Today I’m going to show you the top 15 reasons why people choose to use online payday loans.
This post will help you better understand the value of getting guaranteed payday loans to cover short term funding.
So let’s dive right in!
Are Online Payday Loans Really the Best Option?
It is almost impossible to do without payday loans, especially in this period of the Covid-19 pandemic.
Online payday loans are a great way of getting the right funds needed to deal with unforeseen financial issues.
They are majorly short-term loans which don’t necessarily require collateral to get approved – And last but not the least, they are much easier and faster to get.
Here are the top 15 reasons why people prefer to get guaranteed payday loans:
#1:Unforseen Bills and Expenses
We all have that one time we get all caught up with unforeseen expenses and bills.
In fact:This is the major reason why most people decide to get guaranteed payday loans – and unforeseen expenses could mean that your car just broke down and is in immediate need for repairs, and you need money to quickly get it fixed.
#2: Quick Cash
Online payday loans are one of the fastest ways to get instant cash on the go. It is even possible to get cash and make whatever payment you wish to make in less time that it would take to get a regular loan interview.
#3: Financial Re-evaluation
People choose to get guaranteed payday loans to buy a little extra time to get themselves back on track after weathering a tough financial storm.
#4: Personal Integrity
To protect one’s personal interest and avoid insults from friends and family relatives, people would prefer to get a payday loan Las Vegas.
#5: Settling Bank Overdraft Fees
Sometimes, Banks themselves do add insult to injury by charging you on overdraft fees.
Bank overdraft fees are charged when there aren’t enough funds in your account to cover a recently made payment, and as part of an overdraft protection service, banks help you cover this difference with an overdraft fee.
So you can choose to get an online payday loan to help you avoid these bank overdraft fees.
#6: As a Cheaper Alternative
Rather than paying banking, reconnection, bounced check fees, or even missed credit card payments, guaranteed payday loans are the best cheaper alternatives for you.
Plus, you don’t need to provide any form of collateral to get your loan request approved.
#7: To Cover Holiday Expenses
The holiday seasons are one of the most financially stressful times for all. It isn’t really that the funds aren’t there – but sometimes all the funds aren’t available at one time to do the things we really love.
This is one of the many reasons people go for guaranteed payday loans during the holiday seasons like Christmas.
#8: To Avoid Credit Score Checks
Most online payday loan lenders don’t require a good credit score to get your loan offer approved. This is the best kind of loan for anyone with a bad credit score.
#9: Improving Credit Rating
Getting a payday loan goes a long way in improving your credit rating, and also maintaining a good credit score.
It is also almost impossible that guaranteed payday loans can hurt your credit rating or score as it is a short-term loan which is paid back within weeks.
#10: For Mortgage Repayments
Most people do argue that taking up guaranteed payday loans to help repay mortgages is the worse option, but it’s rather preferable to get a payday loan than to fall behind on your mortgage repayments.
This is also one reason why people choose to sign up for online payday loans.
#11: For Debt Consolidation
This is another major reason why people choose to get online advance financial loans. These kinds of loans can also be used to pay off loans from other lenders. Or, just to settle a debt from another source such as a credit card.
#12: An Alternative to Bank Loans
Payday loans are the perfect alternative to regular bank loans. They are much easier and faster to get. For this reason, most people prefer guaranteed payday loans over loans from banks.
#13: Additional Assistance to Friends and Family Members
A payday loan can also be taken to assist a friend or family member in a current financial predicament.
#14: Smooth Application Process
Unlike conventional loans and credit cards, you are not required to provide many proofs, documents and collateral to qualify for an online payday loan.
The major requirement for a guaranteed payday loan is just a proof of income, as they consider your current financial position more than your credit score or rating.
#15: It’s an Unsecured Loan
Unlike conventional loans, you are not required to provide one of your personal property as a form of collateral to secure the loan.
Payday lenders have access to your bank account which makes it easier for them to collect on the loan repayment
Have you ever considered taking up an online payday loan?
We are here to assist you in finding a reliable moneylender to solve your financial troubles without much hassle. Using our experience in the field, we will provide you the required guidance to apply and get a personal payday loan in less than 24 hours.
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 (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.