Getting access to credit to some people seriously is not an option anytime soon.
Some people have so many problems in the past on their credit report that no lender is going to want to deal with them. Were talking about a few bankruptcies. Numerous of credit cards all maxed out they never made any payments. And of course, they are no stranger to having their car repossessed, since it happened to them multiple times. It is sad, but it is also a part of life for some people. The fact is now a days in our daily lives credit is a part of life. Individuals need money all the time, but in general only get paid every 2 weeks. When you are a week from getting paid and zero money in the bank what do you do? Because you cant get a credit card using a card isnt an option at all. Applying for a small payday loan could perhaps be a solution to your temporary financial problem. It is just like their name implies. A small loan against your next pay check. They are short term loans to help get thru money issues. They are not in any way meant to be a long-term financial fix. Most people understand this and handle them appropriately. The APR on these kinds of loans is high, because of the risk of default to the lender is high. Across a years time the interest rate can range from 250% - 500%. These kinds of small payday loan arent taken out by people in yearly terms. They think in shorter terms. To borrow $100 for 14 days will only cost maybe $15. That is entirely a very reasonable budget friendly short-term solution. Considering what other options will charge.
Bank over draft fees of $35 for each transaction
Late rent fee of $75 + $25 per day
Suddenly, a small payday loan that only maybe charges $15 for 2 weeks to borrow $100 is looking as a much more cost-effective option. If you'd like to apply online here is a link to our website.
Small payday loan lenders are not looking to lend substantial amounts of money to people.
When a borrower cant repay the loan