If you are an ordinary working man, chances are your credit would not be as stellar as you would like it to be. This is okay for most but when the event came that you needed to borrow money from a bank, a bad credit score can spell disaster. Most of the traditional financial institutions will base their approval on how low or high your credit score is. If you are lucky and gets approved even if you have a bad credit score, take a look at the rates they are charging you at. There would be no surprise that your rates would be higher than those with better credit scores than you. This is where payday loans online come in. Not only will they not look at your credit score, but they are also fast, convenient, and available 24/7. There is a reason why payday loans are dubbed as the great equalizer and we list down the reasons below.
Online loans are also sometimes called microfinance loans and that is exactly what it means. Microfinance loans give out small loans for struggling individuals just to help them get back to their feet without looking at their credit scores. This gave the payday loans that “great equalizer” moniker. Online loans are up 24/7 and can be reached online just about everywhere that has internet access. Loan approval usually takes minutes and you can have your money in your account in as little as an hour.
Packed Full of Convenience
Online loans will never ask you for paper documentation and not ask you to go to their office physically. Unlike these old fashioned banks, they just need identification and proof of cash flow coming in every month and you are good to go. Use your smartphone to take p[ictures of the required documents, email or upload them and once received and verified, you get your cash. Do this while sipping coffee, or lying down on your bed at home. This minimal requirement for documentation beats the required documents by any bank by a long shot.
Use It As Cash
Unlike a bank loan, for instance like a car loan that you can never use for anything else, an online approved loan can go into your bank account and you can use it however you wish for that ultimate flexibility. Online loans are truly one of the greatest things that happened in the history of institutions giving out loans.