What are payday Loans

A payday loan is a financial product designed to help you bridge the gap between paydays when unexpected expenses arise. Payday loans are short term and are offered for a few days only. They are generally expected to be repaid on the next payday.

At Lending Stream, we work hard to ensure that when you borrow from us, you receive your money quickly, your data is treated securely, and you get the explanations you need at every step of the process. We make the process convenient by offering our services to you online, and our advanced decisioning platform enables us to evaluate most of your applications in seconds.

Why use payday loans?

Unexpected expenses can occur anytime - an unpaid utility bill, medical expenses or a weekend trip. And when these happen, what one needs is a quick and easy solution. Payday loans are financial products tailored specifically to meet these sudden unexpected needs.

We ask that you compare payday loans with the alternatives available for your short term credit needs. You will find that there are very few options available which are as quick and as accessible as payday loans. Used responsibly, payday loans may be one of the best options for fulfilling your short term credit needs.

 

Reasons for High APRs

APRs for payday loans are high compared to other types of loans. However, please note that loan amounts for payday loans are small, and the term of the loan is very short, usually a month or less. This inflates the APR for payday loans significantly. Used judiciously, a payday loan can help the borrower solve a short-term cash emergency.

 

Payday loans enable borrowers to obtain cash very quickly, and this speed and convenience is one of the main advantages of this type of loan.

 

You should consider all possible options available to you when you need to obtain emergency cash (like loans from friends or relatives) before applying to us. However, when you do need a payday loan, we strive to make the process as convenient and pleasant as possible.

 

While we do provide you with options to extend your loan term, we advise you to borrow only the amount that you absolutely need, and an amount that you are confident you can pay back quickly. A payday loan is not a solution to long-term financial problems.

Consumer Credit Counseling Services may be a better choice if you are experiencing longstanding debt.