Payday loans are often criticized, but such loans can prove to be the best source of funds during emergency situation. Payday loans or quick cash loans offer several benefits that personal loan or any other type of loans offered by large banks cannot offer to customers. Let's take a look at some of the points that highlight the benefits of quick cash loans.
Loan application processing speed
This is perhaps the most important point of differentiation between payday loans and other type of credit/loans. Quick cash loans seem to be one step ahead from this point.
Banks or credit unions often ask applicants to submit bunch of documents along with application form and then ask them to wait for approval or rejection for few days. In most cases, banks would take more than five days for sure, unless you have overdraft facility on your account.
On the other hand, quick cash loan companies take few hours, and even few minutes in some cases to approve or reject loan application.
Information is processed within minutes, and applicants are informed about rejection or loan approval related decision.
Loans are approved even to individuals with lesser credit score
Unfortunately, very small number of people may qualify for lower interest rate loans offered by banks. As major banks check applicant's credit ratings, and decide the loan amount, loan's interest rate, and loan's payback timeframe as per rating. In fact, some banks would straight away reject loan applications received from customers who have poor credit score or people who have defaulted on their loan installments in the past.
Fortunately, this is not the case when it comes to payday loan companies. They would probably check the applicant's financial position and income related details while processing the loan. Even people with lower credit score can easily get payday loans, and that too within minutes from submitting their application.
Cash is transferred within minutes
After approval and completion of agreement formalities, most of the quick cash companies transfer loan amount in the customer's bank account. Borrower can immediately withdraw the amount and use it.
If you compare it with other loan types of loan, the time required for funds transfer would be more than 24 hours. This means, the borrower would be able to access his loan amount after waiting for 24 to 48 hours.
Flexibility in comparison with other loans
If you are looking for loan to fund auto or home renovation related expenses, you can definitely choose auto loan or home mortgage. But you would have to spend those funds on specific reasons and may even have to submit bills for the same. On the other hand, if you opt for quick cash loan with low interest rate, you can use that for any reason that you wish to. Payday loan may not mean high-interest rate because there are several options available in the market. You may even get loan at lower interest rate compared to home renovation loan or car mortgage loan.
Quick cash companies offer much more convenience
As mentioned earlier, usual banks and credit unions may ask you to submit dozens of physical documents. You can apply online, but the bank would definitely call you at nearest branch to complete certain application formalities. On the other hand, payday loan companies complete most of the procedures online. Even if they require document, they would ask you to submit e-copy via email. So, you won't have to rush anywhere with your documents.
Choose from multiple options
When it comes to online quick cash loans, there are several options to choose from. You can visit websites of lenders or simply visit third party websites that have association with multiple lenders.
Quick Payday Loans US (http://quickpaydayloansus.com) is one such website that offers several options for individuals looking for same day cash advance. All that you need to do is fill their form and apply online. You can apply for any loan amount between $100 and $2000. Approval and rejection procedure is simple and takes just few minutes. You can get your cash within few hours from approval in most cases. The group believes in offering loans with lower interest rate and reasonable fees in order to help people in need.