What is a payday loan?

A payday loan is a high-interest, short-term loan that is meant to be repaid by your following payday, hence the name; or at least that is how these loans began, some will now give you more time to repay. These loans usually range from $100 to $1500 depending on the needs of the person who is borrowing. Payday loans are sometimes referred to as cash advance loans o paycheck advance loans. People who opt for payday loans usually have bad credit and have trouble getting other lenders to consider them for a loan.

Benefits of a payday loan

Despite the well-known fact that payday loans come with high-interest rates, people still choose them because there are good things about these loans for them, especially when they are faced with an emergency and need cash as fast as possible. Here are some of those benefits:

• They are easy to get
Payday loans have a lot fewer requirements than a traditional loan, making them much more accessible to a lot of people who cannot get a loan otherwise. You can apply for one at a loan provider’s physical location or online, and get approved within hours in many cases. Plus, the application process itself is a lot easier than all the hassles you would deal with at a bank.

• There are fewer requirements

When you apply for a payday loan, you will usually only need to have a government-issued ID, a bank account, be at least 18 years old, and be employed. At a bank, you would be asked to fulfill a lot more requirements including a credit check which, of course, is not an option for a lot of people since they already know that they do not have good credit.

• Payday loans are unsecured

You do not have to put up any collateral when you get a payday loan, meaning that if you end up not being able to pay it back, you will not lose any property. Go here for more information.


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