Payday loans are small, short-term loans that can be taken in case of a sudden financial emergency. These loans can prove to be handy at times when you need some quick cash to pay an urgent bill that suddenly crops up. Payday loans help you afford what you require in a situation of necessity and also save you from the embarrassment of having to borrow money. And that’s not all; here are 6 more amazing advantages of opting in for payday loans when faced with a cash crunch.
1. They are easily accessible
Payday loans are very easy to access. All you need to do is download an instant cash app that supplies these loans on your smartphone. Some of the best instant cash loan apps promise to disburse the loan amount within just 2 hours and take only about 20 minutes to sanction your request for financing. Some also provide a helpline number on their website for you to speak with a loan expert if you face any difficulty while navigating through the procedure.
2. They allow you to set the repayment tenure
When you take a payday loan, you can decide the loan tenure based on your capacity to repay it. The tenure options provided usually vary between 3 to 12 months; choose what works best for you.
3. You do not need to pledge any collateral
Payday loans are unsecured loans for which you are not required to pledge any collateral. These loans are great for borrowers who have no collateral or for those who are scared of putting down any collateral.
4. They have simple requirements for application
When you apply for a payday loan, you will be pleased to know that they have extremely simple requirements for funding approval. Generally, most quick cash loan apps need you to fall in the age group of 23 to 59 years and have a minimum income of at least Rs. 10,000 per month.
5. The documentation is hassle-free
Along with their simple eligibility criteria, most payday loans also require very basic documentation for loan approval. Some of the best online lenders only ask for your Aadhaar card, PAN card, and a photograph to avail of a loan. Moreover, the entire procedure of applying for a payday loan is paperless as everything is done electronically.
6. Your credit score is not considered
When you take payday loans through instant loan apps, your credit score is not checked. These apps do not look at your credit and thus, there is no hard inquiry which has a negative impact on your credit score.
Hope this article has been informative and helpful in helping you understand the advantages of payday loans. Kindly do thorough research about an instant loan app before availing of a payday loan through it. Do make sure to also call on the helpline number provided on the instant loan app for any specific inquiries. Take care!