There are a whole heap of situations in modern society where a fast easy loan can save the day. In this article we’re going to explain why quick and short-term loans (often named “payday” loans” have become so popular in recent years. Unsure whether or not a fast loan is the right option for your financial circumstances?

Have a quick read through these key reasons why so many turn to these types of loans as an instant solution.

Increasingly easier online access

Decades ago, finding the right loan could take weeks or months of searching. Sometimes the best options involved securing funds from relatives and family members. That is, if they could afford to lend you the cash you need and had it on hand to give to you right away. Today the internet has made everything faster, more accessible and incredibly easy to handle within minutes or hours if need be. Many lenders now offer their services using online only methods, through apps and in some cases, with constant the chat support. It’s never been more straightforward than it is now to apply for and receive a fast easy loan.

The funds are available instantly

Unlike with personal loans, credit cards or other types of conventional borrowing, short-term loans don’t require a lengthy or overly demanding application process. In most cases, these types of loan can be paid out the same day they are accepted. This is a crucial detail that can make all the difference. Nowadays, people want things fast or even better, instantly. 

The same thing goes for emergencies. When the boiler’s broken or your car won’t start, time becomes the most important factor that shadows all else. Delays can bring further damage to the situation, so the immediacy of a payday loan becomes a huge selling point.

Highly flexible terms & amounts

With a conventional personal loan, the commitment typically spans years and this means the interest rate you get is very strictly related to your credit score as well as the amount you’re borrowing. In a lot of cases, the best interest rates are reserved for higher amounts which can be hugely off-putting for most people. In contrast, short-term loans are designed to be paid back within a month, so a lot of lenders are able to offer far more flexible terms to suit your needs. Whether you need $100 or $1000, it’s much easier to get a payday loan for the exact amount you’re looking for.

Getting the right amount is very important for a number of reasons. The main reason for taking out only what you know you need is to protect yourself from owning more than you are comfortable with. The interest rates within short-term loans are typically very high, which is designed to act as very good reason for you to only borrow what you can comfortably afford to pay back even on a bad day.

More & more people are living paycheck to paycheck

So many people today live right on the edge of what they can afford every month. If you earn just enough to pay all the bills with just enough left over to spend a little month by month, you’re not the only one! As this trend rises, so too will the need for loans that can be issued quickly and for precise sums. Living paycheck to paycheck might seem like the best way to do things, but what happens when something unforeseeable goes wrong? The plumbing breaks down or the fridge needs replacing for example. In these situations, you don’t exactly need tens of thousands of dollars, but you’ll still need a sizable amount of cash that you might not have access to in an immediate time frame.

Unpredictable emergencies are one of the leading reasons an individual or family might seek a fast easy loan. Payday loans fill this demand and will continue to do so long into the future.

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If financial hardship is affecting you and you need a payday loan, Cigno might be able to assist.

To apply, complete our quick and easy online loan application and send us your bank statement. Receive up to $1,000 in your account with our payday loans with manageable repayment options. For details, contact us.

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.