Reasons to Get a Payday Loan
Payday loans are loans that allow you to get cash quickly with a higher interest cost. However you get the money that you need quickly and they are flexible. So why would you get a payday loan?
Get Cash Quickly and What you Need
If you need some money right now, whom do you turn to? Perhaps you can ask your friends or family? There is not that many people who will have the kind of money that you need right away on hand. Also you will probably not be able to get a short term loan for a small amount from your bank right away as you will need to go through all of their application processes and this can take some time and you might end up in trouble before they approve you.
Compare the Costs
If you have debt that needs to be repaid then you need to compare the cost of getting a payday loan to the cost of missing a payment on that debt. If you miss a payment is your car or even home on the line? The fact is that the fees associated with a payday loan are probably lower than the cost of losing your car or home. These are extreme cases, but what if you owe some money but do not have the funds to pay or have an overdraft fee or some bill that needs to be paid? A payday loan will help you in the short term to pay for such things.
It will cost you money to get a payday loan but if you borrow from a friend or family member then you may risk that relationship. A payday loan company has zero emotion so you will not have to feel guilty or risk any relationship with family.
No Credit Check
The application process for a payday loan is much shorter as your credit history is not run. You will not have to go through a credit check to get a payday loan and this means that the loan will also not appear on your credit history unless you fail to pay the loan back. You will then be able to get short-term financial help that will not appear on your credit history.