Payday loans give you cash in a hurry
Everyone seems to be in a hurry all the time these days. This fast pace of life has become infectious and has influenced people all over the world. I guess there are still places where people still live slowly, relishing each day, each hour, and each minute; but in general, the faster the better.The same thing applies to finances and loans: the faster that you can get money from a loan provider, the better. The problem is that traditional loans usually take weeks, even months, to process. There really is no going around it as most loan providers have to carry out certain procedures to make sure that the person they are lending money to is creditworthy. These procedures can take quite some time, and one of these procedures is the credit check. The credit check can take anywhere from a few days to weeks, and even worse, one does not really know how it will turn out. While there are criteria that they follow, the results are still subject to interpretation by the loan provider. This is where complications may arise, as one lender may have a different interpretation as compared to another.This is one reason that payday loans have gained a lot of attention over the years. Payday loans are short term loans which take only 24 hours or so to be processed completely. There are many factors which make this speed possible. Obviously, one of them is the fact that payday loans do not involve a credit check. Removing this requirement makes the whole process much faster and involves less effort. Of course, there are still requirements that borrowers have to meet. In general, there are four basic requirements that all payday loan lenders have. These are as follows:1. You have to be at least 18 years old. Some lenders may pull up this age requirement to 21.2. You have to be a citizen or a resident of the United States. Again, this may change in some cases, wherein the service of a lender might be restricted to specific areas of the United States.3. You have to have a current bank account.4. You have to have a regular source of income. This is what takes the place of a credit check, so to speak. You have to be able to convince the payday loan lender that you have enough money coming in at regular intervals – money that you will use to pay the loan off.Since these requirements can be sent within minutes and they can also be verified within a short period of time, the release of the money does not take long either. As I mentioned earlier, you normally have to wait for 24 hours in order to receive the money in your bank account. Compare that to the days, weeks, or months that it could take for a regular loan. There really is no point of comparison, is there? I say that payday loans win hands down.