If you are a citizen of the US, the UK, and Canada, your worries about financial troubles during emergency situations are over. There are payday loan companies that can be accessed on the Internet who could process a cash advance in just an hour. This is now possible with the introduction of modern technology in these highly developed countries. The average wage income earners, both blue and white collar employees are now qualified to apply for payday loans within their respective countries. Those in America and Canada, the annual percentage rate are controlled while those in the United Kingdom, lenders of payday loans are free to charge any rate they wish on their loans. While there are differences on how they are processed, the fact remains that these payday loans have a common denominator, and that is, to meet an urgent cash requirement. Payday loans are widely patronized in these countries.
These payday loans are designed with ease to avail due to accessibility. If you have a computer or a gadget hooked to the Internet, a visit to payday lenders’ site will give you the opportunity to read what they carry. You can check if your credentials can meet their requirements. But you will be surprised with advertisement they have-to process your payday loan in just a couple of minutes or you can have your cash advance within a couple of hours within the day you applied. In addition to that, you will not be bothered emailing or faxing a document to them. But what is more convenient is you don’t have to leave your home, the proceeds of your payday loan will be wired to your account within the hour they promised you. Isn’t that interesting and very enticing.
It is the common belief that these two features of payday loans- easy to access and the convenience it offers made this innovative credit tool more popular than the other lending facilities in the market. Although the interest rate being charged is unconscionably high (and even branded usurious in some States), people are still drawn to it. The simple and less cumbersome processes you will have to take in applying for a payday loan is definitely the opposite if you will avail the services of traditional lending institutions that require several documents and complicated forms to fill up.
It is a fact that the interest rates of the traditional loans offered by banks and other creditor firms are very low compared to payday loan lenders. However, the processing is still normally done manually which takes longer time and this makes them less preferable. It takes a lot of time to finish the evaluation process. The checking and validation of documents with various offices when done without the use of high technology (online processing) is definitely snail-pace. Besides, online payday loans processing does not require any document to support the application. Just fill up the application form accurately and that’s all.
Most loan applicants are overwhelmed by the advantages of online loan processing. With their amazement, they sometimes overlook the “debt cycle trap” behind payday loans. There is a big probability to fall to this debt cycle if you fail to pay the payday loan on time. In order to avoid this, it is suggested to make a budget to follow before you fill out the application form on the Web. Remember that in availing a payday loan, you are trying to solve a problem and not to complicate the situation you are presently in.