Online payday loans in British Columbia (BC) can be really helpful when you’re in a pinch. Many people use them to help them get out of a spot of financial difficulty.
A payday loan is a short term loan of a relatively small amount ‒ the size of which is calculated based on how much you earn every month. This means you need to show proof of your monthly income in order to qualify. It’s essentially like getting an advance on your salary, which you then need to repay the next time you get your paycheck.
Let’s take a look at why you might want to consider taking out a payday loan.
It’s All Done Online
With loans obtained from a bank, you typically have to wait in queues at your local branch, fill out reams of paperwork and go through a rigorous application process. It’s an admin-heavy process that often leaves you waiting up to a week or more before you find out if you’ve been approved.
With online payday loans, the whole process is done online. You can apply for your loan from the comfort of your couch. What’s more, the process is light on admin, taking mere minutes to get everything done. However, the best part is the swift approval process that typically doesn’t take longer than 24 hours. Once you’ve been approved, the money gets transferred to your account straight away.
Bad Credit Is Not An Issue
Often lending money can be troublesome when you have a bad credit rating. A bad credit rating doesn’t necessarily mean you can’t repay the loan just because you had some trouble in the past.
What’s more, credit ratings can be rather unfair. They’re designed to show banks how good of a customer you are rather than how good you are at repaying your debt. You could repay your debt to a bank in one go and get an unfavourable credit score because you didn’t earn the bank as much interest as you might have had you taken a full term to pay it off.
Payday loan lenders, such as Better Than The Bank, don’t really care about your credit history so much as whether you have the realistic ability to repay the debt within the timeframe allotted.
If you’re looking to lend some money in the short term, online payday loans in BC might be the solution for you. Contact Better Than The Bank now to find out more and get your money in record time!