7 Essential Benefits of Getting a Payday Loan

Running short on cash before your next payday is a drag. Emergencies happen and sometimes the money just isn't there. You may also need money for a non-emergency and your payday is a week away. 


Whatever the reason, the ability to take out a payday loan is a great option to have. Getting a payday loan is easier than you think. All you need is a bank account and proof of steady income.


Are you wondering if a payday loan is right for you? Keep reading for seven essential benefits of using a payday loan service.


1. Getting a Payday Loan Does Not Require a Credit Check

One of the advantages of a payday loan is they do not require a credit check. This is great news for someone with less than perfect credit. You also do not want your credit score to take a hit whenever you need some quick cash.


Since there is no credit check, as long as you repay the loan the transaction is not reported to credit reporting agencies.


2. The Process is Quick and Easy

Applying for a payday loan is easier than most people think. You complete some basic information and the lender verifies it for accuracy. The loans have become so popular you can now get payday loans online.


3.  Get Your Money Fast

Once you're approved for a payday loan you receive the funds. You can literally have cash in hand in minutes if you go to a brick and mortar lender. For those applying online, funds generally hit your bank account within 24 hours after approval.

With such a quick process you can handle your situation quicker.


4. You can Get a Loan for Any Reason

Payday loan lenders do not care what you need the money for. Whether you have an emergency car repair or a bill to pay, you can get the money you need.


Loans are not just for emergencies or bills. If your favorite band is coming to town and tickets go on sale Friday, you don't have to miss out. Get the money to avoid missing out or ending up in the nose bleed section.


5. Avoid NSF Fees and Late Charges

Maybe you have autopay set-up but realize you don't have the money in the bank. Banks pay the largest amounts first. This could mean multiple NSF charges to your account. With a payday loan, you avoid those costly fees.


You can also avoid paying late fees by getting the money you need for your bills. 


6. No Collateral is Needed

Payday loans are no collateral loans. All you need is a verifiable bank account. In most cases, the account is used to process payments electronically. This may be why 12 million Americans use them.


7. High Loan Amounts

Sometimes family and friends can only loan us $50. Some stores will allow consumers to write checks for $20 over the purchase amount. With a payday loan, you can get up to $500. 


Do You Need a Loan?

Now that you know the benefits of getting a payday loan, what are you waiting for? Get the money you need today to cover an unexpected expense.