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Benefits of a Payday Loan

Benefits of a Payday Loan

There are many popular arguments both for and against payday advances as it is important that this be used only as an emergency back up plan if everything else fails. This should ideally not be a long term financial plan for anyone as it can become a cycle of never ending debt. Having said that, there are many advantages of payday loans and so let’s take a look at them.

Why do I need a Payday Loan?

These loans have been one of the best ways to get some instant cash when in an emergency so that you can take care of the ill timed expenses even if it is in the middle of the month. These short term loans are given for very short periods like 2 weeks or so. Here are some advantages:

Instant Cash:

The first and the greatest advantage of these loans is that you can get the cash almost immediately. In some cases your loan gets approved within an hour. In most cases the money gets credited to your checking account the very same day within just a few hours of applying for the loan. It is because of this feature that payday advances are a great boon when in an emergency and quick cash is required.

Credit Rating Maintained:

Many times there are bills and expenses that need to be paid immediately and you don’t have the necessary cash. In such cases applying for this loan can help pay the bills which will positively reflect on your credit rating as unpaid bills can adversely affect your credit history. This way not only do you pay off your bills on time and save face with creditors but also maintain a good credit rating.

Easy Application:

The application process for the payday advance is very short and simple. All you have to do is submit an online application form and you don’t even need to personally visit the lender. All you need is internet access and you can apply for the loan sitting at home. Some lending companies’ process forms within an hour’s time and then the money is credited to your checking account which can be withdrawn immediately.

Eligibility is Simple:

Along with the application for the loan being easy, the eligibility criteria are also very easy to achieve. Here is a list of the basic eligibility criteria:

– You should have an account which has been open for minimum 4 months

– Your net income is above $500/week

– You should be above 18 years

– Your income is paid into bank account

– You are a permanent resident of Australia or New Zealand

– You have been living in the same place of residence for a minimum of 4 months

There are no defaults, court actions, judgments, or bankruptcy on your credit history.