imperative that you research well before approaching any payday lender for a loan.