Getting a personal loan passed or payday loan has become easier in recent times due to many lending sites which have shrunk the world and have provided many options to choose from to make life easier when in urgent need of money. read about Zippyloan which has made the payday loan process easier.
- Working on a lending service site
A simple form needed to be filled out by seekers which consist of their name, and contact number and asks them to submit of income certificate signed by the employer or any source of proof along.
The company matches the lenders and seekers according to their requirements so that further they can finalize the process.
The amount is credited into the loan seeker account or paid directly.
- Pros and cons of
- Contacting a lending company and getting approved for a payday loan or any loan is easier compared to any other banks or agencies.
- It’s quick and the loan is credited instantly or the next working day which serves the purpose during any medical emergency or any sudden requirement.
- No credit checks are done and so it’s easier to get a loan even if one has a bad credit history.
- No extra processing fee or waste of time and money to get approval for a loan.
- Can get a loan without a bank account.
- Cons are
- May end up sometimes contacting fraud lenders who may trap in interest rates and make the seeker pay more than the actual amount.
- High interest rates compared to banks or any other registered provider.
- Online lenders have their own rules and are not in the framework of any government regulation so there is a possibility of getting trapped in the debt circle.