10 Most Important Benefits of Payday Loans
Payday loans like most personal loans are very helpful. They have been designed with an aim to provide you liquidity at a time you suddenly require cash to meet an exigency. Since the amount borrowed is small, even if the rate of interest is comparatively high, you won’t incur a huge expense or debt, if it is repaid by the next pay cycle. But to be fair, it needs to be stated here unambiguously that it is one of the riskiest loans available in the market because it expands very quickly unlike long-term installment loans or term loans.
Cashco Flex loans are long-term personal loans which can be repaid periodically in small amounts. Each payment is called an installment and usually the number of installments are fixed even the contract is signed. Cashco Financial is a responsible lender and aims to empower its clients.
You can either apply online or visit one of the brick and mortar stores near you. It is present at 62 locations in Canada. You will also get exciting discounts on long-term loans like flex loans, auto loans and cash advances and there are also many wonderful loyalty programs and benefits for referrals and repeat business.
Advantages of payday loans
Although payday loans are not always recommended, it has some benefits especially when you need cash for some immediate personal need. Whether you are looking for payday loans in Edmonton or any other place in Canada, Cashco Financial is one of the biggest and most trusted names. It carefully protects the interests of its clients even if the clients default on payment and it gives them more time and opportunity.
The following are some of the main advantages.
- Loan amount determined by income: To avail payday loans, you will have to submit proof of your income and payday loans are generally a percentage of your monthly income. This means, there is a limit on the amount that you can borrow and this prevents you from borrowing inconsiderately.
- Payday loans are available to those without good credit ratings: Even if you don’t have the most ideal credit score, you can still be available for payday loans. However, failure to settle the loan will affect your credit score in a big way.
- Provides you with instant cash: Payday loans are extremely useful during times of financial emergency for which you were not prepared. You may use it to pay off your auto repair bills, giving your home a facelift, meeting medical expenses not covered by your insurance, for replacing essential equipments in your home, etc.
- Devoid of restrictions: Payday loans can be used in any way you wish and you are not answerable to the lender for spending it in a particular way. However, you should be careful. Don’t use it to buy expensive clothes or to throw parties.
- Convenience: Payday loans can be applied for and approved in a day. You can do everything online. Just make sure that you provide the right documents.
- Quick transfer: Not only are the application processes simple and the approval quick, the money is also transferred to your preferred bank account quickly.
- Protects your credit rating: Ideally, you shouldn’t use a payday loan in case you need money to pay off a credit card bill. But, if you know that you will not do it regularly, a small payday loan can help you to take care of the immediate payment concern and thus protect your credit score.
- Information security: When you sign a contract with a payday lender, they are under a legal binding to keep your information safe and they can’t share it anyone else.
- Low APR: As competition intensifies, contrary to popular belief, APRs on payday loans are actually decreasing. Many provinces have laws that put a cap on the payday loan APRs that can be extracted.
- There is no upfront fee: Most payday lenders don’t charge an application fee on payday loans. Some lenders also allow you to pre-close your loan if you want to. This saves you money that you have to pay in interest.
If you are confident of your wealth management skills, payday loans can actually become an asset. You can use them to save money also that you have to pay for overdraft, bounced cheques, etc. Remember to use them with caution and you will never regret it.
Cashco Financial – Head Office
#325, 8170 50 st
Edmonton, Alberta T6B 1E6, Canada