Quick Loans Today
Quick Cash Loans
Nowadays, the pay day is that special time of the month that everyone looks forward to. Then, we also get the necessary money to pay the bills or buy ourselves that long awaited gift. The problem is that, at certain times, we need money several days or even weeks before our paydays so as to cover the cost of an urgent car repair or rent payment. At such times, taking out a quick loan seem like the only possible option out there.
Quick loans, commonly referred to as payday advances, are small and short-term loans that can be a life-saver if you are running low on cash days before your paycheck. They are intended to be used in emergency cases only and not as proper long-term financing. Generally, the payday loan allows you to take out a small sum of money- usually ranging from 100 to 800 pounds- for the time until your next paycheck, when you will be required to pay back the loan.
The short-term payday advance has received a lot of mixed reviews. Therefore, it is really hard to decide whether they are beneficial or not. To clear that, we will explore its good and bad sides.
Firstly, let’s do an overview of its advantages. The quick loans requirements are really simple and make it possible for everyone in a pinch to take one out. This, however, might confuse many because we all know that taking out a loan is usually a very time consuming job that is filled with many complicated requirements. However, different from all other types of loans, the payday loan will require you to have a bank account, a proof of a steady income and some sort of identification. Yes, that’s right! No credit checks are required.
Also, quick loans can be taken out really quickly, which means that the funds will be available to you in a very short time. Generally, you will have the money ready for collection in about 24 hours. What is even better is that some companies have reduced that time to just a few hours. This makes the payday loan perfect for people in urgent need.
On the other hand, the payday loan has gotten very bad reputation over the years because of its very high interest rates. In most cases, lenders will set their interest rates above the ones offered by the commercial banks. This can create a lot of trouble for a borrower who is late on his loan repayment, because the only option they have then is to take their lender’s extension offer. In such cases, borrowers will find out that the size of their debt is increasing far more rapidly than before, mainly due to an increase in the interest rate.
All in all, taking out a payday loan depends on the borrower’s circumstance. When you cannot find another form of funding and you need the money urgently- it can be a life saver. However, when it is not absolutely necessary, the quick loan will create more trouble for you than it would solve.