Look for a payday loan instead of a bank loan
Do you know why such a large proportion of the public is crazy about payday loans? And this is the case despite the fact that the critics of this loan have been constantly harping on the high rate of interest being charged on these loans. The reason is quite plain for everyone to see – banks are scared of giving loans today. The credit rating of the USA has taken a tumble and the entire world economy is waiting with bated breath to see what happens as a result. Experts are not ruling out a 2008 like scenario. And the banks have already started tightening their credit policy once more. In the face of all this trouble, the only way out for a normal person like you and me is a payday loan.
So, are we prepared to dish out that huge rate of interest associated with payday loans? I guess there are times when we don’t have a choice. But let us do some calculation. An APR of about 2860% means that one needs to pay about Ł30 for a Ł100 payday loan taken. When most of these loans are paid off within a month then does this Ł30 or less really matter?
Now let us see what if payday loans are not taken by someone who is more inclined toward a bank loan. One needs to apply to a bank for a loan and submit loads of documents. There are many verifications done, eating up precious time. Further documents are asked for. And when the applicant is almost sore waiting for the loan to be approved, he is told that his application has been rejected. And the reason for the rejection? As frivolous as they come. Let us compare how this process works with payday loans.
When you apply for a payday loan you don’t need to go anywhere. Connect to the Internet and apply for a payday loan online. The form filling will take at best 10 minutes. The moment the form is filled and submitted one gets to know whether the loan has been approved or not. There are no documents to be submitted and no waiting time for the approval. And the better part is yet to come. If a payday loan is approved before late afternoon, the money gets credited to the applicant’s account on the same day. What more can one ask for?
Now think of what happens to the payment when you take a bank loan. Your loan tenure is somewhere around 36 months. So, you keep on paying for the loan 3 years in a row, ruing the loss of money as each EMI debits your account. When you opt for a payday loan you need to make one and the last payment. And the providers of payday loans ensure that they give you only that much that you need. So, you take a loan worth Ł200 and pay off Ł260 on your next payday. The loan is done and dusted. If you need another loan you again go online and apply.
Taking a payday loan is any day better than taking a bank loan. Payday loans are available in just amounts and they get finished off in one go.
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