4 Facts You Didn’t Know About Payday Loans

If you have never used a payday loan before, it may seem like something mysterious and out of your reach. Payday lending is more transparent than you may have realized. When you apply for one you will find that we match you with a lender that will talk you through the process if you want, explain any fees, and help you understand the loan document. So if you feel like you just aren’t the kind of person to get a payday loan, consider these facts:

1. Millions of people use payday loans every year

According to surveys about lending, about 12 million people take advantage of payday loans each year. Don’t think that this is some kind of loan that is unusual or hard to get. Millions of people are using them.

2. Renters are more likely than homeowners to use payday loans

If you rent instead of owning your home, you don’t have the equity to fall back on. This may be why more people who rent are likely to use payday loans. They are great for getting quick cash even if you have no collateral for being approved for a traditional loan.

3. Most borrowers use payday loans for ordinary expenses

While they can serve as emergency funds, the truth is that these loans are most often used for weekly and monthly bills. Some people assume the loans are used mostly be desperate people in bad situations, but that just isn’t true. Like most people you probably just need a little extra cash to make it to the next payday.

4. Single parents rely on payday loans

If you’re going it alone raising your kids, you aren’t really alone. A lot of people are in the same boat and trying to raise a family on one salary isn’t easy. Single parents are more likely to take advantage of a payday loan when times are tight, and you can too.

Getting a payday loan is sometimes just the sensible thing to do. Now that you know more of the facts, you can feel more comfortable trying it out for yourself. All you need to do to get started is pick up your mobile device or use your computer to complete a short application. From there, let a lender take over and get you the cash you need.