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During the recent financial downturn, the credit markets across the country tightened dramatically. This has made it next to impossible for many people to obtain short-term unsecured personal loans. While getting a personal loan through a traditional bank can be challenging, people can still obtain short-term personal financing through payday loans. Payday loan proceeds can then be used to cover auto repairs, pay medical bills, or handle any other expense that you have. There are several advantages that come with payday loans, when compared to traditional loans.

Easy Approval

The first advantage of taking out a payday loan, compared to taking out a personal loan from a bank, is that the approval process is easy and practically guaranteed. When taking out a personal loan form a bank, you will have to meet many different pieces of underwriting criteria, including income verification, credit checks, and background checks. When taking out a payday loan, the underwriting and approval process is much easier. To qualify for a loan, all you will need to have is a recurring paycheck, a valid form of identification, and a bank account that accepts direct deposit and automatic withdrawals.

Quick Application and Approval Process

Another advantage of taking out a payday loan, compared to traditional personal loans provided by banks, is that the application and approval process is far less time consuming. When taking out a personal loan from a bank, you will have to spend hours gathering personal information and filling out a lengthy application. Once the application is filled out, you will then have to wait days or weeks for the bank to make a decision as to whether or not they want to provide you with a loan. When taking out a payday loan, the application can be completed in as little as ten minutes from your own home. Once the application is completed and submitted, you will only have to wait a few minutes before finding out whether or not you are approved. After receiving approval, the loan proceeds will be deposited into your bank account in just a few hours.

Repayment

Many people also like payday loans because the repayment process is much easier. When taking out a personal loan you will need to write a payment check every month. With a payday loan, you will be informed of when money is due and the money will be taken from your account automatically when each payment is due.