You've possibly heard the horror stories of taking a payday loan. However, these loans exist for more than those without perfect credit. Some people prefer not to go through bank credit checks or to give up all their financial information just to take a quick loan. Here is an overview of how payday loans can come in handy for someone with perfect credit.
1. You Want To Avoid a Credit Check
If you expect to purchase a home or auto in the near future, running your credit for a small or large loan can affect your credit score. Your debt to income ratio will increase. The inquiry into your credit report also affects your credit score. So avoiding the credit check will make it all the better.
2. You Don't Want Anyone to Know About Your Additional Cash
Once you apply for a loan, the results of the lender and loan amount are available for another creditor to view on your report. If you don't want anyone to know about this cash on hand or when you've received it, a payday loan can keep it off your public record.
3. You Don't Have Time to Go Through the Paperwork
Payday loans are accessible in some instances in as little as 24-48 hours. However, applying for a loan through a traditional lender such as a bank or a credit union requires you to fill out an application online or in person. Then, your information is run through their system. The lender could ask for other verifying information which could hold up the process of you receiving your money when you need it most. So for anyone in need of money immediately, a payday loan is the way to go.
4. You're Missing Vital Information Needed To Get a Loan Today
Depending upon the loan type and amount, you could not have all the information needed for your loan application. If you're married, you may need joint consent. However, if you don't want your spouse to know about this loan, you are stuck in between a rock and a hard place. Payday loans require a copy of your identification and a copy of your paycheck stub. If you can prove your income and ability to pay the loan back via your checking account, it's not a drawn out process.
If you need a loan immediately, check with your closest payday loan lender or visit them online. You can be approved shortly and avoid the credit check process.
There are a lot of people out there who have a negative view of payday advances and loans. However, many of the people who think negatively about them have either used them incorrectly or have never been in the position where they have needed to use them. I have used payday loans when an unexpected expense popped up, like a car repair. They have helped me out extensively. I decided to create this website to discuss the positive aspects of these loans and how to properly use them. If you need money, I hope my website helps to educate you on the benefits of such a loan.