Even the most frugal of people can eventually find themselves in financial trouble. Whether it’s emergency medical expenses or finding yourself in challenging financial circumstances, it’s surprisingly common to consider a loan to help bail you out of a difficult situation.
Unfortunately, traditional loans usually aren’t a good idea for short-term financial need because of how long the process takes. When you apply for a traditional loan with a lender, you’re subject to a credit check, you have to submit several documents, and you might need to meet face-to-face with the lender. These factors can make it difficult for someone to apply for a traditional loan to get immediate funds.
But there is another option available if you’re facing a financial emergency. Payday loans are perfect if you’re facing a tough financial situation. While the borrowing limits are lower and the repayment terms are shorter, they do come with some major advantages over traditional loans.
1. There’s no credit check required.
A traditional lender will perform a credit check on your financial history before considering your application. If you don’t have a clean credit history, the chances of being accepted for a loan will plummet. Even if you do have a good credit history, lenders might take a very long time to perform the check and approve your loan amount. This process can be stressful and doesn’t help if you’re facing a tough financial situation and need immediate help.
On the contrary, a payday loan doesn’t require a credit check. This means the process goes much more quickly and a poor credit rating won’t affect your chances of being accepted for a payday loan. This makes it far more convenient for people who are currently in a tough financial situation and need an option for an easy payday loan.
2. There are fewer documents and approval processes involved.
When you apply for a traditional loan, there are lots of documents and checks involved. For example, you might be required to submit something for collateral in order to reduce the interest rates of your loan. This can be an incredibly time-consuming process, especially since the lender has to check through and validate each document.
When you get a payday loan with Cashback Loans, all you need to submit is a valid ID and proof of employment. As long as you’re over 18 and currently employed, you’re eligible for a payday loan and you don’t need to submit several documents. This speeds up the entire process and makes it much simpler for someone to apply for a payday loan.
3. You can apply online or in-person.
Traditional loans will generally require you to visit the lender or bank and speak to someone face-to-face. This can be daunting for some people and it generally makes the process of applying for a loan much longer.
Payday loans are much more convenient. You have the option of applying both online or in-person, depending on what you prefer. This added convenience is perfect if you’re in a tough financial situation and need to apply as soon as possible to deal with a financial emergency. With Cashback Loans, you can simply login to our website, submit an application, and get approved within minutes. There’s no need to go to a bank or speak to someone face-to-face just to get a decision or start the process.
4. You can get approved in minutes.
Traditional loans usually involve higher loan amounts, hence why they can take a long time to be approved. Lenders have to look through several documents worth of financial information and run a credit check before making a decision. This long, drawn-out process makes it hard for someone to receive the financial support they need in a short amount of time.
Payday loans are different. Since there are no credit checks involved and the loan amounts are much smaller, you can get approved within minutes of your application. There’s no need to wait several days to get approved for the loan you need today.
5. The funds are available instantly with Cashback Loans.
If you’re looking for a quick and easy payday loan option, then Cashback Loans is ideal for tough financial situations.
We offer an instant deposit option to make sure you get the funds into your account immediately. From applying online and getting approved quickly to getting funds deposited instantly, you could have the funds in your account in a matter of minutes. This is extremely convenient for dealing with emergency financial situations.
Unlike traditional loans, Cashback Loans makes the process simpler so you won’t be waiting around for days to access your loan, making it an immediate solution to help with your financial situation.