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Quick Payday loans: Advantages and Disadvantages

Fast and easy to avail, quick payday loans are increasingly becoming popular options for emergency funds today. If you are thinking of applying for one, you might want to consider having a deeper understanding of these short term personal loans. Knowledge, after all, is your best protection when it comes to making financial decisions. This article will provide you with some of the important things that you should know when you apply for a payday loan as well as its advantages and disadvantages.

What You Should Know When Applying for a Payday Loan

Payday loans are just like those advance payment requests that you make with your employer. Not all employers, however, are comfortable in giving advances to their workers and if they do, the process usually takes time making it a not so ideal option when you need instant cash to address an unexpected expense like a forgotten bill that is due in the coming days or your car requiring an immediate fix.

In these situations, payday loans become a viable option, especially if making a credit card advance is not possible. These loans, however, normally come with high APR interests ranging up to 1000%. Finding a reputable lender that offers relatively lower APR is important if you want to avoid incurring high costs in paying off your loan.

Advantages

Instant Cash – From starting your application to receiving money in your bank account, the process is quick and easy, often in just a matter of hours, making it a great choice in situations where you need instant cash.
Easy to Avail – Requirements are minimal in its application process. A basic information on your personal profile such as name and address and a proof of income is often what it asks from its applicants.
Online Transactions – Applications can be processed online. When the loan gets approved, the lender sends the money directly to your bank account. Repayments are automatically collected from your account as well. No need to get off your chair when applying for this loan.
Easy to Payoff – The date of repayment is always scheduled on your pay day making it very easy to pay off. Collections from repayments are also done automatically from your bank account so unless you suddenly go bankrupt or lose your job, there is no reason why you won’t be able to pay off your dues.
Protects Your Credit Rating – Because these loans are designed to ensure that payments are made on time, you are not prone to damage your credit history from missed and late payments. It can even become an effective way to boost your credit score as long as you continue earning a salary and there is always something left in your bank account to make repayments.

Disadvantages

Short Term – Payday loans are short terms loans so if you are looking for something that would run for several months or longer, these loans are not the ideal options.
High APR – The extra charges attached to these loans are relatively costly and higher than standard bank loans. Plus, if you fail to completely pay off the borrowed money in the agreed time, the charges may double.
You Must be Fully Employed – Full-time employment is required which is unfortunate for applicants who are in dire need of money but are doing part-time jobs or are recipients of unemployment benefits and social welfare.
Requires a personal Bank Account – You need to have your own bank account to get approved by lenders since this is necessary for them to make the automatic transfer of funds and collection of repayments.
Small Loans – Generally, you won’t be able to borrower higher than £2,500, depending on the lender. Not your solution to buying a new home or making a major purchase or investment.
Can be used as a scam – Can be used as a scam by crooks especially if you are applying for a loan online. You need to be cautious in choosing an online dealer as the internet is teeming with dishonest brokers who make money by selling your information.

From start to finish, availing for a payday loan is relatively fast and easy making it an appealing choice when you are in need of instant cash for emergency reasons. But it also does come with some disadvantages such as having a high APR. Try to weigh out its pros and cons and consider your current situation so you will come up with an intelligent decision on whether or not this loan is the right one for you.

Payday Loans

We at FinanceNut specialise in Payday Loans and strive to bring you the very best financial plans to suit anyone’s needs. Below, you will find a list of the kinds of Payday Loans that we offer with a little description about each one to help you find the one that fits you best. Once you have chosen the variety that meets your criteria click through to get more information or click the Apply Now button to get the ball rolling.

Advance Loans

Advance Loans are very close to being the basic form of a Payday Loan.

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How To

If you need help applying for a Payday Loan then this page is for you.

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Long-Term

Never heard of a long-term Payday Loan, find out what it means.

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Payday Loans Now

If you are in a big rush to get your cash, this is the place for you.

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Reviews

A collection of professional and company reviews of the benefits of Payday Loans.

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Small Amount

If you are looking to borrow a small amount, here is the solution.

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Advantages

Get to know the advantages of Payday Loans and why you should get one.

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Instalments

Think a Payday Loan with instalments is strange, find out how it works here.

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No Credit Checks

Worried about credit score? Why not opt for a loan with no credit check.

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Payday Lenders

Find out which lenders are best to choose when getting a Payday Loan.

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Same Day Cash

Great when you need cash today and can’t wait for a long payout time.

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Unemployed

If you are unemployed you can still get the finance that you require here.

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Direct Payday

Find out why a direct Payday Loan is a great option for many reasons.

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Instant Payday

Perfect for when you are in need of a very fast cash injection.

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Online Payday

The guide to making sure the online loan you’re looking at is legitimate.

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Payday Loaning

Find out why this is the most popular modern way of borrowing cash.

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Same Day Payout

Sometimes you need to be able to get the cash out the same day, here’s how.

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Weekend Loans

Find out why so many people are opting for weekend loans when they need cash.

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Exceptional Payday

Learn about the top 5 qualities of an exceptional Payday Loan.

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Loans Today

This will show you how Payday Loans have progressed up till now.

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Online Advance

Why online advances are a great and easy way of getting the finance you need.

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Payday Companies

Get to know which companies are best for Payday Loans from across the UK.

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Short-Term

Find out what the benefits of short-term payday loans are now.

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5 most recent personal loan reviews

Review of Swift Sterling

A process that was made as simple and hassle free as possible. Friendly, helpful staff and the money was paid out as soon as all checks were carried out and they did not take long at all. A good opportunity to borrow money and build your credit score. Thank you Swift Sterling Loans from a happy customer :-)

Review posted by Shehzad Alum, Bridgwater

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Hitachi Finance

Recently turned 18 and wanted to apply for a loan to build my credit score which they agreed was fine. So applied for loan on 3/03/2017 and they rang me and my guarantor the next day at 8am! (Early but fine:) ) to confirm each others details and the loan was paid into my guarantors bank 11am that day 4/04/2017. Very good service and their customer service team are very efficient! Would recommend to use these guys for a loan.

Review posted by Jordan Mabbutt, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pogo Loans

The whole process was easy and hassle free. The website is easy to use, the information is clearly laid out and easy to understand. When speaking with a Pogo person they were always polite and helpful. And of course, the loan came through on the day they said, I was totally stress free.

Review posted by Nick White, Mold

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot for authenticity.