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Advantages and Disadvantages of Pay Day Loans
We will try to avoid including personal judgments and prejudices and explain clearly what the facts are about payday loans. Let’s start with the most controversial topic when it comes to payday loans: The interest rate. To avoid boring the reader with different definitions and comparisons of interest rate, let’s agree that when we talk about interest rate, we mean the APR, which includes the interest rate and most other fees and loan costs.
The Interest Rate
As promised, we will avoid judgments while still presenting facts. We will also avoid numbers because there are too many differences between lenders. Truth is, the interest rate charged for Pay Day Loans is HIGH. Higher than home loans, home equity loans, and generally higher than all other personal loans, whether secured or unsecured.
The interest rate charged for Pay Day Loans is (with only a few exceptions) always higher than the interest rate charged for credit card unpaid balances. In short, Pay Day loans are probably the most expensive financial product in terms of interest rate with a few (but very few) exceptions.
Time for Approval
Payday Loans are approved FAST. Moreover, they are probably the loan product with the shortest approval period on the market. Most Payday Loans are approved within 24 business Hs. There is no point of comparison due to the characteristics of the loan, but they are still the type of loan with the fastest approval process.
Approval Ratio
The Approval Rate of Payday Loans is HIGH. It is higher than all other types of loans and credit card products. Can people with Bad Credit be approved for Pay Day Loans? Provided they meet the loan requirements, which have nothing to do with credit score or history, the answer is YES. People with Bad Credit, No Credit or even Bankruptcy can be approved for a Payday Loan just like someone with Perfect Credit.
Loan requirements
The often heard statement that Pay Day Loans have “No Requirements” is FALSE. There is no such thing as “No Demands” in the financial industry. Payday Loans have No Credit Requirements, but there are still requirements you must meet to be approved. Payday Loans require you to show proof of steady work (usually two years with the same employer) and to have a bank account. No Bank account and no job or other source of income means you will be rejected.
Paperwork or No Paperwork?
This is a difficult question, online lenders claim that they provide loans without paper or almost without paper. If by this they mean that there are actually no forms to be filled out on paper, their claim can be considered TRUE. However, you will need to fill out online forms and if you are going to a lender that does not accept online applications, you will need to fill out paper forms and sign them all the same.
We hope that all this information helps you arrive at an independent opinion on Pay Day Loans. We will not tell you that they are a good financial product or not, or that they can solve financial problems or make them worse. We’ll leave those questions for you.
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