The Way Easy Payday Loans Are Changing How People Borrow Money
Nowadays, most people are familiar with how easy payday loans are, regardless of whether they've seen them offered online or through physical stores. These cash loans SC are intended to cover short-term financial problems and pay for emergencies.
The payday loan industry has increased from a $100 million market to a $2 billion market in just ten years, which means that a lot more people are making use of these loans. So, to give you a comprehensive overview of how much payday loans are changing the way we borrow, we'll start by looking at their history.
The Beginning Of Payday Loans
Payday loans as we now know them began in the early 1980s here in the United States of America following federal banking law developments. However, you can trace the concept and idea behind this type of loan for centuries.
As time went on toward the early 1990s and the start of the 21st century, the market for payday lending exploded — and it continues to do so today.
The growth seen in the industry since 2008 is due to the increase in difficulty that borrowers face when trying to receive loans from traditional banks. This brings us nicely to the crux of the matter — how payday loans have changed/are changing the borrowing climate.
How Easy Payday Loans Are Changing The Borrowing Environment
1. They Negate The Borrower's Risk Of Collateral
Before online payday loans became a prevalent and legal way of borrowing, low-income individuals had to put up collateral to gain access to funding. Unfortunately, it resulted in many people losing their homes, cars, and other valuable possessions when they couldn't repay them.
Payday loans give you a more leisurely, safer way to borrow. They're generally due on your next paycheck, allowing you to pay them back when your subsequent influx of cash comes through.
2. They Offer Help When Government-Funded Benefits Don’t
Plenty of federal schemes provide funding for low-income families, those with disabilities, and senior citizens who come into hard times and cannot pay for heating, water, electricity, rent/mortgage, food, and other essentials. However, not everyone can meet the stringent eligibility criteria.
Therefore, payday loans let you borrow up to $550 to pay for necessities when you'd otherwise find it difficult to get help during an emergency.
3. They Are Accessible For Everyone, Regardless Of Their Credit Score
Traditional bank loans require good to perfect credit scores. But it isn't realistic for everybody, especially those who have low incomes and high bills.
With a payday loan, you can have great, good, or even bad credit and still have a chance to gain approval.
4. They Are Simple To Understand
It's no secret that traditional bank loans have a variety of clauses, fine prints, and jargon attached. The contracts are pages upon pages in length and written in confusing English. At times, it can feel like you need a legal or financial degree to understand them.
But easy payday loans are, thankfully, very different. Written in simple-to-understand language with clear clauses and terminologies, payday loan contracts are pretty straightforward. This alone has changed the way people borrow, allowing them to go into financial obligations with more confidence and clarity.
5. You Can Use Them For All Kinds Of Situations
Bank loans tend to come with multiple caveats. For example, you may have to use the loan for a specific reason. In some cases, the bank would do all the financial transactions, so you never get to handle the money yourself.
While payday loans are recommended to be used only for emergencies (overdue bills, medical bills, urgent travel, home repairs), there aren't any legal restrictions on the uses of payday loans or the type of emergency you use them for.
How To Get Easy Payday Loans
Easy payday loans that are offered by Carolina Payday Loans, Inc. come with a super-fast procedure. From start to finish, you can expect it to take less than a day. Just follow the six steps listed below to find out exactly how to get your hands on one of our payday loans:
- First, submit the Carolina payday loans inquiry form.
- One of our friendly loan experts will call you back to ensure you understand the process and the requirements. Of course, you can ask any questions at this stage as well.
- After the conversation, head to your local Carolina Payday Loans, Inc. location. Don't forget to bring your driver's license, most recent pay stub, and a blank check from your active checking account. Ensure the checking account is open in your name.
- One of our knowledgeable loan representatives will look over your documents and confirms your information as soon as you arrive to make sure that you qualify and determine how much you qualify for.
- If you are approved, you can provide your signature on a few forms to complete the process.
- Finally, you can receive the money you need on the very same day or the following business day!
Change The Way You Borrow And Obtain Easy Payday Loans!
Easy payday loans seem to keep rising in popularity for all the right reasons. They're changing the way many people borrow, making it simple and more accessible.
They can change the way you borrow as well. Feel free to get in touch to start your easy payday loan process today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.