Payday loans can be lifesavers. They come in handy for various things, with many people turning to payday loans for a quick and easy solution to short-term financial trouble. Here are several reasons why payday loans are so useful.
Quick And Easy
Payday loans are easy to apply for and quick to be approved. Payday loans, such as those you can get through us at Better Than The Bank, are easy to apply for. We do not require much documentation as traditional banks do. For the most part, all we require is proof of your identity and stable employment. This ensures that you can repay the loan upon your next paycheck. Payday loans are so quick to be approved because they are not long-term loans or extremely large and thus high-risk. Typically speaking, payday loans are no more than $1 000.
They are also quickly approved since we do not carry out credit history checks. Your credit score is not necessarily a fair reflection of whether or not you can repay the loan. Often credit scores are based on somewhat arbitrary information and, at times, unfair records of historical financial dealings that may or may not have been your fault.
We are primarily concerned with whether you can pay the loan back now, which is why we only require information concerning your current financial income. This will help us determine the size of the loan you can approve.
Thankfully, this is a relatively simple and easy process. You can apply online and often be approved within 24 hours, should all your information be correct.
Short Repayment Terms
Payday loans are useful because they do not require long and arduous repayment terms that drag on for months or years. Typically, a payday loan is repayable in one or two instalments shortly after the loan has been drawn.
Your repayment terms will typically be a month or two at maximum. Because the repayment terms are short, you do not have the burden of repaying a loan over a long period, and the interest rates are also somewhat better than those that might apply over long periods.
Wide Range Of Uses
Payday loans are useful for a wide variety of things. Unlike classic loan applications at traditional banks, we did not require an explanation as to what you need the payday loan for.
Whether it is to go on a vacation, pay for an emergency medical procedure or cover some other financial unforeseen financial gap, it’s none of our concern. Whatever the case is, a short-term payday loan can be beneficial when traditional banks and lenders would either not move fast enough or not approve the reason for the loan.
To get approved for payday loans in Vancouver, BC, today, apply online at Better Than The Bank now!