There are loans that come with restrictions. But with same day loans, the choice is yours depending on your needs. You can use it to pay your bills (whatever they are) and the lender will not set limits on you. The fast payday loans lenders set few conditions for loan applicants. If you need a loan to pay off bills, a cash advance is your perfect answer.
Why Payday Loan Lenders Don’t Care
Meet Your Needs ASAP
Payday loans are resorted to when you need to pay small urgent bills. They are very small. Besides, the borrower is taking refuge with a cash advance to solve his current financial problem. If you have an unsettled bill that has to be paid instantly, you will not seek a bank loan. Your best option is a loan that you can get within a few hours after you send your online loan application to the lender.
Typical Bank Requirements
Contrary to payday loans, banks that deal with large loans would be in a position to dictate the terms of the loan. These are sometimes called supervised loans since the bank has a say in the loan disbursement.
The loan agreement allows the bank to participate in the project implementation with the sole purpose of seeing to it that the the loan is used for its intended purposes. There are several instances when the borrower will use the loan to finance other projects and this will result in the failure of the project that the bank has agreed to finance.
The collateral alone is not the object of the bank to foreclose. It would be a burden to the bank if the loan collateral is foreclosed. The bank will be on the losing end of the loan transaction if this happens. So that banks do not just rely on collateral but depend mostly on the viability of the project and on the liquidity position of the borrower.
Bills Are Too Small To Worry About
Banks don’t care about the borrower’s personal bills. These are only a drop in a bucket so to speak if compared to the total loans granted when banks are involved in a loan transaction. But for payday loans with amounts ranging from $300 to $1000, the amount of the bills under consideration could be significant to the borrower of payday loans.
However, regardless of the amounts, lenders of payday loans have no say on what you intend to buy. What concerns most the lenders of payday loans is the borrower’s ability to settle his debt after two weeks.
Quick payday loans are designed to meet the immediate bills of the borrower. It cannot be emphasized enough that they are faster to get than any other loans. And fast payday cash advances meet the need for a loan to settle bills.