A more detailed look at the banking industry today reveals that banks have cut their lending activities significantly and have made the qualification criteria harder to meet. Recent financial crisis caused many borrowers to slip on their payments due to higher unemployment rates and increased number of pay cuts. Statistics reveals that more and more consumers experience worsening credit, making it difficult to meet stringent requirements set by banks and lending institutions. People with average credit scores, being able to qualify for unsecured bank loans from banks previously, face nothing but loan rejection today. Despite the negativism that recession brought, small cash loans are available to all credit grades in form of cash advances and payday loans.
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Payday Loans Are A Great Way to Cover Cash Shortages
While such loans feature shorter terms, typically not exceeding several weeks, and higher interest rates, they may be of great help to borrowers looking to cover some gaps in their budgets. While such should not be considered as a long-term financing solution, they offer unparalleled benefits when cash is needed urgently to pay overdue bills or to cover unexpected spending. While payday loans are usually due the next payday, the duration may be extended as long as the interest charges are paid on time.
Some loans may even feature durations as long as two or three months. It is not advisable, however, to utilize payday loans without acute financial need and to borrow only the amounts needed, as payday loans have very high borrowing cost. In addition, in some states, laws limit the maximum duration of cash advances, as well as the number of times a payday loan may be extended. Many borrowers get around such laws by paying off older loans and taking out new ones.
No Credit Check Is Required
Payday loans are not credit based; therefore, credit check is not required and almost never performed by cash advance lenders. Payday loans are issued in exchange for a postdated check or and electronic withdrawal authorization, allowing the lender to collect the loan repayment from the checking account of the borrower on the due date. That is why, if a borrower has a valid checking account, such loans are granted right on the spot. Some lenders require proof of steady employment and income while others only endorse the requirement of having a checking account.
Application Process Is Fast and Easy
Payday loans are gaining popularity and are easy to find. Payday lenders may be found by performing a simple search on the internet, or by visiting lead generation websites that bring the lenders and borrowers together. Such websites have solid databases of lenders and may help you to save a lot of time on research. In addition, since loan requirements and terms differ from lender to lender, you may be able to find a loan that matches your needs in terms of amount and duration, as well as to save some money on interest by selecting from multiple lender offers. While some of the lenders may approve you for higher amount than you might have originally expected it is important to borrow wisely and to repay on time.
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