What is a payday advance?
A payday advance is a short term loan that is obtainable from a financial institution such as a micro lender. This type of loan is ideal for handling short term financial needs, such as settling an emergency medical bill, paying for rent or fixing a car.
What are the benefits of getting a payday advance?
Fast source of cash
If you need an emergency loan and you can’t borrow from family and friends, applying for a bank loan can be a lengthy process. Getting a payday advance from a micro lender can be a fast source of cash.
Most lenders don’t require a credit report
It can be beneficial for individuals with bad credit records to apply for a payday advance, as many lenders don’t conduct any credit checks.
Many micro lending institutions offer fast access to cash
After approval, you can expect a quick turnaround rate.
Can help you pay for emergencies, which may help you avoid ruining your credit by missing payments
If you have a financial emergency to pay for, getting a payday advance can often be the best solution. It can be the best way for you to meet any financial obligations, without having to skip any payments.
Easy to apply and qualify for
While banks have tightened their lending criteria, many micro lenders have made it easier to apply and qualify for payday advances.
Your personal banking information is secure
You won’t have to worry about your information being shared with numerous parties.
Approval processes are fast, so you won’t have to wait for days to know the outcome of your application.
Most micro lenders understand the different set of circumstances that affect people, which means that people have different needs. A payday advance is a short-term loan, so you can pay it back relatively quickly.
There are no restrictions on how you can use the money.
You don’t have to wait for conventional banking hours to apply for a payday advance