The Pros and Cons of Payday Loans

It is a harsh reality of life these days that a vast majority of middle class families find themselves short of cash to fulfill their pressing financial emergencies, especially at the end of a month. What do you do when you a family member needs to be hospitalized for treatment of an illness and you are cash strapped, waiting for your next payday to arrive? This is when personal cash advance offered by money lending companies comes to your rescue. These lenders provide unsecured loans for small amounts of money for a short term without asking for any collateral.

Payday loans are very fast

Payday loans are so called because of their requirement to be repaid along with interest on your next payday. The biggest plus point of these easy approval loans is that they are lightening fast. You cannot wait for a few days to receive money when there is a pressing financial exigency to be met immediately. In most cases, applicants receive money in their bank accounts within a day or two to overcome their pressing needs.

These loans are very easy to get

Obtaining a cash advance is child’s play if you fulfill the eligibility criteria. Anyone who is over the age of 18 can get cash advance if he is working in a company that pays salary into his bank account. You can apply for a loan sitting in the comfort of your own home as these lenders have set up shops online.

You get money even if you have bad credit

Banks do not entertain loan applications from people with bad credit. These lenders are prepared to take the risk and offer cash in minutes to even people with bad credit. If you suffer from bad credit, your best bet is to get fast cash from these payday loan companies.

Private lenders work with great efficiency

When you need quick money, there is no one to beat the speed and efficiency of these private lenders offering fast cash loans with no credit check. Just provide your name and address along with your bank details and you can expect money to be deposited in your account in a day or two after verification done by the lenders themselves.

Payday loans carry a very high interest rate

As private lenders do not ask for good credit and provide quick money without any collateral, they are entitled to charge a higher rate of interest. The duration of these loans is very short and if you can make sure to repay in time, high interest rates do not hurt you badly. But you can suffer financially if you are unable to pay on time. This is why you must avail these loans if you can repay the loan along with interest on your next payday.