Cash-strapped? Why Payday Loans Could Be the Answer
If you are in a difficult financial position, one of the things you should consider is taking a payday loan. This will help you cater for any emergencies or expenses. Payday loans are designed to fill the gap you might experience between paychecks. But they must be paid off within the allocated timeframe. Failure to pay it in time attracts penalties that include interest and heavy fees.
You can borrow a payday loan for between two to four weeks. A majority of lenders don't require a credit check so even if you have bad credit, you need not worry.
Here are 10 reasons to consider taking a cash advance:
Easy to apply and qualify for
The more popular payday loans become, the easier it is to apply for them. You only need to have sufficient income and should have never failed to pay off another payday loan in the past.
They are flexible
These loans are short term, meaning you can pay them off easily once you receive your next check.
As you apply for these loans, you are required provide some information that you consider private to earn their trust. These lending institutions however cannot give this information to any other person or company without your approval.
It is fast
It only takes a few minutes to fill out an application form and receive a cash loan. Due to competition, these days most lenders will guarantee that you receive your money in not more than an hour from the time of approval.
The amount of payday advance you can borrow is limited by your income. This allows you to pay back your loan in time since it is within your financial means. You are then less likely to fall into a cycle of borrowing.
It is convenient
Institutions offering payday advances from Acta.fi are usually open even outside regular banking hours. You can therefore obtain an emergency loan just at the time you need it most. Applications for such loans can also be made at the convenience of your location just by accessing their online platforms.
Protected by law
Many states have laws that shield you from very high interest rates or penalty fees in the event of a default. Ensure you are conversant with these laws.
Suitable for emergencies
You can obtain a payday loan in an hour, which allows you to handle emergencies more conveniently.
Freedom of use
You can use the money you obtain from a payday loan for anything. There are no restrictions governing its use.
Regulated interest rates
Most states control interest rates levied on payday loans from Acta. The number of applications and fees charged by lending institutions are also regulated.