When you need cash immediately and you cannot spare days to get hold of money, only a payday loans can save you. This finance is especially designed to provide a prompt and easy financial assistance to borrowers.
Payday loans are small cash advances, which you can borrow for 30 days. If you need an urgent cash help between $100 and $1000, you can apply for one. Furthermore, you can apply 24*7 via website without having to worry about time and day.
The paperless application process does not take more than few minutes. There is no hassle of faxing any supporting documents and paying any fee when making an application. Also, you do not have to provide collateral to get approved.
The ease of getting payday loans is the reason behind the rapidly growing number of borrowers applying for these loans. The qualification requirement is minimal. All you need to provide is a valid personal identification, proof of income and a bank account. Another factor that draws borrowers to such finances is low credit score.
It is almost impossible to get approved for a traditional loan with a low credit score. Nevertheless, the lenders offering such cash advance do not bother to check applicant’s credit score. Even if it is low, your loan request will be considered.
Payday loans providers know very well that most of the borrowers have small or limited income. If they do not approve loan applications with low credit score, their business will suffer.
The number of borrowers applying for these funds will drop considerably. And since the amount is small and the repayment tenure is short, they do not mind approving loan requests with low credit scores. In return, they stand to make huge profit by charging high interest on credit.
It is a very lucrative business for them and the risk pays off when the borrower repays. The annual percentage rate (APR) is as high as 500% or even 1000% on such loans.
