Payday loans are one of the options that we have when it comes to choosing finance. This type of loan can be ideal in a number of situations, especially when you want to bridge the gap between now and the day you get paid. Here, we will explore the benefits of modern payday loans from companies like Quick Quid and Wonga in more detail.
Speed of Obtaining Money
A bank loan can take days or even weeks to end up in your account, and payday loans are there to bridge the gap rather than act as an alternative form of finance. One of their main benefits is that you can have the money in your bank account inside 24 hours. In fact, with many payday lenders (like Quick Quid) this process takes less than an hour in the majority of cases. This is helpful because it can stop you defaulting on ‘more important’ payments or running into financial difficulties with another lender.
Unfortunately, ‘hidden expenses’ are an issue that everybody has to deal with. Any day even the most reliable of cars could break down, you could accidentally drop your laptop or phone as well. Due to the way that we live, all of these items are a necessity, so waiting until you get paid is not an option, and a bank loan could take weeks to clear, so a payday loans are the only option.
An application with the majority of payday lenders (like Quick Quid) takes less than 10 minutes because you only have to give your vital information. Some bank loans require extensive validation and for you to sign dozens of pages, and with payday lenders this is not the case.
Payday Loans are Much Better than Other Alternatives
A credit rating is something that comes into play whenever we try to obtain finance. Any marks on our credit rating are something that we will try to avoid by whatever means necessary. If it gets to the point where we risk defaulting or breaking the terms of another payment because we have had to make a payment to something else, then getting a loan from a payday lender like Quick Quid is much better. Furthermore, in terms of your credit rating, if you take out a loan from a payday lender and make all of your payments on time this will reflect positively.
Credit Checks are Less Strenuous
There are payday loans that can be obtained by those with a poor credit rating. This means that if you have applied for an alternative form of finance and have been rejected, you may still be able to get a payday loan. In the majority of cases, if you can prove that you earn enough to make the payments you will be accepted. A website like Quick Quid has a specialist Quick Quid promo code that may help those with a lower credit rating obtain a loan.
Payday Loans are Flexible
With a bank loan, you have to pay a certain amount until you have paid off the total. If you want to pay it off before the specified end date, then you often have to pay an early repayment fee. With a payday loan this is not the case. With the majority of payday lenders, you can obtain a loan and pay it back whenever you want only paying off the amount you have borrowed up to that point even though you have no obligation to make a payment before the end date.
The four benefits listed above are true for almost every payday lender. If you want to bridge the gap between today and your payday then there is no better option than using a payday company. Furthermore, if you explore promotional codes like Quick Quid promo codes you will be able to obtain the best deal.