Payday loans have a lot of pros and cons. You will see a lot of warnings and a lot of why not to get a payday loan from a reputable company like SGE Loans. So in fairness let us look at why to get a payday loan why you would want one, what makes them so attractive.
1.Cash, cold hard in hand cash. Bank loans are done into your account or as a credit electronically. If you don’t have an account or electronic access, you can’t get at the money, if you can even get the loan at all. Payday loans deal in cash, cool, in hand. With a payday loan you get your money right away, no waiting, no 2 to 5 work days, you get it right there and then read to be put to use.
2.Credit checks, banks make extensive use of theses. However every time you someone checks it counts against you, so the more you apply the less likely you are to get a loan. If you have bad credit you can forget about it even if your payback history is good. If you have been smart and avoided credit, so you have no real credit history to begin with you are out of luck as well since no bank will be willing to take the risk. Payday loans do not have these extensive checks and restrictions.
Fast and Easy Access
3.Convince is another big issue with payday loans and banks. Banks make you go through a long application, credit checks, going down to the one location they have. Often times you have to wait spending a whole day just doing the basics, then wait longer for a response, then if they have decided you amused them, wait again to get the money. Payday loans take an hour or less most of the time, they are everywhere, and even online. Speed and easy access makes them far less hassle than a bank loan. Eastside Lenders said that they can pay out same day loans to the majority of the people that they see.
4.Size, sometimes you don’t need much, just a little boost, not thousands of dollars that will take years to pay back, maybe just one or two hundred or less. Banks have set limits on how much and how little they can lend, even at the lowest amount it is still, thousands of dollars if not tens of thousands, taking a few years or more to pay off. If you just want to make rent, or pay a bill, you don’t need thousands of dollars, you only need a little bit, you want to borrow and pay back and move on as quickly as possible.
Trusts, the banks broke the world, they are directly responsible for much of the worldwide financial issues right now. The simple fact is that people just don’t trust in them anymore, some never have. You can do business of any kind if there is no trust, and the banks make you jump through so many hoops to trust you, but there is nothing you can do to make sure you trust them. Payday loans are small lenders, not giant conglomerates, and people trust that more in this economic climate.