Advantages of Online Payday Loans

They are often referred to in not-so-endearing terms such as “legal loan sharks” and “predatory lenders”. But like them or not, they exist because there is a need for them. We are talking about payday loan lenders.

Payday loans, also known as payday advances are short term cash loans intended for emergent or unexpected situations. Whether it is to pay an unexpected bill, avoid a service shut-off, fix the car, or you simply need some extra cash till payday, they do come in handy.

However there are certain advantages and disadvantages that come with obtaining these types of loans.

Advantages of Online Payday Loans

1.No credit check. Banks will always check your credit history and score when you apply for a loan. And, they also have other requirements. This is why they will say “other conditions were considered” or similar words when they deny you a loan even though your credit may be good. Most payday loan lenders do not check your credit.

2.No collateral needed. With payday advance loans, your job is your security. All you need is proof of regular income.

3.No bugging friends and relatives. Whether it’s because you already owe them, you don’t want them to know your problems or any other reason, payday loans help you keep your problems under wraps. Of course, some companies do require references, but often they do not disclose the reason for calling.

4.Comparison shopping. With online payday loans, you can compare different lenders right from the comfort of your own home, office or anywhere else for that matter as this is the age of laptops, cell phones and handheld computers. All you need is access to the Internet.

5.Convenience: you fill out all your information right there on your computer and hit the submit button. If you do not feel comfortable going to a payday loan store, this is a big advantage. Also, payday loan stores are either not legal or not available in some states.…