A payday loan is a type of short-term, high interest loan that can be used in emergencies. If you’re ever strapped for cash and need money quickly, getting a payday loan may be the answer for you. However, not everyone knows the ins and outs of these loans. To help you figure out if this is an option for your financial needs, we’ve compiled the top reasons to get a Florida payday loan below:
They Have Easy Application Process
Payday loans are easy to apply for. The application process is simple and usually takes less than 15 minutes, depending on your lender. Payday lenders typically provide their loan applicants with an approval within 24 hours of the completed application being submitted. This fast turnaround time can get you out of a jam quickly if you need cash in a hurry.
Payday Loans in Florida Don’t Require Collateral
Unlike banks and other lenders, payday loan companies don’t require any sort of collateral to secure a loan. If you need cash in a pinch and have no assets that can be used as security by your lender, then it doesn’t matter if you’re credit is poor or nonexistent: You’ll still likely be approved for a payday loan.
Payday lenders don’t typically require borrowers to have good credit in order to qualify for a loan. In fact, many payday lenders will approve loans for people with bad credit or no credit at all. This is because the lender’s primary concern is that you’ll be able to repay the loan.
They Have Flexible Repayment Options
Payday loans typically have terms of about two weeks, and you can take out one payday loan at a time (meaning it’s not like taking out an installment or car loan). This means that you usually only need to pay back your lender when your next paycheck comes in. Repayment options vary from lender to lender, so be sure to read all the fine print before you sign any loan documents.
Early Repayments Can Reduce What You Pay Overall
Payday loans typically come with a fee, which is usually expressed as a percentage of the total loan amount. For example, if you take out a $500 payday loan and your lender charges a 15% fee, then you’ll need to repay the lender $575 (500 + (15/100 x 500)). However, many payday lenders also offer borrowers the option to repay their loan in full early, which can save them money on interest. So be sure to ask your lender about this before signing any loan documents.