Many Americans are having trouble making ends meet during the COVID-19 coronavirus crisis, which has caused closures of many businesses and resulted in massive layoffs and furloughs nationwide.
If you need emergency cash to make it through the COVID-19 coronavirus crisis, you may be wondering if a bank loan is right for you, or if you should turn to a short-term loan like a payday loan. In this guide, we’ll take a look at a few reasons that payday advances may be a better option for you.
1. Avoid Spending Time & Money to Go to a Bank
While some banks may offer loans online, there are many that may still require you to visit a physical bank office. If you don’t live near a bank, this may require you to spend quite a bit of tie, and you’ll have to spend money on gas or public transit just to apply for a loan. But with payday loans online, you can simply apply online from the comfort of your own home!
2. Maintain Social Distancing
Pre-existing conditions like diabetes, immune disorders, and advanced age put you at a higher risk of developing serious COVID-19 complications. If you fit into these categories or live with someone who does, it’s important to avoid contact with others as much as possible through social distancing and minimize the risk of infection.
With a personal loan online, you never have to interact with anyone or expose yourself to the public, and you can still get the cash you need, which will help keep you and your loved ones safe.
3. Get Your Money Within a Single Business Day
Most online lenders will approve you for a loan on the same day you apply, and if you choose a lender that offers personal loans with direct deposits, you may be able to get your cash by the end of the same business day that you apply.
In contrast, it can take a long time to get a bank loan, and to be approved for the cash you need. If you need emergency cash right away, this can be very inconvenient.
4. Get the Cash You Need Even If You Have Bad Credit
At traditional banks and even most online providers of personal loans, your credit score is the primary factor that determines whether or not you’re eligible for a loan. If you have bad credit, you may get bad loan terms – or be completely denied, even after spending time filling out applications.
But with payday loans, you can get the cash you need even if your credit score is subpar, or if you have no credit at all. Online payday advance loans are designed to give individuals with bad credit a second chance, and usually do not require a traditional credit check.
Consider Your Finances, and If a Payday Loan Is Right for You!
If you need emergency cash during the COVID-19 coronavirus crisis, a payday advance may be a better option than a bank loan, depending on your personal and financial circumstances. Take some time to think about what may be better for you and your family, and you’re sure to make the right decision to get the funds you need.
This is a guest post.