Payday loans are the right solution to any cash emergencies. They are fast, reliable and secure. You don’t need to be present physically in order to submit your application, process your paperwork, and claim your payday loan check. In a nutshell, the benefits of payday loans beat the disadvantages.
So in order to fully understand the process as well as why the lenders charge quite high interest rates, let’s take a look at the risks they need to face.
Payday loan companies file cases against 11,000 loan defaulters each year. This means that they lose a lot in letting people borrow cash without credit checks and/or collateral. But why do they continue to prosper? That’s because there are people like you who continue to pay back what is due, including the interest. However, don’t just accept the first lender that you see because chances are that you might not agree with the rates right away. Weigh the pros and cons presented by each company you approach before you make your decision.
Advantages of Top Rated Lenders?
1. First of all, you get cash rebates and discounts for repeat transactions. The best lenders have already established their names so they get a steady stream of clients all year long. Because top rated companies appreciate every business transaction, they offer discounts of up to 30% for loyal customers, with a minimum of a 15% discount starting on the 6th successful loan application.
But don’t worry if you are still a new client. There are also companies that are willing to give as much as 25% discount applicable to the finance fee.
2. Other than discounts, top rated lenders also promise quick approval granted that your loan application is received prior to the cut-off time. A guaranteed amount of up to $1,500 can be approved, processed and released within one business day.
3. The best payday loan companies don’t ask for much. All that is needed is an active savings or checking account, an online form that you have to fill out, and proof of stable income. Firms offering payday loans will not be running credit checks so your credit score won’t matter. If you are worried about your security, the top rated payday loan companies ensure that your information is safe.
4. Lastly, since most payday loan companies have gone online, you are no longer bound to the 8 am to 5pm business hours in traditional settings. This means that whenever you feel like you are short of cash but you are certain that you have enough money on your next payday to pay for the amount you intend to borrow you can get online and fill out the payday loan form. And if you need help, the best rated payday loan companies also employ courteous customer support representatives to assist you.
Despite the high default rates, payday loan companies continue to provide excellent service to people who are faced with cash emergencies. As long as you need help, payday loans are there to provide quick cash.