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Published On: Thu, Oct 8th, 2015

3 Reasons You May Need a Payday Loan

Have you ever had a week where your paycheck seemed a little short? Wondering who can help you make rent this month? Unfortunately, thousands of Americans find themselves in this situation on a monthly basis. Sometimes the solution for this common problem can seem difficult to locate. Fortunately, there are thousands of short term lenders across the United States who will be able to help you make it to payday. Included here are a few reasons you may need a payday loan and why to secure one.

Quick Response

One of the biggest benefits of a payday loan is that you should receive funding in a fairly short period of time. This means no waiting around for approval or credit checks. Most payday loans are under $1,000 so there is no reason for the lender to need a lot of information from you.

While some lenders work from a large lending bank, others will match you to a lender on a case-by-case basis. This means you could be paired with a single lender who will provide you the funds to make it to payday and then ask for payment at that date. Some borrowers prefer this method as it seems smaller scale and more personal.

photo Gerd Altman via pixabay

photo Gerd Altman via pixabay

Lower Interest

Some payday loans can offer you smaller interest rates than if you were to go to a bank for a personal loan. The interest is often more than what you would pay on a credit card, but if you have a large auto repair or home repair, you may need more credit. The difference in cost between getting a payday loan is often a much smaller percentage than what you would pay if other circumstances arose.

For example, if you were to pay with a $100 check that bounced, you would be facing a large fee of up to $32. If you pay with a credit card but are unable to make your minimum payment, you could be facing up to 50% interest in late fees. If your utilities have to be disconnected, due to delayed payment, you will be facing a large reconnect fee. Small payday loans can be as low-cost as a $15 fee for a $100 loan; that could save you a substantial amount!

No Strained Relationships

Everyone knows money is one of the most common stressors on relationships. Whether someone has it or doesn’t can be the deciding factor in how well they get along. Borrowing money from your friends and family is a sure way to create a rift if you are unable to pay it back in a timely manner. They could also lose respect for you in your inability to manage money, while payday loans can help you avoid this problem entirely.

Guest Author: Lolita Di

On the DISPATCH: Headlines  Local  Opinion

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