First, let’s have a review of the first six benefits of payday loans. If you haven’t read through the first and second part of this list, then I suggest that you do right now. If you are busy and don’t have time, let me just sum it up for you. The six benefits of payday loans are as follows:
- Quick, time-efficient loans, perfect for the impatient person
- Ease of approval, there is practically no approval process
- It’s generally easy
- It’s just as easy to find the loan
- It’s an unsecured loan
- It’s popular
Now, let us finish that list with the remaining seventh to tenth benefits of payday loans. Since I have already dropped a note about collaterals in the second part of this list, we’ll start with those.
No collateral-no cosigner
The seventh and eight benefits of payday loans are the absence of a cosigner and the lack of collateral necessary. A collateral is something that you risk in lieu to the money owed. In other words, you use a collateral to secure a loan. If, however, you fail to repay the loan itself, you will have to face a possible problem. The collateral will be taken away from you. Some lenders ask for collaterals as expensive as houses, land properties and automobiles. Fortunately you don’t have to worry about that when it comes to payday loans. Another benefit is that there is no co-signer necessary. A co-signer, not like a collateral, is a person who can attest to your credibility. Failing to repay the loan, the co-signer will be the one to repay it for you. Needless to say, finding a cosigner is very difficult.
Guaranteed personal loan
A payday loan is a guaranteed personal loan, meaning that you can get it with little or no hassle. As long as you have a job and a monthly paycheck, you are qualified for this type of loan. There’s a one hundred percent guarantee that you will get the money provided you can present an ID and a paycheck.
Variable interest rates
The interest rates vary depending from which payday loan lender you are getting the loan. You can get better interest rates simply by looking for other lenders. Compare the interest rates and the general terms of each option and then decide which the most ideal funding option for you is. Additionally, the variability of the interest rates present a possibility to consolidate the loan should you have trouble in repaying it.