You may have heard of people who take payday loans to receive the large number of benefits they offer. However, these loans do come with the reputation of being difficult to repay. But is that the truth or is it just a myth? Let’s address the same in this article.
If you choose to opt for a payday loan, here are the benefits that they offer:
The one and only downfall of a payday loan is that they can be hard on the pocket when it comes to the time of repayment. That’s because these loans are meant to be repaid in lump-sum and to repay them as a whole can get difficult. However, there are always options that most online loan lenders offer, in order to make things easy for their borrowers.
Extensions/ Rollovers: These are an option given to borrowers in order for them to extend their date of repayment in case they need more time to repay their payday loan. However, most lenders do request their borrowers to let them know about the same, well in advance. This can be a useful option if one hasn’t received his/her salary yet, or if he/she needs to cater to another emergency before repaying the loan.
Payment in Installments: Many online loan lenders offer the option of repaying a loan in installments instead of repaying the same in lump-sum. This makes it easier on the pocket than it otherwise would be. Installment loans allow borrowers to repay their loan in parts over time (for small cash loans it’s usually 3-12 months), thus making every monthly repayment very little and easy to repay while also allowing the borrower to cater to other necessary expenses.
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