Payday Loans for Any Immediate Needs
"Payday lending is widespread. FDIC (2013) estimates that 4.7% of all U.S. households have at some time used payday lending, while Pew Charitable Trusts (2012) puts the figure at 5.5% of U.S. adults. In 2005, payday storefronts outnumbered McDonald's and Starbucks locations combined (Graves and Peterson, 2008). Lenders extended $40 billion in payday credit in 2010, generating revenues of $7.4 billion (Stephens Inc., 2011)." Read more
Payday loans are a very popular type of credit now. There is no surprise, really, why. They are positioned as fast cash loan option that is available almost to anyone. Taking into consideration the fact that these loans do not involve any credit checks and that they are granted on the basis of the presence of income source proof, much greater number of borrowers can apply for them and get some kind of a financial help when they need it really fast and without delays.
Payday loans are short term and small in amount. They do not presuppose getting more than $1500 at once and in many states the maximum loan amount does not exceed $500. However, even $200-$300 sometimes is able to save a person from the trouble. One of the best benefits of this loan is that lenders are ready to offer their loans to everyone who is in need. Banks do not really issue loans in such small amounts and they are also very concerned about the credit history of a person. A person with a bad credit history is not likely to get a loan from the bank but he or she will have no problem at a payday loan store.
Payday loans are usually given for a period of 2 weeks on average, and until the next paycheck of a person. It is really very convenient. Most of the lenders have flexible terms and some of them practice extensions in case a borrower is unable to repay in time.
As long as the procedure of borrowing is fast, payday loans can be taken in any situation that presupposes any share of emergency. That is why people frequently apply for payday loan when they have urgent bills to pay in order to avoid overdrafts and when something breaks or needs immediate attention and financial support.
Quite often people take such loans to keep up with their current expenses such as medical and grocery bills. They take a payday loan when they have to pay rent and when they have no cash for gas. They also apply for the help of payday lenders when they need some cash inflow for, say, Christmas presents or vacations. As it has been mentioned, the benefit of such lending is that approval is given immediately and there is no fear of being rejected on the basis of bad credit. After the approval the money is transferred to a person’s checking account and can be used by a borrower to any needs.
Online payday loans are even better in this respect as they took less time to get than the loans from storefront. All in all, payday loans are very convenient as they are easy to get and easy to repay. The terms of lending are simple and the requirements are very few. They are very popular among borrowers.