Payday Loan Benefits: Beating The Competition

Yara Zakharia, Esq.

Instant payday loans are a boon to Americans experiencing a sudden financial slump, brought on by maxed-out credit cards or unanticipated expenses leaving them short on cash. When borrowed judiciously, fast payday loans can help to tide temporary debtors over until their next paycheck rolls in by enabling them to cover daily expenditures and unexpected bills. Consumers who apply for an instant payday advance can avail themselves of numerous benefits, including the following:

1. Money-saving and more affordable alternative

Proceeds from a quick payday advance may be used to avoid late fees. It is also less costly to pay the interest on a fast payday loan than to pay late charges.

2. Unlimited use of loan funds

Borrowers may utilize the loan amount for any purpose contemplated.

3. No up-front costs (i.e. application fee)

4. Quick cash

One of the major advantages of applying for an instant approval payday loan is that it offers fast cash when the customer needs it.

5. Convenient locations and extended operating hours

Instant payday loan companies are usually situated in more accessible locales than banks. Therefore, prospective borrowers need not travel very far to apply for a loan. Additionally, most providers of easy payday loans are open 24/7 and thus open for business beyond regular banking hours. This makes it possible for consumers to cash checks at times when banks are closed.

6. Easy and convenient application process

Applying and qualifying for quick payday loans is a simple, practical, and safe procedure. Borrowers may apply on the phone, via the internet, or in person. The process of applying for an internet payday loan is discreet and secure, since a customer's financial data is kept confidential. Furthermore, unlike conventional loans, easy payday loans do not require any paperwork or document-faxing. Clients can avoid the long and strict evaluation process imposed by other lenders that oftentimes request submission of tax returns and financial statements.

7. Pre-approval for the loan

Borrowers are not required to have a co-signer or to put up any collateral to be eligible for a same day payday loan.

8. Waiver of credit check

Instant payday loans are available to individuals with less than perfect credit since cash advance lenders disregard credit rating. Individuals may obtain loan funds they would not have otherwise been eligible for at traditional lending institutions. Having no credit history or a negative credit score has no bearing on the approval of a customer's application. Consumers can qualify for a quick payday advance irrespective of any bounced checks, charge-offs, bankruptcy, or other credit issue, since payday lenders solely concern themselves with a borrower's present ability to pay.

9. Speedy transaction

Another advantageous feature of easy payday loans is the fast service associated with them. Lenders expeditiously notify borrowers of their approval status. An application for an instant approval payday loan is approved immediately, as opposed to one from a conventional lender which could take as much as 28 days, if not more, to process and approve. With a quick payday advance, loan proceeds are deposited in the customer's bank account in as early as one business day. Therefore, consumers need not wait to obtain the emergency cash.

10. Flexible repayment options

11. Easy repayment

The repayment process is very simple and convenient. Borrowers may choose to repay their fast payday loan either by debit (an ACH withdrawal) out of their checking account or by credit card. Instant payday advance lenders allow their customers to pre-pay their loans, thus enabling them to avoid potential late fees and interest charges. Once the loan has been repaid, consumers may easily obtain another loan, if necessary.