Five Advantages Payday Loans Have Over Credit Union Loans
Why Should You Choose a Payday Loan Instead of a Credit Union Loan?
1. Bad Credit: If your credit score leaves something to be desired, chances are you may not qualify for a credit union loan. So that landlord who wanted you to pay to remodel his house or that gym membership you skipped out on may have credit unions turning you away. This is not the case with payday loans. A postdated check is all you need, and you will be able to pay your bills.
2. No Strings Attached: To secure a credit union loan, one must first be a member of the credit union. If you are not a member of a credit union, then why go through all the trouble of setting up an account when you can simply walk into a payday loan store, tell them the amount you need a loan for, write a postdated check, and get out of there and on with your day.
3. Less Hassle: Even if you are a member of a credit union, and therefore don't have to set up an account to get a loan, you still have to go through an application process. Some are short, but some are not. Payday loans are more convenient for the borrower.
4. Minimum Loan Size: Going to a credit union, you may find that they require a minimum loan size somewhere around $200. Well, if all you need is $75 to pay your bills, then why take out a loan of that size? It's better to take out a smaller loan that you are sure to be able to pay back. There is no sense in paying interest on a larger loan when you don't have to.
5. Shorter Repayment Term: Nobody likes owing money. When you get a payday loan you have that debt hanging over your head for no longer than your next payday. When receiving a loan from a credit union, you may be lulled into a month or longer payback period. Who need the stress of owing money for that long? Get a payday loan, and worry less.