These are short-term loans that are designed to help people pay for their expenses until they get their paycheck. They are also referred to as cash advances or check advance loans. They are typically taken out for two to four weeks. When you get paid, you will have to pay the entire loan back. Keep in mind that the interest rate on a payday loan is typically much higher than the interest rates on other types of cash advance loans.
What Type of Requirements Do You Need to Meet to Get a Payday Loan?
People like Expert Payday Loans because it is easier to get them than other types of loans. Your credit score does not matter because lenders do not do a credit check. You will likely be approved for a payday loan if you are over the age of 18, employed and have a bank account that is active.
The Benefits of Getting a Payday Loan
You do not have time to wait if you are in a financial bind. If fill out an application for a payday loan, then you can get approved within a short amount of time. In fact, you may be able to have your funds the same day or within one business day.
It is convenient for you to fill out an application. You won’t have to worry about going into a bank or credit union. You can fill out an online application. Once you get your loan, you can use it for anything.
It can be difficult for you to get a regular loan if you do not have a good credit score. However, it is a lot easier for you to get approved for a payday loan. There is no credit check required, and you won’t have to put down any collateral.
Protect Your Credit
There are several ways that getting a payday loan can protect your credit. When you apply for a loan, a credit inquiry will show up on your credit report. This can cause your credit score to drop. Because no credit check is performed, applying for a payday loan will not hurt your credit.
You can also protect your credit by paying the entire loan back in a short amount of time. Installment loans are typically taken out for one to five years. Something may happen during this period that can make it difficult for you to make the payments.