Payday loans are generally considered the same as cash advance loans which consumers can pay for with their income or salary. These are short term loans and are used primarily to meet unexpected and urgent financial needs. Most applicants or borrowers of online fast loans are those who have regular monthly income but then who often find themselves short of cash when they need it most. This explains why many people think of payday companies as the most generous lending institutions because they make taking out loans look really easy and simple. You can even apply for payday loans without a debit card. But before you jump on the bandwagon, it is important that you learn the important aspects.
Qualifications for Same Day Loans with No Credit Card:
- Legal age.
- Details from pay checks from the company to verify the salary amount.
- Permanent and stable employment in any company.
- Active savings or checking account.
Using Payday Loans: Do’s
- Car repairs
- Payments for monthly telephone and utilities
- Medical or any hospital bills in case of unexpected medical emergencies.
- As payments for debts that can eventually lead to bad credit score or even property confiscation.
- Tuition fee for students with part time jobs and cannot use any type of scholarship.
- Money needed to buy the necessary goods for everyday life.
Using Cash Advances: Dont’s
- Holiday trips or out of town vacations
- Playing in the casino or gambling
- Buying luxury items, such as jewelries, electronic gadgets, and so on
- Wedding, birthday or anniversary preparations
In some ways consumers can benefit from the same day payday loans without a debit card. Nobody can deny this, and those who are often in a financial trouble could certainly claim that such loans are the most convenient and helpful option. But then again, just like any types of loans, there are disadvantages to such overnight loans as well.
Disadvantages of Fast Loans Online
Same day loans without a debit card are too easy to qualify for and get, making it too hard to resist for consumers.
The interest rates that online personal loans have are way too expensive that borrowers are likely to pay more than the actual amount of their loan.
Since these loans are against the borrower’s paychecks, the terms given for the repayment of loans are really short. So if you are unable to settle the loan within 2 weeks, you will have to pay the extra charges and additional interest rates
Should you fail to pay back the loan on its due date, you will have to suffer the consequences such as the additional charges and a negative record in your credit score.