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Top Reasons People Get a Payday Loan

If you’ve never taken out a payday loan before, you might be wondering why you would want or need this type of loan. If you are considering borrowing money, you might wonder if it’s right for you. These are the top reasons others prefer payday loans - and you can decide if it makes sense for you.

1. Payday Loans Offer Small Loan Amounts

Let’s play out a scenario. It’s four days before payday and you have a sudden bill. Maybe your hydro was more expensive than you planned. Maybe your car tire had a blowout. Maybe the flu left your pockets empty because medications can be expensive.

Either way, you’re left needing some extra money. Not a lot; just enough to get you through the next few days until you can pay it back. Should you go to the bank and ask for a small loan? No, because most banks don’t offer loan amounts that small. Should you get a cash advance from your credit card? You could, but cash advances on credit cards can be pricey - potentially charging you up to three different types of fees, including ATM usage fees, interest charges, and transaction fees.

A payday loan, on the other hand, lets you borrow as little as $50 and as much as $1,500. And the costs to get a payday loan are clear: You are charged a one-time flat fee. Plus, taking out a payday loan means you don’t have to borrow from friends or family - meaning your money concerns stay private.

2. Payday Loans Offer Fast Cash

When you’re in a situation that requires getting cash as fast as possible, other loan options just can’t compete with the speed of getting a payday loan. For reference, here’s the general personal loan process (this, of course, depends on the lender and may change based on its rules):

  1.  Shop for a personal loan to find the best rates
  2.  Provide in-depth personal information and fill out the application
  3.  Personal loan application goes into underwriting, generally taking 72 hours
  4.  You receive an approval anywhere from three business days to 10 business days
If you don’t get an approval, you have possibly wasted almost two weeks on waiting to hear back from the lender. A payday loan, on the other hand, can get you the cash fast. How fast depends on the lender, but it’s typically the same day you apply or the next business day. At 310-LOAN, you’ll receive your cash within 30 minutes or less upon approval.

Same-day or next-day cash sounds a lot better than close to two weeks, doesn’t it? Especially if you’re facing down late-payment fees if you don’t get the cash advance fast enough. You can get it even faster if you get a loan from 310-LOAN - nobody gets you money faster than us.

3. Payday Loans Don’t Check Your Credit

At some point in our lives, we all make money mistakes. Unfortunately, that often gets reflected on our credit scores. This blemish can have a big impact on our ability to get a loan. While there are options to get other types of loans with bad credit, it can be expensive and time-consuming. If you have low credit, you may also not have the option of taking out a cash advance on your credit card.

Payday loans are designed specifically to help people in need. Even those with less than perfect credit. Some payday loan companies may still check your credit as part of the application process, which can further lower your credit score. 310-LOAN stands apart because we don’t check your credit - sparing your score from losing points.

4. Payday Loans Offer a Quick, Online Application

Last - yet definitely not least - the application process for getting a bank loan can be much more extensive than a payday loan application. Let’s look at the typical processes:

Personal loan application process

  1.  Visit a lender and speak with a loan officer
  2.  Request an application
  3.  Fill it out, and receive a list of documents you must provide to prove your application’s contents
    • Documents may include: Returns, salary slips, bank statements, passport, driving licence, and more
  4. Your credit is checked, along with verification of your provided documents
  5. Drive home
  6. Wait to receive an approval or denial letter
  7. Go to pick up the cheque if you are approved


Payday loan application process

  1. Visit 310-LOAN online and fill out the application in under 15 minutes
  2. Provide 30-day bank statement & bank account details
  3. Submit your application and receive a decision as fast as the same day
  4. Receive your cash in 30 minutes or less upon approval

It goes without saying, payday loans offer a much simpler, faster application - plus, it can all be done from the comfort of your own home or office. You don’t even have to leave to pick up your cheque.

Why People Choose 310-LOAN

310-LOAN is more than a payday loan lender. For decades, we have been providing cash-strapped people with a way out of financial troubles, treating our customers like people and not a number. We believe we are here to help you get through to the other side of those unexpected challenges and work together with you to figure out how to do just that.

Our loan process is one of the fastest in the nation, providing you with cash fast - because we know just how important it is to get money when you need it. Helping many people across Canada. Get started today with our quick and easy online application!


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