Life is unpredictable and it can change in a split second. No accident comes with a warning.
Accident, incident, tragic events – all of these have one thing in common. Stress, a lot of stress, pressure and need for sudden action!
Very often we seek to solve our financial p[problems with the money in our savings account but there are instances we are short of funds while there is an urgent need.
Enter payday day short-term loans which are useful in times of emergency.
Clark Reilly, in his famous column for the Blogger News Network, claims that payday loans are often misunderstood people believe that the prices are way too high.
He goes on to mean that payday loans available on the market are not very expensive among the options available. He also states that individuals must allow the customers to choose for themselves rather than thinking that they are unable to decide for themselves. In his article he goes on to justify that American citizens are very intelligent and can think got their own good. He makes use of humor to justify his arguments.
Immediate Cash in Minutes
Normally an easy loan is provided for urgent requirements, so it generally easy to obtain these funding since your application can be processed in roughly fifteen minutes.
Yes, that’s the case. With payday loans the very same day payout, you can obtain the amounts the very same day in a matter of few hours.
Once you have submitted your online application, you will be able to get the funds directly transferred into your bank accounts. Hence, your urgent problems are taken care of using the payday loan system.
Successful and Easier Borrowing
The application in itself asks for your confidential information including your address, name, phone number, history of employment among others.
You must be 18 or over and earn a minimum amount of salary so that the lender can rely on you for the frequent funds disbursement.
Verily, to receive loan funds from the lender you have to have a saving or checking online bank account that can be used to accept funds. The very same account is utilized for retrieving the loan funds. A verified and authentic bank account is a necessary requirement if you need to obtains the payday loans by not meeting the direct lender in person.
If you want to apply for a payday loan, you may get a $100, $600 or $1000. However, looking at the conventional loans they are often very complex in dealing with. For instance, it may take a lot of crucial time to fill the online application form for these type of loans. You got to wait for several weeks to get an approval and have to give more than just the essential information. Therefore, low fee payday loans are pretty much beneficial in almost each and every way.
What the Experts Say
Flora Lawren, the Financial Consultant says that urgent type of cash loan services help various types of borrowers by quick cash service in face of sudden emergent situation. The applicant may very easily apply for the required amount of cash to solve their financial difficulty.
The biggest issue with the conventional payday-loan framework is that it needs a big, lump-sum amount of principal added with interest.
Sometime when borrowers are unable to get the cash to repay their interest-added-loans and their interest amounts to over a hundred, the loans can be rolled over to a separate short-term loan. Hence, the cycle continues.
Instalment loans are not a new phenomena and lender who previously peddled loans are attempting instalment loans for a while now. However, now they are attempting to make it a larger part of their business. The famous Wall Street Journal recently report in 2015, small lenders were able to provide roughly $25.4 billion in instalment loans to those with a credit rating score of less than 500. That’s almost 80 percent above than the previous year.
It’s always upsetting when your payday loan application gets rejected without any reasons given. This is really frustrating especially when you are in desperate need of cash at a time of an emergency and you have no money on you, and you can’t go to friends or family for a personal reason.
Most Common Reasons Your Payday Loan Application gets Rejected
If your payday loan is rejected, it’s probably due to the fact that you either do not have a checking account, or your checking account is too new. Your checking account needs to be at least 3 months old in order for you to apply for a payday loan, and it should be in a good standing position to get an approval.
Lenders need to determine whether you can afford the loan or not, and if you have already too many existing payday loans that are still pending, you may be rejected for this reason. In your application, they will determine whether you have other payday loans that you still haven’t completely repaid yet, whether you’ve taken multiple payday loans in the last three months, and whether you’re applying for the loan to repay another loan. If your lender believes that you can still afford the loan even with your existing loans, they might reconsider your case, otherwise you will be rejected.
If lenders believe you are a risk to lend to, that’s when they hesitate and back out from giving you a loan. If you have made payments to gambling sites or on online betting sites and they find this on your bank statements, you will be marked as a red flag and high risk, and this is possibly why you are going to get rejected.
If you have been filed for bankruptcy in the past, and your bank statements clearly show this, bankruptcy is a red flag, and lenders will not approve your application at all due to this. Bankruptcy means that the person cannot afford to support themselves and will not be able to pay back the loan either. These situations usually take at least 12 months to fully recover until you can apply again.
Direct Lenders that can Help!
Interest rates are comparable: hence you can compare the rates amongst various online lenders.
However, lenders provide less than mean rates online. The trick is to find a trustworthy lender then obtaining a loan is easier than before.