In an ideal world we like to think that everyone makes more than enough money each month to meet all their financial requirements and everyone knows how to budget and save. Also in an ideal world we can plan for everything that will happen to us, there are no unexpected financial shortfall, expenses or bills. Unfortunately we don’t live in an ideal world and sudden unexpected financial woes can turn our world upside down. As a result there will always generally be a niche demand for payday loans.
Apart from the fact that unexpected financial burdens or shortfalls that do occur in our lives from time to time, there are many other good reasons why people still continue to seek out for payday loans. One alternative to short term funding via payday loans is to use credit cards. Although credit cards are a useful means of payment, there are many places that only accept cash payments and don’t accept credit cards. Hence cash is still king so if you live and work in Australia you will still need physical cash to get by. The good news is that in Australia you won’t have a hard time searching for a reputable payday loan lender that will offer you a loan when you need cash it in a hurry.
The other attractive thing about payday loans, is that there are no prolonged waiting periods before you receive a formal notice of approval for your loan. In a lot of cases, you could even receive cash within 1 hour. And another bonus for payday consumers is that the loan can be released by the lender and directly deposited into their bank account without even the need of visiting the payday store.
Here are most of the reasons why you still need to keep an open mind regarding payday loans, however caution is always wise:
1. Payday loans can help when stores have no credit card facilities.
Even in today’s economy credit cards are still not accepted at some merchant stores, who prefer to accept cash only. Or it could be that the emergency amount you need is greater than the limit on your credit card. So as useful as credit cards are in a lot of cases, payday loans are a handy compliment to have to help you with your financial situation.
2. Payday loans can help with bills that fall due before your next pay day.
Often we have due dates on our bills that fall due before our next pay day, especially if we get paid on a monthly basis such as a mobile phone bill, car registration, insurance premium or electricity bill. So to help us with our budgeting and to cover all the different bills that fall due at different times in the month, applying for payday loans are a convenient way to obtain funds to meet these demanding financial stresses in our lives. Payday loans could play the role of our pay day income before we receive our next pay packet to take care of bills that need to be paid immediately or a bill that unexpectedly pop up. In many instances the late payment or penalty charges on these bills could exceed the rates charged by payday lenders, so payday loans can be a solution of eradicating these existing debts. The attractive thing about payday loans is that you could have a cash payment of up to $2000 within the hour or paid to you the very same day or next week day once your loan is approved. The process of getting a loan approved for payday type loans requires no or little security, is hassle free and depending on which payday lender you submit your application with, they will even approve you for a loan if you have bad credit. The money can even be transferred directly into your bank account without you need to visit the payday lender.
3. Payday Loans can help with maintaining a good credit profile.
It’s not a good idea to make late payments on your credit card as a late payments could stay on your credit profile for 5 years and affect your credit rating. So if you have a minimum due balance you have to pay on one credit card, you can’t use another credit card to pay that due balance unless if you are doing a balance transfer from one credit card to another credit card. The solution to this could either be if you have a line of credit on your home to use that to pay your credit card balance or you if you don’t have a line of credit then you could apply for a payday loan. If you just use payday loans to pay off the minimum due balance on your credit card, it could help you keep your credit card balance current and to maintain a good credit rating with the banks and overall borrowing capacity.