Life is unpredictable and many times, events that we don’t really have a control over can have a lot of control on our finances. It could be anything, an injury sustained by a family member that needs to be taken care of, a car accident that requires heavy repairs and a lot of cash, or even you running out of money at the end of the month and needing to visit the grocery store.
For all these cases, getting cash on hand is very difficult. Unless you have a friend who you can contact and ask for a small loan, you won’t be able to materialise the required money to take care of the task at hand.
In these cases, you can take out a Pay-day loan to pay off your remaining bills. Compared to other types of short term loans, Pay-day loans have six advantages that easily make them the best option in these situations:
When it comes to speed, no other loan can be acquired faster than a Pay-Day loan. In the specific situations that we have discussed above, fast cash is required to resolve problems and pay off the emergency services that you have acquired. Pay-Day loans are the fastest way to get a few pounds into your account.
All that is required for a person to do is fill out an online form or visit a Pay-day vendor, fill out the necessary details (which are not too much) and have the money transferred to your account for your personal use.
Easy to Acquire
One of the biggest advantages of Pay-day loans is that they can be acquired by anyone. The qualification criterion of these loans is not too high. People, who are suffering from bad credit rating and find it difficult to acquire a loan from any organisation, can easily get a loan from a Pay-Day loan vendor.
The main requirements for a vendor are to know whether the borrower is employed and their monthly income. They will perform some background checks, but a Pay-Day lender will only be interested in the fact that whether the person has the means to pay the money back or not. Meeting these requirements means that you qualify for a loan instantly and do not have to wait for confirmation or fill out lengthy forms to get some money into your account.
A Pay-day loan is perfect for getting you out of a financial emergency.
Help with your Credit Score
Since Pay-Day loans can be acquired by a person who has a low credit score, if a person wants to get their credit score up, they can do so by acquiring Pay-Day loans and paying them back on time. This is the only loan that does not depend on whether the person has a bad history with credit, so you will not have to be answerable to a lot of questions thrown your way by the lender.
A person, who can take out a Pay-Day loan and pay it back on time, can have a very positive effect on their credit score. The emphasis here is that a person should pay the loan back, otherwise they might end up damaging the credit score further, and for long term loans, you will have to bring your credit score up to get a larger amount.
Get the Cash You applied for in Full
Considering Credit Cards, they are one of the most popular terms of short loans, but credit cards don’t give you the full amount to spend the way you want. For example, if you have a £10,000 limit on your credit card, you might only be able to get £2,000 as a cash advance and not more than that.
With a Pay-Day loan, the amount you apply for is transferred in full without any limitations on spending. Although you may want to be careful when you spend your money, but bigger expenses can be handled easily, considering a Pay-Day loan. If you have a hospital bill that is for £3,000, a cash advance would not be enough to cover it.
Freedom in Spending
Most loans are given to people on the basis of a specific purpose such as a property loan or a car finance which means there will be limitations on how you are going to spend that money. With Pay-day loans, you can spend the money in whatever way you like. This is why a Pay-Day loan comes in handy for people on vacation, when they are in need of cash fast.
A Pay-Day lender does not need any confirmation on whether a person taking out a loan is spending it for a specific purpose or for their own leisure.
Pay-Day loans can be acquired very easily over the phone, but in case you are one of those who like to do everything in person, Pay-Day lenders have their shops set up in certain areas and have flexible timings so the customers can easily come and acquire a loan fast. Most Pay-Day vendors have their shops open till 8pm so that people can come in after work and acquire the loan.
Their email support and phone numbers are a good way to deal with them. They have excellent customer support and can lend the money just by making a few confirmations over the phone.
Along with all this, it is important to keep in mind that when acquiring a Pay-Day loan, a person must compare every loan offer available to them. Pay-day lenders have varying interest rates and for a person who is already in a financial cringe, it is important to weigh out all possible factors before applying for a loan.
To compare different Pay-Day loans and interest rates, you can visit QuiddiCompare to compare rates from all over the UK. Getting the right interest rate can make a huge difference in the total amount you have to pay at the end of the month.