In times when you are in need of quick cash, didn't any mention introduce to the term "Payday Loans"?
I am pretty sure somebody did, and I'm also pretty sure that you yourself is a bit doubtful about it making you want to know all about it in order to weigh things up and decide if getting a payday loan is just what you need after all.
So what are the PRO's and the CON's of getting a payday loan? Let's start this discussion.
Getting a payday loan offers both benefits and risks that should be both taken into consideration before making a decision. In fact, the pros and cons are so important to consider that I've come up with a list of them below.
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Knowing both the pro's and the con's before making a decision is just wise and should get you lesser problems in the future.
The Pros:
- As far as getting quick cash is concerned, the biggest benefits of getting a payday loan is that you can get a loan the very same day of your application. In most cases, it only takes hours specially those that are offered online by payday loan companies that offer online applications.
These types of loan come with a simplified application process - and at most times doesn't require it's borrowers to have a credit account as long as the borrower has a source of income and can prove it - thus reducing the amount of time needed to process a loan application.
- In more simpler terms, most payday loan companies requires no credit checks for consumers to complete, which also means that having a bad credit account won't affect your chances of getting a loan.
Payday loan providers usually just require information such as banking history, proof of billing or employment, pay slips and income information as basis for approval for applications. This also means that having a bad credit history won't affect your chances of getting your loans approved.
The Cons:
- Higher interest rates are charged for these types for loans.
Payday loan firms charge higher interest rates for protection. Because the process of application is more lenient as compared with other types, protection against consumers who fail to pay back their loans is just logical.
With this is mind, it's always wise to control and limit the amount of your loan only to a certain amount which you are capable or can afford to borrow. This will help you avoid having troubles with the high interest rates that are charged whenever a delayed payment is occurred.
- And finally, failure of consumers to pay their loans on time puts you in a bad situation where you get to face penalties with charges that can dramatically increase the costs of your loan if handled poorly.
These fees and penalties include fees for having insufficient funds, delayed payment fees, and renewal fees. All of which causes an increase of your total cost of payment dramatically.
In short, if you think you won't be able to pay your loans on time, it would be best to contact or visit your payday loan provider to propose alternative modes of payment or a new arrangement. Trust me, you don't want to get into the situation of being stuck on your loan payments and be in a bit of a hassle.
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