3 Things That Make Payday Loans Rock
Payday Loans are Quick, Simple, Convenient and Non-Intrusive
One thing that always comes out whenever “experts” discuss about payday loans, is the fact that they can be “expensive.” Although that assertion is debatable, let’s assume that it’s true. So, if payday loans are so expensive, what makes them attractive? Why is it that tens of thousands of borrowers flock to payday lenders rather than banks and other credit companies?
Payday Loans are Quick To Acquire
Let’s imagine a scenario where you are under a contract to complete a project within a specified time. What happens if you fail to deliver your end of the bargain because of financial difficulties? Well, you’ll not only be subject to penalties, but you’ll also have tainted your reputation as a dependable contractor. Unfortunately, borrowing money from banks and other credit lenders can be a long process that will consume a lot of time. With payday loans, you’ll be able to get the money fast, hence not only protecting yourself from penalties, but also establishing a reputation as an efficient and dependable businessperson.
Payday Loans are Simple and Convenient
The other reason why we recommend payday loans is because of the fact that they are very convenient. Unlike bank loans that rely of complex calculations of credit scores and borrower profiling, payday loan lenders consider very few things when they are giving out a loan. This increases the risk of default that they are likely to face, which in turn increases the interest rates. On the other hand, you’ll enjoy greater peace of mind because you’ll be able to receive money in a hassle free manner.
Payday Loans Are Non-intrusive
Another reason why people prefer payday loans to ordinary bank loans and overdrafts is the fact that they are very non-intrusive when compared to other options. For you to get a bank loan, the bank will try to asses your ability to pay as they comb through your financial records with a toothpick. Ironically, once they have proven that you DON’T need a loan, they’ll give it to you. Payday loan lenders on the other hand, do not need a detailed assessment. Instead, they just go for the basic information, hence protecting your privacy.
At the end of the day, the rate of interest is not the only thing that determines how attractive a loan is. Other things such as convenience, simplicity, and speed are equally important. When it comes to these, payday loans have no equal.
by “Heather Wilson“