advantages of getting online payday loans

What Are The Most Important Advantages Of Getting Payday Loans?

Getting payday loans comes with an unexpected list of advantages when compared to traditional loans. Accessibility, having fewer requirements, welcoming low credit scores, and not needing any collateral are some of the essential advantages of getting payday loans. But there is so much more to discover about this loan type than initially meets the eye.

We'll explore the benefits of getting payday loans in South Carolina so you can decide whether they're a suitable option for your monetary needs.

The Top 7 Advantages Of Getting Payday Loans

1. They Are Accessible

Arguably, accessibility is the main advantage of getting payday loans. You can start the process online, while the in-person process takes as little as half an hour – ideal for those with a busy schedule.

Plus, you often receive the money the same day you apply. If not, you’d receive it on the following business day, allowing you to fund emergencies quickly.

simple payday loan requirements

2. They Have Simpler Requirements Than Traditional Loans

Traditional loans come with a long list of requirements that you must meet before accessing the money. They typically require everything from your Social Security number to a credit check and more. However, you only need to meet four requirements to get a payday loan in South Carolina. You must. These requirements are:

  • To be over the age of 18.
  • To have your most recent pay stub.
  • To have a blank check from an active checking account open in your name.
  • To have a driver's license or another kind of government-issued photo ID.

3. You Can Still Obtain Them With A Bad Credit Score

Standard banks and traditional credit unions normally require a good to excellent credit score before giving you a loan. But with a payday loan, that's not the case. You can get a payday loan with a fair or even poor credit score. 

4. You Don't Need To Put Up Any Collateral

Emergency payday loans are unsecured, meaning you don't have to put up an asset, such as your car or house, as collateral to get them. This means that Carolina Payday Loans, Inc. will not take possessions of your assets.

5. They Are Easy To Manage

Payday loans are an option if you prefer to handle your finances online. Making an account with Carolina Payday Loans, Inc. allows you to view your current loan balance. From there, you can transfer money online and even make your repayments.

6. They're Made For Emergency Expenses

Sadly, emergencies happen without a warning and often don’t give you a lot of time to deal with them. If your boiler needs replacing, your car breaks down, or you have medical bills to pay, you probably don't have time to wait for standard loans to process.

Payday loans, however, take about half an hour to go over the in-person process and you receive the money as swiftly as possible. That way, you stand the best chance of avoiding late charges on overdue bills and affording emergencies quickly.

With that said, it's worth considering whether your situation truly calls for a payday loan before getting one. They're made for emergencies, not as a long-term financial solution. Our customers typically use them for:

  • Repairing their house or vehicle.
  • Funding unexpected medical bills.
  • Paying overdue bills like electricity and heating.

7. They Don’t Impact Your Credit Score

Traditional loans can affect your financial climate and credit score for 12 months and beyond. Payday loans, however, are intended for short periods and are not reported to credit agencies, which means that your credit score remains completely intact.

man processing a payday loan online

The Process Of Getting Payday Loans

Now that you are familiar with the most important advantages, you’re ready to learn the straightforward process to acquire one:

  1. Submit the online payday loan form. This form sends your information to your nearest Carolina Payday Loans, Inc. store.
  2. A loan representative from your closest store will call you to talk about the process of getting payday loans, ensure you know the required items, and answer any questions.
  3. After the phone call, go to your local Carolina Payday Loans, Inc. storefront with your driver's license (or a different form of government-issued photo identification), a blank check from your active checking account, and your most recent pay stub.
  4. Our loan associate will evaluate your paperwork when you arrive to establish if you are eligible.
  5. Then, they will go over the process and answer any questions you have.
  6. Finally, you can finish the process if you are approved and get the money you require on the same day or the following business day. 

Getting Payday Loans Is Simple!

Getting payday loans has several advantages that can make them an option when traditional loans aren’t. These advantages are simple to benefit from since payday loans can take less than a day to qualify for. If you’re considering getting payday loans, simply submit the online form today to get your process started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.