More and More People are Turning to Payday Loans for Emergencies
Even Bob Hope knew there needed to be an alternative to banks for those who don’t have money but do need it!
A bank is a place that will lend you money if you can prove that you don’t need it. ~ Bob Hope
In today’s tough economic times and the relative difficulty of many average families getting credit, more and more people are turning to payday loans as a means to deal with emergency situations from car repairs, bills that are due, medical situations and more. The comfort level with using payday loans is on the rise because if used properly, they can be a good tool to protect your credit score and ensure your family’s life can go on in a normal fashion. Read on for some of the benefits of the payday loan as well as tips for finding the right lender.
Benefits of a Payday Loan
Let’s face it- lenders aren’t handing out money in the way that they did a decade ago, and the largest factor in whether people can get a loan of any type is their credit score. Credit scores are made up of many different factors, but the number one way to send your credit score into the basement is to not pay your bills on time.
This is the primary reason many people turn to payday loans. If a big bill comes due and they can’t pay it on time, but will have the money shortly, paying a little interest on a short term loan is well worth it to save their credit score from the decrease that will occur if they don’t pay the bill on time.
Why a No Credit Check Payday Loan?
Many payday loans do not require a hard credit check. This is important because another way that you can decrease your credit score is to have hard credit checks done. This tells companies that you need a line of credit and knocks your score down a few more points. The prospect of getting a payday loan without the negative impact on your credit score is a huge plus. If you are seriously considering a payday loan, be sure to look at a provider that offers payday loans that don’t require a credit check.
To illustrate, having a credit score between 700-900 generally means that lenders are willing to work with you. You might think that you can get a loan with a credit score between 500-600, but more often than not, most lenders won’t even consider giving a loan to someone with a score under 600. And, guess what? The majority of American households fall beneath having a credit score of 700. Why is that? Well, there are numerous factors from declining salaries to student loans, car loans and more. Late or missed payments on any of these means a ding on your credit report. It can be a catch-22 because, on the one hand, most people agree you need a college degree in order to get a job that pays decent wages. On the other hand, college costs have risen much faster than wages. In fact, take a look at these daunting statistics:
• College costs have risen 538% since 1985.
• Medical costs have risen 286% since 1985.
• Inflation has gone up 121% since 1985.
• College grads are earning $3,200 less than they did in 2000.
• The number of college grads earning minimum wage has risen 70% since 2000.
“My first daughter wanted to get married, and unfortunately due to her student loans and bills, we just didn’t have the money to help her or the right credit to get a bank loan. However, I didn’t want her to sacrifice on her special day, just because I was sick. So, I took the plunge and looked into a payday loan with no credit check. Much to my surprise, it was a lot easier and the funds were received much more quickly than I anticipated. My daughter had her dream wedding, and I had the pride of seeing her off to start her own family. I couldn’t have done this otherwise.”–Sarah Connallis
Finding the Right Lender
Initially, those seeking a payday loan may shy away from an online payday loan institution, but often the best lenders can be found online. The convenience of working with an online payday loan company can make the process much easier with the simplicity of electronic funds transfer to receive, as well as pay back the loan. Don’t have a car? No problem! You can often find companies online offering slightly lower interest rates and terms, saving you every bit of your hard earned money.
While a payday loan may seem scary, it can be a simple solution to a short-term problem. Green Leaf Loan Group already did the research so you can find the right company that offers a reasonable loan with palatable terms, while simultaneously allowing you to maintain your credit score and securing your financial future. So, why wait any longer? Apply Today!
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