Applying for a payday loan is the easiest thing you can ever do. A financial emergency requires you to use the funds immediately for things like medical bills and vehicle repairs. The loan application process may take just a few minutes, meaning you can use it to pay for emergency expenses within a short period. Therefore, if you need to have the funds quickly, the payday loan is your best bet.
This makes it necessary to understand everything about payday loans, such as their benefits so that you can make an informed decision. You can learn more about payday loans in Saskatchewan with Friendly Lender or you can just keep on reading below.
How to apply for payday loans
Because a payday loan is considered as a short-term loan, you are required to pay off the total amount with interest and fees within a short period. Most of these loans are due within 30 days, often before you receive your next paycheck. Therefore, if you have a poor credit score and a limited chance of getting a loan from traditional banks, payday loans are your best option.
The initial loan application process for payday loans is quite simple. The lender requires you to provide your personal and financial details. These include your employment status, address, estimated credit score, income information, and social security number.
This is the basic information that assists lenders to determine whether you qualify for a payday loan or not. You should keep in mind that your potential lender might verify your credit history on their own. Most lenders use what is called a soft credit check that doesn’t affect your overall credit score.
Reasons you should take payday loans
There are various good reasons people go for payday loans. It’s not all about getting a lump sum of cash to go for a luxury holiday. Instead, these loans can be life-saving if you find yourself in a bad financial situation. Here are some reasons people decide to take a payday loan:
- Redundancy. Unemployment can take a huge toll on your finances and emotional state. You can find yourself looking for cash just to make ends meet. In such situations, perhaps a payday loan can help you to live a reasonable lifestyle that you deserve.
- Paying off another debt. Most people go for payday loans to pay off another debt, such as a credit card. This makes sense when the interest rate of the payday loan is lower than the other debt.
- Loans to pay off bills. High bills can cause havoc to your budget. Hence taking a payday loan can help you to settle energy costs, mortgage repayments, school fees, and other expenses.
- Loans to pay off unexpected debt. Life has a way of bringing out surprises when you least expect them. Your loved one might fall ill and you need to pay off medical bills. Hence, a payday loan can come in handy in such situations.
Factors that influence your payday loan rate
As with most types of loans, the lender might want to see your credit score. Each lender has their requirements, but most of them will offer you a loan regardless of the status of your credit score. However, you’re likely going to get more favorable terms if you have a good credit score and have a reliable source of income. If you don’t have a nice credit score with traditional lenders, such as banks and credit card companies, the lender might use your payment history with other bills like utility bills.
Interest rates can differ from lender to lender. The bottom line is if you have a credible credit history, there are greater chances that you can get competitive rates. But, if your credit history is poor, you should not be surprised when the lender offers you a much higher interest rate.
Why go for payday loans in Saskatchewan with Friendly Lender
Whether it’s for medical expenses or any other emergency that needs instant cash, you need to apply for payday loans. These short-term loans are available for anyone who feels is short of cash and needs it quickly. No wonder, these loans have become the most sought-after source of money for many people to cover for their immediate needs.
Therefore, if you have an emergency that requires fast money, payday loans are ones for you. Many lenders don’t have to use the notorious scrutinizing process to offer you the loan. Thanks also to easier application and approval processes, payday loans have surpassed other types of financial assistance in regard to their demand.
Aside from being easy to access and readily available in Saskatchewan, payday loans have also become popular for those who have a clean credit score and are still in need of financial help. This is because most payday loans have favorable payment terms, requiring you to pay off the principal amount, interest rate, and fees once your payday arrives.
Why apply for an online payday loan
When considering to apply for payday loans in Saskatoon, you should remember that these loans have different terms compared to the ones offered by traditional banks. For this reason, you should always read all the details included in your contract. This will help you to understand what you need to do to manage your loan and the other fees related to it. By doing this, it will ensure that you don’t default on your loan repayments.
Additionally, payday loans are convenient because you apply for them online. Most people opt for this method because it’s easier to process the loan since it doesn’t require a lot of paperwork and is fast. Hence, whether you have a computer or mobile device, you can apply for online payday loans in Saskatoon. You can also have peace of mind knowing that your personal and financial details are only seen by an authorized person. You may be wondering how you can receive your cash. The lender will usually send you an electronic funds transfer of the equivalent amount of money you requested.
