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There are several advantages to getting an advance payday loan. The most obvious is that approval is granted so quickly, with some online lenders deciding in as short a period as a few minutes. This is because the process is automatic, with the information in the application form matched by a computer program against set criteria. If the matches are good, approval is given.
A second advantage is that approval is practically guaranteed and based solely on income. This system means even a terrible credit score can be ignored, since the loan is granted against an upcoming paycheck. So, as long as the value is more than the sum borrowed, fast loan approval is a logical.
These cash advance loans are accessed so quickly that the funds needed to deal with a financial emergency can be deposited in the bank account of the borrower within a four or five hours.
Disadvantages of Payday Loans
Of course, with such ease of access it is hard not to expect lenders to get something in return – and they do. The truth is that advance payday loans are amongst the most expensive available. In some cases, the interest is 35%, while other lenders will grant a loan at a rate of 15%.
The reason for the high interest is two fold: firstly, the risk in ignoring credit histories is very high; and secondly, the profit margin is confined by a repayment term of as little as 14 days. For example, with a $1,500 loan at 15% requires $1,725 to clear the debt after just 14 days. This means a profit of $225 for the lender, which is far lower than a profit earned on 6-month personal loan.
Fast loan approval may come at a price, but lenders are still sensible enough to place a strict limit on the loan sums. That is why a cash advance loan comes as a maximum $1,500, ensuring repayment is possible.