Payday loans may have a bad reputation, and they are a controversial kind of loan to get. However, these types of loans exist for a reason. And if you are in doubt whether or not you should get one, here are a few reasons why a payday loan could be the right kind of you.
1. You have got a bad credit history
Some people have got a bad credit history, of no fault of their own! And if you are one of those people, you should know that your credit history will not be checked if you apply for a payday loan. You will be able to get a payday loan quite quickly because even if you have got a poor credit history, that will not matter when you apply for one.
2. You want hard cash fast
It could be an emergency situation you are in, such as your electricity or heating bill is about to be cut. If you find yourself in that kind of situation, it may be better for you to get a payday loan. Payday loans get approved and released quickly. You can even apply for them and get the money in as fast as under an hour or less! A lot of people who are in an immediate need for cash opt to go for a payday loan because it is a quick way to get your hands on some money.
3. You cannot borrow money from family or friends
For anyone that feels too embarrassed to borrow money from people that they know, you do not have to swallow your pride when you choose to get a payday loan. The lending company will not require you to pay any emotional costs at all when you borrow money from them. It will all be but business for them, so you do not have to worry about feeling embarrassed when you want to borrow money for a payday loan.
4. Your loan request got rejected
If a bank or another lending company has just denied your loan request, your only other option may be to get a payday loan. The approval rate for getting a payday loan is very high. So you will not have to worry about getting your payday loan request rejected or turned down. There are very few reasons why that would happen, and they rarely occur. For anyone that has just gone to a bank to get loans approved but to no avail, why not choose to get a payday loan instead? Compare consumer and payday loans options using the following link from the Norwegian government.
5. You have got other debts
If you are in debt because of the other loans that you have but need money to pay them off, why not take out a payday loan? The interest rates and fees for a payday loan are quite low compared to other loans. So you will not have to be too concerned about your ability to pay them off. You can even use the money that you get from a payday loan to pay your other debts off as well.