There comes a time in every person’s life when they need financial help. They may need money for medical expenses, have an emergency bill that they need to pay or may need quick cash to repair their broken down vehicle. Whatever the reason is, direct payday loan lenders are always there to give a helping hand to those who need financial relief.
The advantage of having a lender available
Some people have the benefit of having an emergency credit card, have emergency cash saved up or have collateral to obtain a loan. Unfortunately, many people don’t have any of that and find that they don’t have any choices available when a financial emergency occurs in their life. Lucky for them, direct payday loan lenders are willing to help them. If a person is employed, they no doubt have the ability to pay back a loan. They may have a couple of more days to go until their payday, but they have something that needs to be paid now. All they need is an advance on their pay, and these companies will do them that service.
The negative critics of payday loan companies
The reason that cash advance companies sometimes get negatively scrutinized is because critics feel that they are taking advantage of people. This is due to the interest rates that cash advance companies charge. Borrowers are always aware of the interest charge that the loan will costs them before being issued a loan, and personal responsibility needs to be placed on each individual who obtains a loan. This type of loan is meant to be a short term solution for people and is not meant to be a long term loan. This is why the full amount is due within a short period of time. This business is just like any other business that has an interest in making a profit off of their product or service.
Qualifications to get a payday loan
All direct payday loan lenders are different, and each company will have different criteria from one another. Generally, these companies will require a person to be over the age of 18, be employed and have a checking account. They may also have a minimum required income. There is usually no credit check for these type of loans. Those with bad credit are so used of getting denied for a loan that they are glad when they find out that they are eligible for a payday loan.
Online payday loan or a brick-and-mortar payday loan?
Whether a person uses a brick-and-mortar establishment or an online company, they will usually have their cash by the next day. Online companies will usually have a person’s money deposited into their bank account the next day following their approval. A brick-and-mortar establishment will pay a person right there on the spot. The amount of the loan will depend on how much money a person earns.