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Submitted by: John Sonandrew
Any time when you fall with immediate need of cash, payday loans are the one such loan option that provide you small and quick cash for the small period of time. When you are short on cash to meet your everyday expenditure that cannot be avoided or delayed, applying with payday loans are useful.
Whenever you are in financial pinch, payday loans are the most convenient loan option. This loan is becoming quite popular among the working class people due to its extreme expediency and speed. Taking the help of payday loans may turn out quite expensive but at the same time it is quite useful for meeting the financial emergency.
There are some advantages as well as disadvantages of availing Payday Loans. To know more of its good and bad points, read the article below:
Advantages of payday loans:
Payday loans are swift and handy:
Applying with payday loans are pretty enticing for the one who need extra finances in a quick and convenient way. This loan can be availed with the ease of online method that comes with least loan formalities. Few clicks of mouse and the individual will get the borrowed amount of funds directly in his/her bank account within 24 hours.
Bad creditors can also apply:
No matter what sort of credit scores you owned, you can enjoy the approval of payday loans as there are no credit checking process to go through! So, even if you have certain bad factors such as arrears, defaults, bankruptcy etc., you are eligible to approve. As long as you are getting a regular monthly income, approval of payday loan can be enjoyed without any restrictions.
No asset required:
Payday loans are available for the short duration until you get your next paycheck. So, due to its small duration, no collateral is asked for. One can simply enjoy this loan assistance without undergoing the messy assessment and huge paper work procedures. To get additional cash help in a hurry, this is the feasible loan option.
Disadvantages of payday loans:
Very expensive:
Payday loans can be availed with very high APR (annual percentage rate) i.e. more than 100 percent. If a person asks for extending the repayment duration, he will incur with even higher interest rates and fees. The more APR is being charged due to the higher risk involvement. Thus, it becomes quite expensive at the time of repayment.
Very addictive:
The ease of taking out payday loans makes it more addictive. Whenever anyone falls with small financial imbalances, he/she thinks out taking out of payday loans to get the additional financial help for the short time period. Its expedient nature increases the risk of people to take out more debts and paying huge interest rates. It makes the people to get trapped in debts frequently.
Tips:
It is true that Payday loans are quite beneficial to apply during hard financial time. However, it is advised to borrow money from your friends or relatives instead of applying for a payday loans. You should not borrow the loan if you cannot afford to repay it back on time.
About the Author: John Sonandrew is a graduate from London University and presently working in the finance market. He Has a great understanding of online loans like payday loans, same day loans, instant loans etc. He helps UK people in finding money with easy manner that means without any trouble of hassle. Get more information about his services through the website:
samedaypayoutloans.org.uk
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