In the recent times there is a remarkable growth in the demand for small, short terms loans by credit constrained individuals and households. As we all know, where there is demand, supply comes gushing in. There has been an explosive growth of payday lending catering to those in need of short-term and quick money.
The lenders of payday loans are directly targeting the salaried masses that go through a financial crunch halfway through the month until the next pay check is due. Many times people come across situations where there is a sudden need of cash for unforeseen expenses but are unable to arrange for the funds since the salary is few days away. This is when payday loans are the most helpful.
Payday is also called Cash Advance Online or Bad Credit Lending with no guarantor. Cash Advance Online can also have a different meaning, that is, cash is being granted against a predefined line of credit. For example, credit card.
One of the best things about payday loans is that it is even given to borrowers who are seeking for instant loans for bad credit. For small loans bad credit is not considered. In fact it is also called ‘no check credit loans‘. It is extremely simple and convenient to obtain. The two main things that the lender checks is a permanent bank account and a regular flow of salary. The lenders however usually run a credit check just for their record but it does not affect the approval of the loan. Compared to other loans, the interest rate in payday loan is slightly higher. To get payday loans; direct lender is easily available. Non-Bank lenders such as moneyinminutes.in offer great deals in payday loans. Choosing the right lender is of vital importance because:
- Transparency: Wouldn’t you be totally flabbergasted if the lender quoted a certain amount but in the end you paid a lot more because of hidden fees? Hence, it is very important to make things clear from the very beginning about the rate of interest and if there are any hidden charges. Maintaining transparency is extremely important.
- Easy process: Usually applying for a cash advance online (payday loan) is super quick, convenient and hassle-free. The application takes a few minutes, approval is done within no time and funds are transferred within 24 hours. If the lender promises this, then it is a good sign to go ahead with the loan.
- Instant loans for bad credit: One of the highlight of payday loans is how quickly you get it and also people with bad credit can obtain it. Even without having a good credit score, you can still apply for the loan. However, it is important to make timely repayments and not default on any payments as this could hurt the credibility of the borrower. The lenders have the right to go ahead and inform major credit bureaus about the faulty payment or late payment. So, if there is any delay, then the borrower should immediately inform the lender about the same so that the necessary steps can be taken.
- Loyalty: If you choose the right lender, you may also be offered a reduction in interest rates once you become a loyal customer. Which means that the more loans that you take, the lesser the interest rate gets. You may also receive great discounts or offers and hence leading to savings.
- Hassle-free online service: With the digital-age kicking in, it is an adieu to standing in long queues to first fill up the form then submit the documents and then wait for the approval. Now, everything is online. With the online application and online documents submission, it hardly takes few minutes for the process to complete. And best thing is that you get to know online if the loan is approved and within the next day, money is in your account!