Are Payday Loans Bad?

Payday loans can be the best thing that ever happened to you! You may have heard some rumors about these type of loans and been warned that you should stay away but the reality is many of those rumors were started by the big banks that want you to take long term loans with them and commit yourself to years of debt.

Short term loans can help you to fill in the gap with easy to secure financing for a wide range of situations. The goal with these type of loans is to give you the money that you need without making you a slave to long term debt.

How Do They Work?

One of the nicest things about these type of loans is that the processing time is super-fast. When you go to the bank and ask for a loan, you have to go through a long lengthy process that involves gathering documents and may even involve an interview to see if you are credit worthy. The process can take up to 2 weeks to get your money AND it can take up to 2 weeks to be denied!  Payday funding works a little differently all you have to do is:

* Fill out the application
* Provide information about your income
* Accept the loan terms
* Get your money

The entire process takes about 24 business hours not the 2 weeks at the bank. Another positive is that even if you have bad/no credit you may still be eligible for a loan.  The “payday” loan is a short term loan that is based on your income. You pay the loan back on you next payday.

Like Borrowing from a Friend

When you hit up your friend for a few dollars to get you through to payday they do not ask for tons of information. That is how this type of loan works with lenders that trust you! Short Term Loans can help you find the perfect terms for your loan!

Pin It on Pinterest

Shares