When you want to borrow a substantial amount of money that you can pay back over the coming years, a personal loan is the way to go. But if you’re facing an emergency, need the money right away, and don’t want the hassle of a credit check, a short-term loan could be your best option. In this post, we’re explaining the most important things you need to know about these payday loans so that you can decide if getting one right away is certainly the best solution for your circumstances. We’ll start with:
Payday loans can be paid out the same day you apply
These short-term loans are designed to give you the money you need to sort out urgent costs. They can be paid out within hours of your application if accepted. This is what makes them so useful for the most crucial situations where time and practicality takes priority.
At Quickle, payday loan solutions are our speciality. We strive to offer lightening speed service, an easily accessible online application process, and helpful customer care features that ensure your loan experience goes as smoothly as possible.
You don’t need a good credit score to get the funds you need
Your credit score is important for credit options like credit cards, personal loans, and overdraft products. It’s not so essential for short-term loans. We look at your recent income instead of your credit score, as we believe this gives us a more accurate assessment of your ability to pay back the funds you want to borrow. If you apply for too much, we’ll get back to you with an offer that we feel suits your financial situation better.
The most important thing to us is that you only take a loan that you can definitely afford. Some payday loan providers don’t take as much care in helping customers pick the right options, but we believe in responsible lending, so we do our best to follow the highest standards of practice.
You’ll have to pay back what you owe with your next paycheck
Once you get the cash in your bank account, you’ll be able to access it as needed. The repayment terms will be clearly outlined to you before you accept our offer and we’ll send you reminders of your upcoming payment dates so that you don’t miss them. Payday loans are meant to be paid back as soon as you next get paid from work, so most terms span over 1 or 2 months.
Money management is key when you’re dealing with a limited budget. You need to be sure you can repay the amount you have borrowed and that often means making budgets as well as watching every dollar you spend.
You might’ve heard all kinds of rumours surrounding the charges that can be applied when you miss payday loan repayments. The truth is, we like to do everything we can to help you make repayments without delay to ensure the agreement is fulfilled as smoothly as possible. If you ever think you might miss a payment, it’s best to contact us as soon as you can. The surest way to have your account escalate with serious penalties is to miss your repayments and ignore contact with us completely. This fact rings true for any other form of credit you could use.
Payday loans companies are not banks
Banks are huge, bureaucratic, and obsessed with numbers. We’re a team of people that care about bringing all kinds of borrowers the right level of funds when they need them most. Most banks will see you as walking credit score. We understand that you’re a real person living a real life. And we understand that in life things can go wrong. This approach allows us to have a much more open-minded approach to the way we do things.
We love offering quality customer service and we appreciate that every individual has their own set of circumstances to consider. Where most banks would turn you away, we’d be prepared to take a much closer look at your needs and help with a level of funding that we think suits your needs appropriately.
Those are the most important things you need to know about short-term loans. Want to learn more? You’re very welcome to add any questions you have to the comments below or contact us directly for more information.
Read more about short-term loans here, or in our previous blog post: Short-Term Loans – How They Work And Where To Get Them