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Instant Payday Loans For People On Benefits
Next time you’re under a financial fiasco and you need cash quickly, you can go for payday loans. This type of loan has received a number of critics, however, it is beneficial especially when you fully understand what it is about.
Traditionally, when people when people want to borrow money, they think of credit cards, banks, and traditional loan facilities. Certainly, these financial options produce money for those who need it; however, they have their own limitations and strict requirements. When using credit cards, the borrower can easily be tempted to use more than what he needs and could afford. This eventually results to bad credit and debts. Meanwhile, banks and conventional lenders often reject those who are not able to meet their high criteria. In addition, the loan application process takes weeks or even months, thus, it’s not recommended for emergency cases.
Payday loans, or cash advance loans as some refer to it, are better alternatives. This type of loan is flexible and it accepts almost everyone. It saves those who are not qualified for banks, credit cards, and traditional lenders. Although it has a bad reputation due to its high interests, payday loans are beneficial for many reasons. Of course, it comes with precautions that borrowers should consider to avoid putting themselves in bigger debts.
Benefits Of Payday Loans
- The entire loan application process of getting a payday loan is easy and convenient. Whether you choose to apply online or by visiting a physical store, you’re guaranteed to have your cash in a matter of hours. After filling up an application form, sharing personal details, and verification (through phone call when online), the money will be transferred to the borrower’s bank account.
- The short-term loan is available for welfare recipients. There are instant payday loans for people on benefits available. This loan is beneficial to single parents, a person with a disability, employees who receive low income, or those who are in a temporary emergency. Instant loans for people on benefits are easy to acquire as long as you’re capable of repaying it back.
- As a short-term loan, there’s no need to wait for a long time. This means that you can address whatever financial concern it is that you have. It is ideal for emergency situations, such as a family member that needs immediate medical assistance. It also saves you from aggressive lenders and additional charges because you can use it to repay your other debts.
- Basically, payday loans require only a couple of requirements, therefore, the chances of approval are high. Aside from the money, you can utilize it to improve your credit score. This is important if you’re trying to build a credit history or if you have a bad credit rating. Just be sure to repay the loan on time and avoid defaulting.
- Most payday lenders clearly state the charges and fees they have. Therefore, every borrower is advised about the amount that he will pay for the agreed period. No hidden charges are applied so they can’t get the money ready beforehand.
Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.