The fact is true that payday funding always gets a bad press due to its very high rates. Also, some fake lenders contribute well to make its image worst. People suggest you to consider payday loans as the last option, when no other source or choice of funds is left. But, there are also ample reasons that give you more reasons to consider payday funding. Not everything about this funding method is wrong. It is super speedy and you get funds in a few minutes. Not an exaggeration if you call it a loyal option because when nothing is there to help you, it becomes your last minute rescuer.
Now the payday funds even come with a long tenure for instance the 12 month payday loans. This makes this option even more compatible to your personal financial needs. They are also known as the same day loans, and quick loans. There are certain advantages that you should know about as this may help you take a fearless decision.
Long time for repayments – 12 months means one long year, which is not a short time when it comes to payday loans. At least it is far better than paying off the whole amount on the very next payday. You can in fact plan and manage the monthly budget according to the installments every month. In fact, if situations are under your control, you can also pay off the whole amount altogether. At the last minute of need, you got funds and now you can pay it off relaxed. The time of great stress due to that financial crisis is over now, thanks to the speedy loans.
Lower monthly repayments – As the tenure is long the monthly installments are lower now and of course manageable. There is no need to get panic on the super hefty repayment method, as things are changing for good reasons. Paying off the whole amount at once can drastically damage your balance of finances and can affect the share of other outgoings like grocery, bills etc. Now, with more time to pay the loan, no more frustration and struggle on financial front.
Can help improve your credit scores – This point has two aspects, first – payday funds are open for bad credit people, second – it can help improve credit scores. The second one raises the question ‘HOW?’ Well, you get funds despite bad credit and with long tenure can make the repayments on time, which gives a boost in credit rating. Purpose solved. This is in fact a great benefit to exploit through payday loan. And because the tenure is of 12 months, you can improve the credit rating in just one year. Isn’t that amazing? Oh certainly it is. No one perhaps talks about this aspect of payday loans, but good things cannot stay hidden.
You are not forced to get another loan to pay off the hefty repayment – The long tenure spread the whole obligation in 12 long months. If you have to pay a big amount at once, you may need to take another short-term loan to pay off the repayment. However, with payday 12 month loans, the obligation is not burdensome. This is an important factor that you should always remember while considering the same day loans.
Every loan choice has some pros and cons, but if it is serving you at the right time of need, it is worth to consider. Rest, the choice is always on you.