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The Weird Truth About Payday Loans

Posted by : Premraj | Posted on : Wednesday, November 28, 2018

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The next time you look up online payday loans in Alabama, you will probably be met with a lot of negative information about payday loans. Most of it will be about how some payday lenders are unscrupulous and seek to take advantage of the borrowers who come to them in their time of need. While it’s true that there are some unethical lenders out there, not all of them are so, and payday loans present a real benefit to millions of Americans. We are going to talk about some of those benefits today.

You’re Eligible for a Payday Loan If Age 18 or Older

In order to qualify for a payday loan, you have to be age 18 or older, be a legal resident of the United States, have an income of at least $1,000 a month and have an active checking account. It’s that simple.

You Don’t Have to Worry About Your Credit

Sometimes, you can feel pretty forlorn when traditional bands reject you on the basis of your terrible credit score. You don’t have to worry about that when applying for a payday loan, however, because it isn’t a requirement. Your employment status and monthly income are the only things that determine the loan amount you will be given.

They Are a Great Solution for Hiccups in Your Budget

It could be an upfront purchase you want to make, or an unexpected medical bill, or the urgent need to stop your car from being repossessed. Whatever your emergency, a payday loan is an ideal solution. You can use to solve temporary issues in your budget and pay it back as soon as your next payday comes around.

It’s a Short-term Thing

You don’t have to worry about any of the long-term commitments that you would have to worry about when taking a personal loan from a traditional loan. Not only would you be locked for many months in the repayment schedule, but there is a greater chance of missing a payment and ruining your credit even further. With a payday loan, you typically make the repayment in two weeks and get done with it.

The Market is Well-regulated

This is the part many naysayers simply do not get. The payday lending industry is both legal and well regulated, both on state and federal levels. Lenders aren’t allowed to cut corners when recovering loans or to overcharge interest.

The Terms and Rates Are Clear

Lenders are required to outline very clearly the amount you are borrowing, how much interest will be charged, the repayment date, and any other terms and conditions long before you sign any of the lending contracts. You, therefore, have a clear idea of just what you’re getting yourself into and don’t have to worry about being blindsided by an unethical lender. The terms are also not overly complicated or hard to understand. Since such loans are typically short-term, they have one repayment date, rather than multiple installments, and also charge you a single fee if you pay on time.

 

 

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