6 Reasons to Ask a Private Lender for an Express Payday Loan
When you need money fast, it’s not always possible to use a credit card or obtain an express loan within the required time by relying on a conventional bank. It’s therefore necessary to find an alternative solution. Here are 6 reasons to rely on a private lender to obtain an express payday loan.
1. Easy access
These days, it’s no longer necessary to leave the house to apply for a loan if you rely on a private lender. You can apply by phone, by email, or by filling out an online file, attaching the requested documents, and waiting for the response, which usually arrives between half an hour and 24 business hours after submitting the file. And in most cases, when you are employed and have good credit, it’s easy to obtain this type of loan. Furthermore, most of the time, self-employed workers, people on maternity or parental leave, and beneficiaries of CSST or disability programs or pension plans, and even—in some cases—unemployed people, people on social assistance, on a work stoppage, or on sick leave, and retirees also have access to them.
2. A loan possible with a low credit rating
Another major advantage of express payday loans from private lenders is that they can be granted based on criteria other than the credit rating. In other words, borrowers who have a low score aren’t penalized, as long as they meet the acceptance criteria established by the lender. Indeed, certain lenders rely in particular on the amount of income, the debt ratio, how long the applicant has been with the employer, and the assessment of the bank statements to make their decision.
3. Funds deposited quickly
Once the application has been approved, most of the time, the money lent is deposited within 24 hours to the borrower’s bank account. Some institutions even deposit the money to the bank account on the same day that the file is approved—a much shorter delay than that offered by traditional banks, which often deposit the amount lent after several days, letting you deal with emergencies such as a bill to be paid to avoid a service cut-off, a payment to be made on time to avoid affecting your rating, or paying non-reimbursed medical expenses or the repair bill for your vehicle.
4. Easy renewal
As soon as the initial loan has been successfully repaid, renewing it is fast and simple, since you generally just need to apply for this by email.
5. No reports to make
Unlike some personal loans, which are accompanied by conditions such as providing supporting documents, express payday loans leave you completely free to spend the borrowed money as you see fit. For example, they may allow you to deal with a mortgage due date and thus avoid an outstanding balance.
6. No collateral to provide
In return for relatively high rates, loans granted by private lenders are usually not accompanied by collateral.
Relying on a private lender for an express loan can save you from numerous situations and let you deal with temporary money problems. However, you should be careful regarding the terms of the contract, because some lenders may charge high application fees, prohibitive interest rates, and even penalties in case of early repayment.