Deficiencies of banks and easy payday loans Arizona
To dwell only on the advantages of banks and microfinance organizations is impossible, for objectivity you need to consider the shortcomings of these offices.
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The main disadvantages of banking structures:
- There is a rather high chance of receiving a refusal (refusals are possible in 35-45% of cases, sometimes even in the case of regular and timely repaying customers).
- Banks cannot boast of urgency – even a loan of 1-2 thousand dollars can take a day or more (this is due to the collection of documents, their sending, their consideration, and even the subsequent decision by the bank).
- In many bank offices, there is no cash delivery service to the house, while the payday loan has a courier delivery service.
The main disadvantages of microfinance organizations:
- the too high-interest rate in comparison with banks;
- there is no possibility to take a large amount of money;
- relatively short time to pay off debt;
- you cannot take several loans at once (in one payday loan there can be one active loan);
If you significantly delay the payment of the debt, you can expect not only high penalties, but also blacklisting of this payday loan, and others working in USA (all payday loans are interconnected and exchange data on customers to improve the service).
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Summarizing: microfinance organizations are good for urgent payday loans (up to 10-20 thousand dollars), banks are perfect for taking loans for housing, repairs, expensive equipment. At the same time, the micro crediting service in the bank differs significantly from the same in the payday loan; there should be no parallels between them.
Where can I get microcredit in the USA?
Quickly and profitably, you can get a microloan in the payday loan. The company has branches in large cities in 9 regions of the USA. Optionally, you can leave the application online, having received a transfer to the card.
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At the same time, a credit card of any bank in the USA is suitable. But at the moment it is impossible to receive funds for electronic payment systems like PayPal (however, this opportunity will most likely be realized shortly). You also can not get money on bank cards of any other state.
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Of the main conditions: the maximum amount is up to 10 thousand dollars, the term is up to 30 days (can be extended). There are no restrictions on loans for students, retirees and the unemployed. Customer requirements are strikingly different in comparison with banks.
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If a bank needs to provide an income statement, positive credit history and sometimes a guarantor to the bank to receive an amount of 5-10 thousand dollars, then there are no such requirements in the payday loan. Moreover, even if there is an active debt in banks or a damaged credit history, payday loans (in particular, payday loans) will still be able to issue a loan.
However, you need to consider a few nuances. Payday loan organizations are more loyal to customers, but their interest rate is higher than in banks. Although in most payday loans a one-time action is available for new clients – the first loan is interest-free or has a minimal percentage (much lower than at a bank).
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Also, for non-payment in a specified period, the client receives a fairly large penalty. It is possible to extend the repayment term by one to three days (the basic reserve period), but at the same time, the interest rate will also increase.
Ways to pay off debt
There are several ways to repay the debt to a payday loan; it is not necessary to attend a payday loan office in person.
Basic repayment options, payday loan consolidation Arizona:
- Cash in the department of a microfinance organization.
- With the help of payment terminals.
It is strongly recommended not to try to pay off the debt on the last day of the term, especially using payment terminals. The fact is that such a procedure can take time (processing and crediting of funds), so it is better to repay the debt in advance (at least 2-3 days before the end of the term).
It turns out that if you pay your debt on the last day of the term, the money will be credited after the deadline. You will be charged a penalty/additional commission. Therefore, it is desirable to repay the debt for 3-4 days before the end of the allotted period.