Advantages of Payday loans
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What  are  payday  lloans?
Payday  lloanss  arre  sshorrtt--tterrm  borrrrowiingss  tthatt  have  tto  rrepaiid  back  tto  tthe  llenderr  once  tthe  borrrrowerr  
rreceiivess  hiiss  nextt  paycheck..  IItt  iiss  an  unssecurred  lloan  ttype,,  wherre  tthe  borrrrowerr  iiss  nott  rrequiirred  tto  
pllace  any  collllatterrall  wiitth  tthe  llenderr..  The  lloan  amountt  iiss  giiven  sseeiing  tthe  iincome  llevell  and  
ttrrussttworrtthiinessss..
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Advantages & Disadvantages of Payday loans
                        
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Advantages of 
Payday loans
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No credit check: 
In payday loans, lenders do not consider the credit score. The 
borrower is eligible for the loan amount irrespective of the 
credit score that he has.
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Quick transfer: 
The whole process of the loan 
application goes quick, from 
applying, verifying to transferring 
of money to the bank account.
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No collateral required: 
Payday loans do not require collateral to be placed, as it 
is an unsecured type of loan. The borrower does not 
require to risk his assets and properties.
Multiple purpose use:
 Payday loans can be used for various purposes and 
fulfil your short-term financial needs immediately.
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Disadvantages 
of Payday loans
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Should be employed: 
The borrower must be employed as the payment has to be done 
when the borrower receives his next paycheck.
Not for big financial problems: 
Payday loans are for short term purposes and not to solve big 
financial problems. They can be used only for small and immediate 
needs.
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High-interest rates
As this loan type is for short period, the 
interest rate charged against payday loan is 
higher.
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Bank account rights: 
Few lenders ask for bank account 
rights and transact the amount by 
themselves. There is no safety and 
security in payday loans.
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Thank You
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