Paycheck loans are payday loans. In some cases, payday loans will get you paid in cash. You may have an online transfer crediting cash into your checking account. You may also get a check which you would have to cash in using your checking account. Paycheck loans are one of the many options at your disposal. You can always rely on credit unions, banks, traditional lenders, family and friends or even the peer to peer lending networks to get some cash. All these avenues will have some advantages and some shortcomings that you must deal with. In comparison, paycheck loans emerge as the most popular choice because of a few reasons. Let us explore those aspects.
- Paycheck loans are available for any and sundry, as long as one is an adult and has a source of income. The source of income must be proven. It could be employment, self employment, business or even interests being earned from a capital asset or lump sum savings. This is the only criterion that matters as compared to the long list of eligibility factors posed by all other lenders. Credit unions require you to be associated with them or be a member. You may use referral but that would still not enable you to apply for whatever loan amount you want. Banks and traditional lenders don’t offer short term loans and they don’t entertain small loan amounts. Family and friends don’t always have the cash available to help you out even if they want. Peer to peer lending networks are unreliable, complicated and there is no telling that if you would actually get anything.
- Paycheck loans are the best option from the perspective of credit score. You may or may not have an excellent credit history. Should you have a poor credit score, you cannot qualify for most of the traditional loans. Conventional lenders will not offer unsecured or even secured loans at times if your credit score is dismal. It is also possible that you don’t yet have a credit history worthwhile enough to be considered. Paycheck loans are your ideal option.
- Paycheck loans are surefire, the entire process is simple and you get plenty of options at your disposal. There is hardly any other option that would almost guarantee you that your loan application will be entertained and no other source would offer you cash within an hour or two.