In United States, a lot of people short on cash turn to direct payday loan lenders for financial assistance, particularly those who have bad credit score, need immediate funds and hassle free small loans. Payday loans also known as cash advance have been the lifeline of middle and lower income Americans. If you want, know the reasons why people prefer payday loans direct lender to banks, read on.
Payday loans are extremely beneficial as qualified borrowers can obtain a loan up to $1000 or so regardless of their credit rating. Most pay loans online grant loans even to people with poor credit rating, a rarity in the banking industry. Bear in mind that banks prefer borrower with good credit score or have a history of paying their debt on time. So, even if fast loans are expensive, a lot of people still apply for a loan with direct payday loan lenders.
What is the rate of payday loans direct lender? Honestly, the rate is much higher than banks and other traditional lending institutions. Most of the time, you will only know the exact rate when you apply for a loan. The rate depends on several factors such as where one live, what is the pay plans and how the borrowers will likely pay back the loan.
People like payday loans also because the process of obtaining a loan is a lot simpler compared to banks. The first step to get a loan start with filling out the online application form and clicking the submit button. After you send the application you will have to wait for approval, usually you do not have wait for so long most of the time results is out in an hour or two. Once the loan, approved they will send a contract or waiver that you will need to sign in which you are allowing the lender to deduct the principal and interest on your bank account on the next payday. If you agree to the terms and condition of the lender, they will transfer the money to your bank account the same day you apply or the next day.
The simplicity of direct payday loan lenders process, high approval rate and hassle free service are just some of the reasons why payday loans are very popular.Share