There are times when everyone finds themselves in need of financial help. Finding a loan to suit your needs can be a difficult decision and can cause us some degree of stress.

When we think of loans there are several options, there are bank loans, credit cards, and payday loans. Depending on our needs they all have their benefits. But how do we know which loan is best for us?

Cutting out the middleman in applications for a loan can help reduce stress and make the whole process quicker. Using payday loans can do this and that’s why they are so appealing to so many people. 

Which do we Choose?

When we need a loan there are some important things to take into account, these being how quickly we will have access to the money. What charges we may need to pay or what are the interest rates? If our credit rating will play into our chances of being approved. Finally, how easy the whole process is and how much stress this may cause us.

Why a payday loan?

Direct loans from a payday loan company or bank can be processed quickly but in different ways. Loans from a company like My Quick Loan can be checked and approved with a soft credit search rather than a full credit check, whereas a bank will always run a credit check for a loan. These types of loans can be more appealing and beneficial to some, more so if you have poor credit. Though if you are looking to borrow a larger amount of money you may still need a credit check, depending on the company you have your loan with.

A very favorable thing about payday loans like a My Quick Loan is that the money can be with you very quickly, unlike traditional bank loans which can be quite a lengthy and time-consuming procedure. Taking a good degree of the stress out of the situation, one of the last things you need when already in a crisis is the added stress of a lengthy loan procedure, or having to talk to someone about the loan.

Interest rates will vary, even using a broker, who will look through your different loan options based on the information you provide. However, the benefits of using a broker are you will get the best rates they can get based on the pool of companies they work with. Whereas, getting a loan from a bank you are likely to get a fixed APR. Although the interest rates can be higher with payday loans you can pay them off early and so repay less than the initial end sum. 

Final thoughts?

Overall there are pros and cons to many different types of lending. Payday loans having a simpler process and often instant payout, are the best option for those needing money now. Being able to connect with the company you are borrowing from can also make this easier rather than a third-party working for a company.

If you need a loan without the stress a payday loan may be for you.