What You Need To Know About Payday Loans

What You Need To Know About Payday Loans

Once in a while, we get into a financial hole and we need credit to help us get back on track. Whether this is because of an unexpected health emergency, an urgent household repair or an irresistible once-in-a-lifetime deal, having access to that credit is important.

There are many forms of credit that are available to you, however, not all of them are created equal. Most traditional financial institutions offer personal loans or credit cards but approval for these types of credit can take a while and will be dependent on your credit score. If you are in need of cash quickly a payday loan can offer you the perfect solution. Payday Loans look further than just your bad or damaged credit, they use a system that reviews all levels of your credit.

Payday loans are short-term, low-value cash advances that you can use to address certain financial situations you are not prepared for. Check out the pros and cons of payday loans and see if it is right for you.

1. Payday loans give you instant access to cash without solely relying on your credit score. Credit is just one of the factors that payday loan companies look into when lending you money. So if you are on your way to building your credit rating, don’t worry! You still have a higher chance of getting your loan approved with payday loan companies than with traditional financial institutions.
2. You do not need to give a reason when you apply for payday loans. Traditional financial institutions are most likely to classify the loans they offer (think about house loans, auto loans, etcetera). Payday loan online companies in Kingston like GoDay do not require to know where you will be using the money you will borrow.
3. Payday loans are convenient and secure. A good thing about payday loans is that it is very convenient to take advantage of. Most payday loans are available through an online application. Moreover, your transactions are secure. GoDay, for instance, protects their client’s personal information despite its online nature by using top level encryption to ensure your personal information is never used without your authorization.

Disadvantages of getting a payday loan

So what is the downside of payday loans?

Well, for one, payday loan companies only offer short-term cash advances. This means that you have to make sure that you can pay on your next payday. Applicable fees can drastically pile up if you do not manage your payments efficiently. This can end up being an expensive way to borrow if you are not responsible with your loan. Goday offers online loan tools to help you with your application process.  

Also, payday loan companies offer low-value loans. GoDay, for example, can offer only up to $500 on your first loan and up to $1500 if you are an existing customer. Payday loans are meant as an answer to low-value financial needs that you can pay on your next payday and not for high-value, high-risk liabilities.

So if you think that a payday loan is something you need, get in touch with GoDay today. GoDay promotes professional and consumer-friendly lending with no hidden fees and charges. Get your cash in as little as one hour after your loan is approved and use it, whenever, wherever.