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payday loan apps like dave Benefits
In the past if you found yourself strapped for cash the only viable options that you had were personal loans or credit cards. Both of them have a great record but they do have their own limitations. Credit cards tend to make you spend more by virtue of how they operate thus you end up making more money for the credit card companies. Personal loans are notoriously hard to get and require extensive credit checks. Thankfully, today we have another option the payday loan apps like dave.
The payday loan apps like dave is the new product that has come to fill the void where people either don't want to get credit cards or can't. Payday loans are a great alternative to traditional bank loans but have a bad reputation. Are they as bad as they are made out to be? They are quite popular which means that all those people cannot be wrong. The following are five benefits of payday loans.
Quick and easy process
You can apply for the payday loan and have money sitting in your bank account in as little as one business day. This kind of speed is simply unheard of in traditional lending circles. The reason why the operation is that fast is due to the high level of automation in the application process. All you have to do is simply fill out a form online and click submit. That's all there is to it.
With a payday loan apps like dave, you can apply for as little as $50. This is unlike the traditional bank loans where $50 doesn't even begin to cover the cost of acquiring the loan. For many traditional banks, loans of small amounts aren't even worth their time or investment.
Short term lending
Since payday loans are usually short term lending problems, you won't suffer long term problems. The payday loan operates under the agreement that you will pay back your loan within a month or so. The advantage here is knowing that you won't be struggling with repayments a few months down the line.
Payday loan lenders are more likely to accept your application than traditional lenders. Payday loan lenders usually take on riskier individuals than their counterparts offering traditional loans. The reason is that payday loans are designed for lending smaller amounts over a much shorter time period meaning that they can lend to more people.
Clear terms and conditions
Payday loan lenders usually state upfront the charges and fees levied on your loan. Due to the negative reputation that they have had in the past, the payday loan lenders are heavily monitored and controlled by government mandated financial regulators. According to the law, payday loan lenders have to disclose all fees and charges along with the APR. This means that you never experience any surprises.
Hopefully, the five advantages of payday loans discussed here have given insight into why they are so attractive to many people. To summarize, payday loans are relatively easy to get, quick, and so long as you understand their operation, they aren't as scary as they are known to be.