Consumers like the Convenience of Payday Advances

In the current financial climate, most individuals and households find themselves in a situation now and again where they need fast cash but simply don’t have any money put aside in savings. With soaring living costs, rocketing bills and frozen pay, it’s unsurprising that many people find themselves falling short of money before their next payday comes around. For many of these people, a payday advance has helped to provide a convenient and simple solution.

Anything from unexpected bills and emergencies through to an outing or occasion that hadn’t been budgeted for can result in the need for a short-term advance. There are a number of different options available for those who are looking to get some money to tide them over until payday. However, for many, a payday advance has proven to be the most convenient and simple solution, enabling them to get the money they need quickly and then repay it when they receive their wages.

What most people don’t want to have to do when they need access to money quickly is jump through hoops to try and secure a credit card or overdraft. These days, getting traditional finance such as this is more difficult than ever, with those who have poor credit ratings not standing a chance. Even those who have good credit have to wait around to get access to a new credit card or overdraft, which creates difficulties if you are in a situation where you need the cash right away.

Payday loans, on the other hand, have provided many people with quick, efficient, and convenient access to the funds that they require without the need for lengthy processes and checks. This is why many feel that this type of credit is ideal as a short-term financial solution.

A solution that provides relief

A recent study was carried out in the USA by Hart Research Associates and Public Opinion Strategies. The results of the study showed that the majority of respondents viewed these short-terms loans as providing much needed financial relief. The study also found that the majority of respondents who had taken out a payday loan would take out another in the future if they needed to do so.

For many of those who have used payday loans, it is the speed and convenience that is a major benefit of payday loans. For those without access to credit cards or overdrafts, the only other solution in some cases is to go cap in hand to family and friends. This is understandably something that most people would prefer to avoid, and the ability to access short term instant advances on their wages means that people can instead turn to an official lender to get their short-term financial needs addressed.

The convenience of these loans is aided for many borrowers by a number of factors. This includes the fact that there are no lengthy checks, the application process is very fast and simple, and the money is in the applicant’s account on the same day.

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