Money is not always available. Sometimes it is in plenty while other times it is scarce. Money however is quite necessary and a part of life. This calls for you to have a little something just in case anything comes up. What then do you do if you do not have a little something? Quick loans are a splendid way of getting money on emergency. This is a loan where you are given a moderate amount of money e.g. three hundred dollars and are expected to pay back with certain interest after a certain time, though not so long e.g. two weeks. Here are five advantages of a quick loan as compared to other types of loans.
You can be able to get a quick loan quite fast. It does not require the multiple and long processes in other loans. You can want money, just walk into a quick loan store and ask for the loan. You could even find quick loans online and apply. It is rather instantaneous as compared to other methods. Other loans require a credit score that takes a while to process that not ideal for getting money for emergencies. You can get that money that you required almost immediately, thus proving quite beneficial.
You are not limited to what you can use the money on. You can use the money anyway you want to. All that matters to them is you paying it back after the end of the period and as agreed. Whether you wanted to buy your kid a toy or take him to hospital, do as you please. However, for other loans e.g. a mortgage loan, you cannot use that money for any other purpose apart from getting a house.
Other loans usually require knowing many details about you. However, for this type of loan, they just need to know whether you are working and how much money you earn in a month. No hassles with regard to checking your credit score. Not to imply that they will not follow up your story, but all they need to know is whether you can repay the money.
4. Cash in hand
The money you get is cash in hand. This means that you can use it almost everywhere. However, you cannot use credit cards where there are no swiping machines and they at times cause delays. You cannot also withdraw the cash from your credit card. However, you can do this with your pay loan; have all the financial power in your hand.
Quick loan stores have longer operating hours than normal banks. Having them on the internet also creates a 24/7 platform, thus assuring you that you can get your quick loan literally at any time you need it. This convenience is great, both for borrowing and for paying back.
A quick loan is a very simple way of getting money. It gives you a lot of liberty and freedom to do what you need to do without much limitation.
Simon is a financial advisor and a lecturer in various universities teaching on economics and finance. He is a holder of a number of Bachelor’s degrees and a Master’s degree in Economics. He also runs a blog on the internet with financial advices to all types of people.