Instant Payday Loan: Why Are They So Popular?

Instant Payday Loan: Why Are They So Popular?

instant-payday-loan-why-are-they-so-popular

Almost everyone experiences a temporary cash crunch once in awhile. Many, when they find themselves in such a situation, turn to their friends and family members for help. Then there are people who simply take an instant payday loan to deal with a financial emergency.

Instant Payday loans are hugely popular. Want to know why and what advantages they offer? Read on

Fast Cash Boost

It takes quite a bit of time to get an approval on a personal loan application, especially when you apply with a bank. A credit card loan is not substantially quicker and in many cases takes as much time as a personal loan. In comparison to these two, you can have a payday loan on the same day you apply for it or latest within 24 hours. When time is of utmost importance, a payday loan from a reputable legal money lender Singapore is a great option.

No Lengthy Contract

You don’t have to fill a lengthy contract in case of payday loans, unlike personal loans or credit card loans. Usually, you need a small loan to meet a short-term emergency. Filling a lengthy contract for such a small loan doesn’t make any sense, nor does waiting for days to get your hands on the cash. This is another key advantage of such loans.

Available to professionals with bad credit report

You need a small loan but your bad credit score makes it impossible for you to get the loan from a bank. The requirements for a payday loan are not stringent. The only thing is that you must meet the minimum salary criterion and should submit a proof of your job. Additionally, because there’s no credit check in case of the payday loan, it is approved very quickly. You can get a payday loan quickly even when you have bad credit. The whole idea behind a payday loan is to borrow money at a certain fee till your next payday. 

Short Payback Cycle

In the case of traditional loans, some individuals have a tendency to fall into a long payback cycle. As a result, they are able to completely pay off the loan only after a long time. However, a payday loan is very simple the money enter your account immediately after your loan is approved.

There’s no doubt that a payday loan from a licensed money lender can help you attain some cash fairly quickly and without any hassle. However, payday loans are only a short-term solution, and not a long-term solution. You should pay them off within 2-3 weeks. If you do that, there’s no reason why you should have any problem with this type of loan, which many have labeled as controversial.

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