Easy payday loans can be the perfect solution to your financial distress when it is still some weeks away to the month-end paycheck. The loans are also perfect for all sorts of financial emergencies including medical, utility bill, fines, and tickets, an unplanned purchase, or vehicle repair. With these loans, you can get the money when you need it and pay it back with your next paycheck or according to terms set in your loan agreement. The beauty of payday loans is that they provide fast cash, excluding lengthy borrowing processes, which could leave you in further financial and psychological turmoil.
They can be applied online, and the amount loaned could be available to you as soon as the next day. While these amounts are not massive, the loan’s term is short with a payback schedule of two weeks to a month. In case you met some unexpected and sudden financial issue, and have exhausted your emergency savings account, these easy money payday loans will be helpful. These loans can mitigate the downward economic cascade brought about by money shortages, help you access health care and manage your day-to-day financial obligations to keep you working stably until your next paycheck.
Alternatives to easy payday loans
- Borrowing from family and friends
This is advantageous because you avoid fees and high interest rates. It will be a great option to solve an emergency financial crisis if a family member or friend has enough cash to lend you. Unfortunately, borrowing money from friends and acquaintances often endangers the relationship because if you are unable to meet your end of the deal and pay in time, things could turn sour. In this case, an alternative lending source could be more preferable.
- Advance payment
This is a way of getting quick financial assistance from your employer if such facilities exist in your workplace.
- Guarantor loans
You can get these by asking a friend, acquaintance or a family member to act as your guarantor to allow you to get a loan. This implies that they are liable in case you are unable to meet your loan obligations.
- Social lending sites
Most peer-to-peer lending sites involves lending of money amongst acquaintances. Their terms are softer than those of banks, though a poor credit score may still impact your ability to borrow.
- Credit unions
If you are eligible to join one of these, you stand a good chance of getting an affordable loan quite easily.
- Secured loans
In this type of financing, you get loaned some amount of money by putting down a collateral. Pawnbrokers are great for smaller amounts of unsecured loans. If you are unable to pay back the loan, there is the chance that you could lose your asset.
Benefits of easy payday loans
With an easy payday loan, you will only be in debt for a few weeks or days because they are meant to be short-term loans.
- Easy payday loans are approved quite quickly compared to other forms of traditional loans, especially from most brick and mortar financial institutions. Applications for these loans is usually done online and needs no lengthy paperwork. Having an ability to provide cash fast is a competitive edge that most easy payday loan financiers strive to maintain. Most other conventional loans cannot be utilized for emergencies because the application is one long drawn out procedure, sometimes amounting to several weeks of a waiting period. And while with payday loans, you can know very quickly whether your application is successful or not. With most conventional loans, this is a process that takes time. Easy payday loan lenders ensure that you get your application’s acceptance or decline status fast enough to allow you seek other financial avenues quickly.
- Easy pay loan processes are conducted online, needing no appointments with lenders, or loan officers. You can apply for these loans from the comfort of your home or in the office. The amount loaned is also availed in cash form to ensure that you can use it to pay for any kind of needs you may have. This includes anything from bills, tickets to groceries. And while most traditional loan’s usage is pegged to a particular purpose, payday loans can be used for any financial need you may have. Most lenders need you to email or fax proof of your income, and you are good to go.