Almost everyone has heard of cash advances and payday loans, and most people are aware that in certain circumstances, they can be quite useful. Through payday loans, you can receive the money you need within a day or two without having to deal with all sorts of legal and financial red tape. As a result, payday loans have become very popular and if you are in a big or even a medium sized city, you will be able to find brokers who can offer you this lending option. You have likely seen the ads on buses, on billboards, in newspapers, on buildings, on television, and just about anywhere else easily visible to the public. However, the internet is the place where you are most likely to find payday loans these days. If you are bad financial shape, you might wonder whether to pursue a payday loan or to declare bankruptcy. The answer is to pursue a payday loan almost all of the time instead of a bankruptcy declaration. This article will discuss some of the benefits of a payday loan and give a few reasons why you should consider one over a declaration of bankruptcy.
The first reason to consider a payday loan instead of bankruptcy is because whenever you find yourself in need for money, no matter the reason, you can get it quickly and easily. It doesn’t matter whether you need the money to pay a bill you just forgot or because you want to go on vacation and don’t have quite enough money; with a payday loan, anything is possible. If you choose to get an online payday loan, it is possible to have the money in your bank account within 24 hours from the time you place the order through a number of payday advance companies. In contrast, when you declare bankruptcy, you don’t get any money. You just get to start over, and that means starting over from the bottom.
The second reason to consider a payday loan instead of bankruptcy is because of the discretionary factor. While you can get a payday loan from a regular walk in loan store on the street, you can also apply for a payday loan directly over the internet. This way, the only person who will ever know about it is you. All of your information will be kept private, secure, and safe on your computer and the computer of the loan service, and no one in your small town or neighborhood will have to know that you went into that bank or loan office for a loan. Your business stays your business through a payday loan. When you declare bankruptcy, everyone knows because it’s essentially public information. This might not matter to you if you don’t care about your privacy, but if you’re a private person, you’ll do better with a payday loan.
The third reason to consider a payday loan instead of bankruptcy is because of the application process. When you decide your needs will best be met through a payday loan, you don’t have to spend hours poring over a number of files and documents in the application process. It’s actually very simple. You won’t have to tell them every bit of information about yourself, from the schools you went to as a child to your mother’s maiden name. It’s not the same as what you have to do when you apply for a loan from a bank or when you file for chapter 11 bankruptcy. All you have to do is file a few papers and provide some bits of information to verify that you are who you say you are and you are on your way to getting the money you need.
The final reason to consider a payday loan instead of bankruptcy is because you can get the money almost any time, day or night, seven days a week. If you apply from an online loan agency, the hours will be very flexible. You can get them no matter whenever you get off work. Similarly, if you go to a brick and mortar loan agency, you will find many of them open late in the evening for customer convenience. You don’t get that kind of flexibility when dealing with bankruptcy filing procedures.