Quick Loan Business Essay Example | Topics and Well Written Essays - 750 words

Quick Loan Business - Essay Example The requirements for taking out a payday loan are very easy. Therefore, it is very likely for any individual to take out the payday loans so long as one has a bank account, some form of income such as benefits like social security as well as a legal form of identification. This kind of loan assists people in coping with the expenses that come in between their paycheck (Bartlett, 2009. A payday loan is very important both to the borrower and to the lender. This is because as long as the borrower has a bank account, the loan can be available. Even if the borrower had been declared bankrupt in the past, or had been having a bad credit history, the individual is in a position to acquire a payday loan. This is in contrast with other lending companies which cannot give a loan to individuals with bad credit history as well as to people who are bankrupt. This means that the borrower needs not to worry about accessing payday loan. The author says that payday loans are taken very quickly. This is because of the low requirements that are needed to acquire the loan as well as their design for the short time. The author says that the payday loan can be available within 24 hours after application, even if some companies make the funds available in just a couple of hours. This means that the choices are great if the borrower needs the money quickly. The money can be available instantly if the borrower has the unexpected expense (Francis, 2009). Payday lenders offer small amounts of money which is in contrast with other lending companies whereby they put an upper limit on how much an individual can borrow. As the author puts it, the limit means that the borrower cannot borrow more than what an individual can be able to pay. The author explains that the borrower cannot get into more debts as part of the procedure Lawrence & Elliehausen, 2008).