Month: April 2020

Arrange affordable cash to meet your emergency needs

Posted on by cheryl

your emergency needs near youThere is no going around it – there are times in all of our lives when we really need cash and there is no way for us to get it. That is, unless we consider taking out a payday loan. What is this thing, anyway? I am sure that you have heard and seen a lot about payday loans. If you have not tried it for yourself, you just might want to learn more about it. After all, you never know, you just might need to get one for yourself sometime in the future.

A payday loan is just like any other loan in the sense that you borrow a certain sum of money from a lender. It differs from many other types of loan in that it is designed to meet short term immediate needs. As such, a payday loan can be acquired within a day or several days. In the same way, a payday loan has to be paid off within 2 weeks or so.

A payday loan is perfect for those who have immediate monetary needs and who cannot wait for weeks to get their loan processed. If you have ever taken out a conventional loan from a bank or any other financial institution, you would know that getting a loan processed can be a long and tedious task. When it comes to payday loan, however, you do not have to go through this long process.

All you need to do in order to acquire a payday loan is to apply online – most payday loan providers operate online now. Application will take you a few minutes and then several hours to get your reply. Once the payday loan has been approved, all you need to do is to wait for the cash to be deposited into your bank account – the account that you have indicated in your application, of course. This can take anywhere from several hours to several days. The normal releasing time, however, is about 24 hours. So, for example, if you apply for your payday loan today, you would probably have the cash in your hands by the next day. See how fast you can get your payday loan?

Payday loan providers in the United States may have varying requirements for their borrowers. More often than not, they have more requirements for first time borrowers than for returning borrowers. Still, the requirements are not that much. The most basic of requirements would be:

-the borrower should be at least 18 years old
-the borrower should be a resident of the United States
-the borrower should have a stable job (at least 3 months) OR a business that is a source of regular income
-the borrower should have an active current account.

That’s it! If you meet these qualifications, then the chances are that you can avail of a payday loan anytime you want to.

Seeing how easy it is to acquire a payday loan, why wouldn’t you want to try it for yourself should the need arise?…

Payday loans and long-term loans: a comparison

Posted on by cheryl

One of the most common questions that arises when payday loans are mentioned in an conversation is how they compare to long-term loans. Other questions such as “Why take a payday loan when conventional long-term loans are available?” come up as well. So why indeed? Let us take a look at both kinds of loans and do a brief comparison to answer these questions.

Long-term loans are usually offered by conventional financial institutions. There are also other newcomers to the industry that specialise in long-term loans and are not part of the high street banks. Long-term loans can fall under so many different categories. Some of them are secured while others are unsecured. The former simply means that the borrower has to put up some sort of collateral to ensure that if something goes awry with the payment, the lender has a form of security by which they can get their investment back (investment being the money that they lent the borrower). Collateral can come in various forms, the most common of which would be a piece of land, a house, or a car.

On the other hand, the latter means that the borrower does not have to have collateral to borrow money. What are the implications of this fact? One big consideration is that the interest rates applied to unsecured loans are generally higher than those applied to secured loans. The higher interest rate is the way by which lenders can ensure that they make money off the transaction.

So how do payday loans differ from these conventional loans? After all, in a sense, you can consider a payday loan to be unsecured as you do not have to lay down your property on the line. However, it can also be viewed as secured if you consider the next paycheck as the collateral.

The biggest difference, perhaps, between traditional long-term loans and payday loans lie in the difference in tags. Long-term loans obviously are paid over a long period of time – months to years. Payday loans, on the other hand, are paid over a short period of time – weeks to months. More than this, the time required to receive money from a payday loan is much shorter than the time required for long-term loans. Processing times differ from lender to lender but in general, you can expect to acquire your cash from a payday loan within a day or two of approval. The approval can happen within one day as well. Compare this to long-term loans, which can take anywhere from weeks to months to be approved and then the same for the cash to be released.

It seems, then, that payday loans are so much better than long-term conventional loans. However, I do have to point out that the speed and convenience of payday loans come at a price. The charges and fees associated with payday loans are generally higher than those associated with long-term conventional loans. Do ask anyone who has had experience both, however, and you will probably hear something to the effect that it is a small price to pay for the convenience and ease of payday loans.…