payday loan advantages

Unexpected expenses that can throw anyone’s budget off course are impossible to avoid. When you need money fast, a payday loan can help. There are a number of payday loan advantages that make them a great choice.

Saving for emergencies is great, but it can be difficult, and it seems every time you recover from one hit to your wallet, something more expensive comes along.

Credit cards are everywhere, but they’re not the best solution. It’s hard limiting spending: Banks increase credit limits higher and higher without clients even asking them to, making it easy to spend more—often, more than you should.

There’s too little regard among banks for whether you can pay your balances, so you can find yourself buried in debt before you know it. Not only that, but rates are so high these days, it’s hard to pay cards down as debt piles up.

Even if you’re not concerned about spending, it can be hard to qualify, or you might pay more in fees and interest. Overdraft charges are also too expensive to rely on.

Read on as we take a look at why a payday loan may be your best choice.

Easier Approval

Are you frustrated with long-term loans after being denied repeatedly? If you want an easier approval, you should look into a payday loan. They are much simpler to borrow than long-term loans.

1. Typical Approval Terms

Getting a payday loan is probably the easiest way you can get your hands on some extra cash. 

As long as you make the minimum amount required monthly by your lender and don’t have any serious problems with your credit, you will probably qualify, although other requirements may vary per lender.

2. Rare Denials

One thing customers often wonder is, “Can you get a payday loan on benefits?” Unfortunately, some payday loan lenders can’t lend to those on social services, disability, or other pensions, but you can still look around.

Other reasons you might be disqualified are defaults on loans and self-employment. For the majority of people, though, payday loans are the easiest loans available.

Easier to Get

After you’ve been approved, payday loans are easier to get, too. This is what makes them uniquely simple:

3. One of the Biggest Payday Loan Advantages: Speed

One of the biggest advantages of payday loan programs is that you can generally access the funds the day you apply.

Depending on your lender and the timing of your application, you might even be able to complete the entire process in just a few hours, with none of the waiting of a long-term loan.

4. Convenience All-Around

What’s even better is that payday loans are incredibly convenient in other ways, too. One is that some payday loan lenders are entirely online, so you can even go straight from this article to cash in hand!

5. A Must for Building Trust

Apart from that, you also have the unique opportunity with a number of lenders to borrow even with no or low credit—you don’t have to jump through the hoops you have to for long-term loans. 

You also won’t have to worry about your reputation with your bank or with loved ones who’ve lent to you before—because you don’t need to tell them about it this time. You got this all on your own.

Easier to Give Back

If you’re looking for a solution now, repayment is probably the last thing on your mind. The good news? You don’t have to think about it too much, because even paying back a payday loan is simpler than paying back a long-term one:

6. Borrowing Within Your Means

Debt is never easier to repay than when the amount is reasonably sized for your means. Canadian payday lenders are held to high standards, so don’t worry about that.

With a payday loan, the amount you borrow will be limited, unlike a hard-to-control credit card limit. However, borrowing responsibly now can qualify you for a bigger loan later on, if you need.

7. No-Mess Interest

Interest rates on payday loans vary, and you might hear that some are seemingly relatively high. Don’t stop reading there, though—when considering fees associated with other options, payday loans are more favorable. Your payments won’t break the bank. 

8. Flexible Repayment Schedules

Unlike some long-term loans, which have you paying over five years minimum, payday loans have shorter, more flexible repayment schedules. 

You can start making payments whenever you want—that means you can jump in, stop interest from building up and be out of all that debt in no time at all.

9. A Credit to Your Credit

Because it’s so easy to responsibly take and repay a small, short-term loan, borrowing payday loans is excellent for building credit. 

If you build enough trust with on-time payments, you can access larger payday loans if you need, also other lines of credit for larger amounts, at lower interest rates than you’d otherwise get without boosting your credit history with a payday loan.

If you put thought into your decision, borrowing now can mean you won’t have to worry about making ends meet later on.

Get Approved for a Payday Loan Immediately

It’s hard to keep morale up when you’re having financial struggles. We’re happy to say that things will only get better from here now that you’re well on your way to wisely choosing a payday loan! If you’re impressed by this list of payday loan advantages, you’re probably looking for a reputable lender to make use of them as soon as possible.

Look no further.

If you make at least $1200 a month, have worked your current job for at least three months, and are paid by direct deposit to a Canadian bank account, you can easily have all these benefits working for you in just a couple of quick steps when you apply right now.

We’ve covered the basics and then some, but if you’re still searching for answers as you start your application, check out these common questions about payday loans