Online payday loan instant approval

Short term quick approval loans are great for a variety of situations, including but not limited to:

  • Vehicle or emergency costs
  • Medical problems
  • To cover the cost of an unexpected trip
  • To pay for material damage
  • cover the cost of rent
  • To help break the vicious cycle of payday loans

Whatever your financial needs, a short-term loan can help you get back on track, cover the costs of most types of emergencies, keep you from having to take on a payday loan and even help you improve your overall financial health.

 

One of the biggest advantages of a short term loan with quick approval is that it can help you avoid being trapped in the payday loan cycle. The payday loan industry affects those who are in dire financial straits. These provide quick access to money, but in general one day pay loans the consequences are serious. Due to the high interest rates, borrowers who take a payday loan often have to take out another payday loan to cover the first one. This is the vicious circle of payday loan. Short term loans from online lenders often have approval times that are just as short as payday loans, but with much more manageable repayment plans. With a short term loan:

  • Normally, no credit check will be performed
  • You will have a personalized repayment plan
  • Your mandate will be from 4 to 24 months
  • You will be able to cover the costs of any financial or emergency issues.

Creditmatik offers short term loans from $ 250 to $ 1,250. "Simple. Quick. Automatik. Get the money in one day, "claims his website. You are applying online "without a credit check". Approval is given "within one hour of your request" and the money lands in "your bank account by direct deposit". Bingo!

Creditmatik says its interest rates are 22%. In itself, it is already very high. But when you use the calculator on his website, you find that the reimbursement is much more expensive.

Let's take an example. If you borrow $ 500, you will have to repay $ 62 per week for 13 weeks. In total, your payments will therefore total $ 806. If we subtract the capital of $ 500, this means that you will have to pay $ 306 in interest and membership fees, which amount to $ 20 per week, regardless of the amount borrowed.

In just three months, all these fees will explode your debt by 60%. It's crazy ! On an annual basis, this equates to a rate of almost 250%. It's scary!

For cash-strapped consumers, this type of loan is far from a lifeline. It is rather a ball which risks to sink them.