There are situations when you need may money urgently. There is no one to borrow from, and getting a bank loan is a difficult and tiresome process. An ideal solution to this problem is to take out a payday loan.
Advantages of payday loans over bank loans
A bank loan is considered more reliable. Some people do not have confidence in payday loans. But do not avoid this method of borrowing money. For example, payday loans Hartford CT have a number of significant advantages:
- Quick loan decision. Applications are accepted and processed in a very short time. It takes about 10-15 minutes. When you apply for a loan again, it takes no more than 5-10 minutes to get a response from the lender;
- It is often possible to extend your loan term. If you can’t pay off your loan on time, that’s usually not a problem. When contacting a microfinance organization, it will always be possible to extend the lending term. It will only be necessary to pay additional interest. However, some lenders will allow you to extend the loan term for free;
- There are no strict age restrictions. Any person over the age of 18 can apply for a payday loan;
- The process involves no collateral or safety. In order to get approved for a short-term loan, you do not need to look for people who can act as guarantors;
- You do not need to be employed officially. Any type of income is suitable (wages, scholarship, pension, disability benefits, etc.). The only condition is a permanent income;
- Any way to get money. It is possible to choose any method for receiving money. They can be transferred to any bank account. You can also get cash at any nearest lender’s office;
- You are eligible even if you have a bad credit score. The main thing is to assess your capability carefully in order to be able to repay the loan in time.
Situations when you should use a payday loan
As a rule, short-term loans are taken when money is urgently needed. Situations and reasons are different, but the most common reasons to get a payday loan include the following:
- Delay in paycheck. If your paycheck is delayed, the funds are over, and you need to hold on a few more days, then a short-term loan is an excellent option. Moreover, when you receive your paycheck, you can repay the loan early – ahead of schedule;
- Expensive purchases that you need urgently. If you urgently need to buy a new smartphone, computer or something else, which is needed for your daily activities, work and study. A payday loan is the easiest way out;
- Medical treatment or other force majeure circumstances. You may need an urgent medical examination, treatment. Or you may need funds to repair a car. There is not always extra cash available, and a payday loan can be used at any time;
- Daily expenses, payment for services. It happens that the expenses were not calculated correctly and, as a result, you do not have enough money to pay rent, cover utility bills, or buy groceries. A small-dollar loan will help you out;
- Vacation. For example, you find a last-minute offer tour that you’ve always dreamt of, but you do not have funds at the moment. In this case, a fast payday loan will come to the rescue.
Approval rates are very high, and almost every person is eligible for a loan. Funds can be used for whatever purpose. In order to get a payday loan, you only need some kind of identity verification, a steady income and a bank account. Loan amounts range between $100 and $1,000, however, some lenders are able to lend up to $2,500. Lending terms usually do not exceed 30 days.