Out of all the different types of personal loans that are available to you, a payday loan is probably the easiest. That does not mean it is the best, but it is certainly the easiest and absolutely the quickest way to get a personal loan. Let's look at the factors behind this statement.
When you go to apply for a personal loan, you have many options, like going to your bank, your credit union, or a company that specializes in personal loans. The latter type of company is going to charge you a higher rate of interest, typically, but then again they are usually quite a bit more lenient with their credit requirements than banks are. You fill out the credit application form, perhaps put down some collateral to secure the loan, and then several days later, you find out if your loan was approved and are able to go and get your money.
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This is all well and good, but what if you have some kind of pressing emergency or financial obligation where you need that money RIGHT NOW? Or what if your credit score is a bit tarnished, or you even know that you have bad credit and filling out that credit application is just an exercise in futility? In fact, what if you know that your credit is so bad that if you were loaning the money, YOU would not even loan it to you?
This is where a payday loan can be a life saver. There is typically no credit check so you don't need to worry about how bad your credit might be. If you have a regular job and source of income, simply bring your last couple of paycheck stubs with you when you go to get your payday loan. That's all there is to it. With your identification and paycheck stubs, you can have your loan in a matter of a couple hours. This is the only type of personal loan that can be provided as quickly as this, which is a major benefit if you have bad credit or you need the money as soon as absolutely possible.
Now on the downside, if you have decent or good credit and if you don't need the money right now but can wait a few days, this is not the type of loan for you. In this case, you are much further ahead to go to your bank, credit union, or loan company. First of all, the interest rate is going to be lower, almost guaranteed. While a payday loan is quick and easy, it is also a big risk for the lender, who covers much of that risk by having interest rates that are typically astronomical. The other reason is because a payday loan needs to be repaid within a couple of weeks to a month, usually on your next payday which is where the name of this type of loan comes from. You can sometimes extend the payback period if you cannot repay the loan on your next payday, but getting such an extension will cause very high late fees to be added to the payback amount, so you do not want to extend the payback period if you can absolutely avoid it.
The bottom line is that a payday loan can be a superb way to get a loan quickly without having to worry about your credit score, but be aware of the downside of this type of loan so that you go into it knowing what to expect.
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