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Today I’m going to show you some of the pros of getting payday loans in 2020.
With the pandemic upon us, and so many people losing their jobs daily here in the United States, it may get difficult for a few to get by daily.
And today, I’m going to show you how a payday loan can be of help to you.
Top 6 Pros of Payday Loans
1: Emergency Funds
2: High possibility of getting approved
3: Flexible loan amounts
4: High level of dependability
5: Best unsecured loan alternative
6: No Credit Loans
Let’s dive right in!
There are so many reasons why people choose to use online payday loans, this’s because payday loans do have their place, and can’t really be avoided, especially in situations that are exigent.
Below are the top 6 pros of online payday loans:
In life, there’s no certainty – something must definitely come up that would require you to request for instant cash.
Yes – Emergencies do come up at some point (a friend may even need financial assistance for a pressing issue; your car may just break down, all of a sudden and will require quick repair).
Keeping that in mind, it’s encouraging to know that you can always access an online payday loan without having to wait for a long period of time.
And this’s one of the major pros of payday loans, and one of the reasons why people choose it over traditional bank loans and personal loans.
There’s a high likelihood of you getting your loan request getting approved when applying via a payday lender.
First off, bad credit is one major factor that makes it really hard to find financial assistance when you need one.
But with a payday loan, you get a fair food chance of getting your payday loan request approved.
They are the best options for funding even with bad or poor credit.
One very nice thing about payday loans is that they give you a variety of options of loan amounts to choose from – that is, you don’t always have to take out a large amount of money for something that ought to cost you less.
For example, let’s say that you have a pressing need worth about $300, unlike other traditional loans that would offer a standard amount of loan which could be way more than the amount of money you are in need of, let’s say $1000, payday loans offer flexible loan amounts that will coincide with the amount you need to cater for that your pressing need.
The best part?
Some payday lenders like Instant Payday NV actually offer funding that can reach up to $5000, which basically limits you to no amount of funding for your pressing needs.
But keep in mind that taking up payday loans of this amount comes with more stringent approval requirements, so ensure that you look into your lender’s specifics if you need a loan that’s as high as this.
Payday loans provide a high level of dependability to customers who are looking to supplement for their regular income.
This may be as a result of certain factors in one’s life that could constantly require them to be in need of instant cash on a moment’s notice.
No payday lender will ask you to provide any form of collateral in order to qualify for the loan offer.
This is one of the main pros of payday loans – unlike regular traditional loans, mortgage or a car title loan, payday loans Las Vegas don’t require any form of security in the form of personal property.
That is, no payday lender is licensed to seize any of your personal property if you happen to default on a loan payment.
Payday loans are no credit loans – that is, they don’t really consider your current credit rating or score in determining whether or not you qualify for the loan.
This also helps to prevent any other further damages on your current credit score, because, your inability to payback on a loan debt from a payday lender is not recorded in any of your credit history.
Since payday lenders do not pull your credit history, which also implies that there are no hard credit inquiries on a payday loan application request which could inadvertently lower your credit score by several points.
But you should also note that it’s also impossible to build on your credit score with a payday loan.
Finally, it’s important to note that, you might not get your payday loan request approved if you don’t show to your payday lender a clear way of you paying back the loan, with necessary proofs.
As a rule of thumb, the Consumer Financial Protection Bureau has an act that ensures that borrowers receiving payday loans are screened properly for their ability to pay back the loan debt.
Disclaimer
Short term loans are emergency credit loans that have been designed for short term financial issues.
The loan amount is small and limited to a fixed upper limit. The loans are exclusively created for the short term and will become expensive burdens when extended and used for long-term purposes.
The operators of Instant Payday NV are not lenders. We are neither a bank nor a financial institution.
We are not involved in the process of making credit-based decisions related to lending, offering loans, or collecting repayment.
The website has been created to act as a bridge, a connecting agent between the applicants and the moneylenders.
We do not charge any fee to process the loan application or help our customers find a reliable match for a loan from a third-party lender.
We do not oblige any user/ customer to contact the lender or to accept a loan application.
The data present on the website related to short-term loans and the industry practices are for information purposes only.
Instant Payday NV does not collect, store, or access the details related to fees and charges levied by the lenders.
We do not endorse any of the lenders in the network.
Short-term loans are not available in all states. Not every lender in the network can offer a loan of up to $1000.
We cannot guarantee that the loan application will be approved by a lender.
Instant Payday NV also cannot guarantee that every application will be successfully matched with a lender or that the lender will provide the applicant the loan amount.
The lenders might perform a credit check through one or more credit bureaus (which include but are not limited to the major credit bureaus) to determine the reliability of the applicant.
The lender will also need to perform other verifications such as confirming the social security number, national ID, driving license number, or any other identification documents submitted by the applicant.
The terms of the loan proposal depend on the lender and various factors such as the federal laws and state laws, or industry regulations.
The terms and conditions of the loan proposal will vary from lender to lender and from one application to another.
APR Representation
APR (Annual Percentage Rate) is the interest rate calculated per annum for the loan. Instant Payday NV is not a lender.
We do not have the required information pertaining to the rules, regulations, and terms used to calculate APR by individual lenders.
APR calculations vary from one lender to another, one state to another. They also depend on various factors that decide the APR of a loan. The credit rating of the applicant can be one of the reasons.
Any other additional charges including but not limited to the origination fee, late payment fee, non-payment penalties, or non-financial that include debit collecting actions, late payment reporting, etc. come under the responsibility of the lender.
Instant Payday NV has nothing to do with the payments charged by the lenders or the action taken by them.
We do not maintain any information regarding the same. The charges and actions are to be fully
disclosed by the lender as a part of the loan agreement. The calculation of APR is the annual rate and not the financial charge of the product.
Implications of Late Payment
We highly recommend our customers to contact the lenders to enquire about the possibilities of late payment.
In the case where late payment is considered possible, the late payment fee is applicable and implied.
The laws of the state and the federal govern the cases of late payment fees and vary vastly.
All details related to the procedures and costs associated with late payment are disclosed in the loan agreement.
Customers should carefully review the terms before signing the contract.
Implications of Non Payment
In case of nonpayment of the loan, both financial and nonfinancial penalties may be implied.
The charges for nonpayment and late payment are disclosed in the loan agreement.
Additional actions related to nonpayment’s such as renewals or extensions can be implied upon given consent. The terms of renewal are disclosed in the individual loan application. Additional renewal charges may also apply.
Lenders may perform debt collection practices.
The practices are adjusted as per the Fair Debt Collection Practices Act and any other federal or state laws related to the industry to ensure that the customer or the loan applicant does not end up being a victim of unfair trade practices.
Most of the lenders do not use outside debt-collecting agencies to recover the loans. They use in-house methods to collect the debt from the applicants.
Late payment and nonpayment of the loan might have a negative effect on the credit rating and further decrease the rating.
This may cause them trouble over time. Lenders may report to credit bureaus such as Experian, Equifax, Transunion, etc. In such instances, the late payments and nonpayment’s may be recorded and remain in the records for a certain period.