Emergency payday loans are becoming more and more popular as they provide instant cash in financial emergencies like paying a utility bill, car repair, or medical bill. They save you from penalties that may be imposed due to late payments. Payday loans have several advantages over conventional loans.
Let’s have a look at some of the reasons why emergency payday loans are the best option:
You Can Receive Your Loan Quickly
Most payday lenders approve your online payday loan application instantly. They can transfer the requested money into your bank account within 24-hours of your application being approved. In the case of conventional loans, you have to wait for several weeks to get cash, which is not ideal in an emergency.
No Need to Commute
Online direct lenders eliminate the need to drive across three towns to secure a loan with a business that may only be open from 9 to 5. Applicants can apply online by submitting a few simple forms.
No Credit Check
Online payday lenders require no credit check. All they require is proof of income. As long as you have a valid bank account, a bad credit score is not an issue.
Payday Loans Can Be Used for Anything
Many financial institutions categorize loans by ‘auto,’ ‘mortgage,’ etc. Online payday lenders do not inquire as to what the loan will be used for. This means that anything from car repairs to an impromptu vacation will be covered as long as you can verify your income.
Emergency Loans Are Paid Down Automatically
Most online loans are deposited into your bank account and automatically withdrawn from it on your next payday. This means that unless you fail to pay back the loan in the time allotted, interest fees are kept to a minimum.
Availability of Bite-Sized Loans
With online loans, patrons can secure a loan as small as $100 for small expenses that they just can’t cover with a paycheck. This availability has led many individuals to consider online loans before consulting with their banks.
Direct Deposit
Instead of sending out a check in the mail, online payday lenders deposit the requested money directly into your account. This is the essence of emergency funding.
If you have bills or auto repairs that just can’t wait, emergency payday loans are a guaranteed solution to pressing problems that may be plaguing you.
Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get a same day cash advance when they need it most. Kimmy has over 20+ years’ experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business.