Emergencies can happen to us anytime. It maybe because one of our children is ill and in need of medical attention and expensive treatments but our account cannot cover. Or it may be caused by uncontrolled urgencies to buy some things that we do not really need. To cover for these expenses, we need the help of a loan. But of course not just any loan. With loans from banks, we are required to wait for some time. Can be up to months. Because they have a long process that involves background check and credit rate check. On the contrary payday loans have a very quick approval process. You can get the same day approval and money sent. It feels more like an instant cash then a loan.
Payday loans do not give credit check, so no matter how your credit is, you can still apply for payday loans and get your loans approved. In fact, payday loans have about 20% higher approval rate when compared to other loans from banks. With the current economic condition, it is difficult for banks to apply the same regulations and policies as the before in order for them to survive. Therefore, banks apply stricter rules and policies when it comes to loans. Meanwhile, because the business scope of some providers is considered lower, they are not directly affected by the situation.