Advantages,and,Disadvantages,P finance, share, loan Advantages and Disadvantages of Pay Day Loans
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
There is a lot being said about Pay Day Loans lately. Most sources are too interested in backing up lenders or driving customers to their own loan products. This article intends to be a mere contribution to customers by pointing out the advantages and disadvantages of Pay Day Loans as objectively as possible.We will try to avoid to include personal judgments and prejudices and explain plainly what are the facts about pay day loans. Lets begin with the most controversial topic when it comes to pay day loans: The interest rate. In order to avoid boring the reader with different interest rate definitions and comparisons, lets agree that when we talk about interest rate, we mean the APR which includes the interest rate and most other fees and loan costs.The Interest RateAs promised we will avoid judgments while still pointing out facts. We will also avoid numbers since there are too many differences between lenders. Truth is that the interest rate charged for Pay Day Loans is HIGH. Higher than home loans, home equity loans, and generally speaking higher than all other personal loans, either secured or unsecured.The interest rate charged for Pay Day Loans is (only with some exceptions) always higher than the interest rate charged for credit card unpaid balances. Summing up, Pay Day loans are probably the most expensive financial product in terms of interest rate with some (but very few) exceptions.Time for ApprovalPay Day Loans are approved FAST. Moreover, they are probably the loan product with the shortest approval period of the market. Most Pay Day Loans are approved within 24 business Hs. There is no point of comparison due to the loans characteristics but they are still the type of loan with the fastest approval process.Approval RatioThe Approval Ratio of Pay Day Loans is HIGH. It is higher than all other kind of loans and credit card products. Can people with Bad Credit get approved for Pay Day Loans? Provided they meet the loan requirements that have nothing to do with credit score or history, the answer is YES. People with Bad Credit, No Credit or even Bankruptcy can get approved for a Pay Day Loan just like someone with Perfect Credit.Loan RequirementsThe commonly heard statement that Pay Day Loans have No Requirements is FALSE. There is no such thing as No Requirements in the finance industry. Pay Day Loans have No Credit Requirements but still, there are requirements you need to meet in order to get approved. Pay Day Loans require that you show proof of a steady job (usually two years with the same employer) and that you possess a bank account. No Bank account and no job or other source of income implies that youll get declined.Paperwork or No Paperwork?This is a tricky question, online lenders claim they provide loans with no paperwork or almost no paperwork. If by that they mean that there are actually no forms in paper to be filled, their claim can be considered to be TRUE. However, youll have to fill online forms and if you resort to a lender that doesnt accept online applications youll have to fill paper forms and sign them all the same.We hope all this information helps you to arrive to an independent opinion about Pay Day Loans. We wont tell you weather they are a good financial product or not or weather they can solve financial problems or aggravate them. We will leave those questions for you.
Advantages,and,Disadvantages,P