What are Payday Loans?
Payday loans are a useful tool for borrowing a small amount of money for a short amount of time. If used correctly and with good intentions, you can have a positive experience with a payday loan which yields the results for which you set out. But many borrowers have misused and misunderstood the payday loans, it is important for a potential customer that you know the depth of the advantages and disadvantages of these types of loans.
Advantages of Payday Loans
- Payday loans are a fast source of cash in a financial emergency. If your car has broken down or a financial emergency has popped up, a payday loan can provide you with the money you need within a matter of few hours.
- Payday loans do not require a credit report. If the credit has been damaged or you have not established a credit rating yet, your eligibility will not be affected.
- Payday loans save you money.
- Payday loans can protect the credit rating. If you take a payday loan to tide you over for a few days and help meet the financial obligations, you can avoid a mark against the credit rating.
- Payday loans allow you to be independent. If you are just in the initial stages of learning to balance your budget, you may not always manage to have enough cash on hand to meet the expenses.
Disadvantages of Payday Loans
- Payday loans are for relatively small amounts. So if you are looking for a larger sum, you will mostly have to find other source of funds.
- You can land up in a vicious cycle. A large part of the profit made by the payday loan companies comes from consumers who cannot repay the previous loans on the due date and henceforth, end up extending the loans. It eventually results in more fees for the customers added on top of the original amount borrowed which can lead to extreme debt.
- The payday loan companies can sometimes be a bit deceptive in the information they disclose. The payday lenders sometimes use misleading marketing material and find loopholes in contracts with their customers.
Why choose PayMe India?
PayMe India has a hassle-free solution for your short-term borrowing needs. They visualize growth in leaps while presenting in every aspect of your life with our best in class services. PayMe India prefers to be prominent financial solution provider across the segment by offering ground-breaking products.
Here are a few reasons which will make you want to choose PayMe India!
- Facilitating With Instant Cash
- Low Interest Rate
- Nominal Processing Fee
- Pay Interest Only For Days, Loan Is Used
- No Prepayment or Foreclosure charges
- Secure, Hassle Free and User Friendly