You might have heard some of the overly scary things some people say about short-term payday loans. In this article, we’re busting through some of the myths out there and letting you in on how to avoid many of the most common issues people tend to have with these super fast finance solutions. We’ll start with:
People using payday loans irresponsibly
At Quickle, we understand that sometimes people can struggle to meet their monthly costs from time to time, which is why we offer fast payout loans to provide an emergency finance option. We always encourage our customers to only take loans for urgent needs as opposed to using funds for things they just want, but you’ll still hear stories of borrowers using the money for all kinds of unnecessary purchases or even investments.
Making more money by taking on quick investments with a payday loan is one of the more common claims you might have heard. This type of investment is essentially gambling and we really don’t think it’s a sensible way to use a payday loan. You’ve probably also heard of people using short-term loans to buy cars and personal assets. This is also a bad idea. Our aim is to help people out of tough situations, not to give customers the means to purchase luxury goods.
If you can’t pay back your payday loan in time as agreed, you may incur dishonour fees and these can mount up if you ignore them. The best thing to do is to take only what you need in order to cover your most vital costs and ensure you allocate enough of your upcoming pay to making the repayments as scheduled.
Expecting payday loans to arrive in minutes
On your first searches for an online loan or payday advance, you might come across a host of vendors that seem to suggest the money will arrive to you in mere moments. This tends to lead people to believe that all the best payday loan companies have the ability to pay out instantly. There’s no such thing as a short-term loan that can be paid this quickly.
At Quickle, we do our very best to ensure all of our loans are paid out within 24 hours of an application being accepted. In most cases, we are able to pay the money to your account within hours of accepting your loan. This is as fast as it gets from any regulated market leading payday loans provider. So if you’re thinking about taking a fast short-term loan, this is the kind of timeline you should be expecting. Payment within 10 mins is definitely not a realistic notion. If it sounds too good to be true, especially when compared to the most trusted companies out there, then it probably isn’t very true at all.
Thinking that only people with great credit scores are eligible
When it comes to credit cards and personal loans, your credit score can be a huge barrier in the application process. But with payday loans, your credit score is not a factor that we base our decisions on. We like helping people that really need it. If you have a bad credit history, we’ll do all we can to base our assessment on your current income. We do this by asking for access to your bank account statements when you apply. With this information we’ll be able to see how much you earn, and this helps us make a sensible decision on how much we can offer to lend you.
Just like with any form of financial planning, affordability is key. It’s not in our best interest at all to offer people more than they can afford to pay back. The loans are designed to be repaid within weeks or two months at the latest, so it’s very important for us as well as our customers, that the agreements we make are perfectly within your means.
Those are the main issues! If you’re looking for a fast online loan, remember that payday loans are solutions for urgent problems, rather than a means to buy stuff that you want. It’s our goal to give anyone looking for a fast and reliable source of funding the support they need. We do all we can to make our fees and interest rates as clear as possible when we present your options, so it’s easy for you to know exactly what terms you’re taking on before you agree to anything.
You can read more about online loans here and in our previous blog post: Why The Demand Is Growing For Quick Loans In Australia