Payday Loans – A Necessary Evil
Payday loans have been a subject of criticism, yet a necessity in the monetary realm. A sudden financial crisis is depressing and gloomy, causing the person battling such situations resort to extreme measures to make ends meet and payday loans is one such method. Moreover, a sudden urgency for quick cash also paves the way for adopting payday loans.
Out of the many possibilities leading to the payday loans being used as an option, 10 reasons are listed below:
- Banks don’t approve of all loan requests
The prime choices during a financial breakdown or cash urgency are resorting to mortgage loan or bank loans and these solutions are not easy to obtain. Months can be wasted trying to appeal the lenders, erstwhile payday loans aid in paying rent or mortgage payments as they are easier and quicker to be accessed in times of sudden financial downfalls.
- Emergencies can knock the doors and your money without warning
Accidental and unforeseen medical issues, auto repairs or any unplanned mishaps are sure to burn the pockets of any person. These emergency hardships are often faced with no preparations and thus, payday loans provide a helping hand in paying for the unexpected bills and services.
- Personal/private financial help may be asked for
Situations arise when friends or kinsmen fall prey to financial predicaments and are not able to raise cash by any means, including payday loans. Therefore, one can apply for a payday loan to aid a loved one under the pretext that the former is sure to repay the loan.
- For daily commodities and the basic necessities
Surveys and studies reveal that 69% of payday loans is used in order to pay for basic utilities, groceries, bills, rents and credit card dues. Such borrowers that rely too much on loans for their expenses are deemed to suffer from cash downfalls consistently.
- Credit Card debts need to be paid
Threat calls are prevalent when under debt and in such cases, payday loans emerge as a savior. These loans soothe the nuisance credit card companies and lenders cause in cases of unpaid debts.
- Credit checks not required
An optimal reason for the use of payday loans as they don’t observe the borrower’s credit history or credit score, hence, reducing the application-approval time gap.
- Saves relationships
The reverse of reason 3, asking for cash from loved ones may be tough and may also ruin the relationship. Therefore, payday loans come in handy.
- To put an early end to a bill
Heavy penalties or confiscation of goods may happen in cases of delayed or missed payments. To prevent these, payday loans can be resorted to.
- Craving for a limited edition product
Want a brand new smartphone? But the price needs months of savings. Alas! By then it would be outdated. Nevertheless, a quick payday loan can help in getting hands on a limited desirable commodity.
- Extra cash required and repayment ensured beforehand
Guaranteed payday loans prove to be more cost effective than credit cards as long as repayment is done immediately.
For more info on and to apply for payday loans, check out icash.ca.