Payday loans have become a lot more popular in recent years, but this is not to say that all those who use them wind up feeling satisfied in the end. In fact, many borrowers report that the payday loans they take out end up not doing a very good job of meeting their needs and requirements.
In some cases, the kind of financing offered by companies like Blue Trust Loans can make a good deal more sense. As a more flexible way of quickly acquiring the money that sometimes unexpectedly becomes so necessary, personal loans that are paid back in installments can easily outshine the usual payday style of lending.
Payday Loans Are Easy to Obtain but Sometimes Difficult to Work With
What makes payday loans so attractive to many borrowers is that it only typically takes evidence of a steady job to qualify. Even to those whose past credit troubles might make them less than desirable to other lenders, payday loan providers are often willing to extend financing.
On the other hand, the arrangements by which they normally do so can easily work against the interests of borrowers. When a payday loan is paid out to a borrower, it is typically with the promise that a bank transfer will be allowed on the day that the client’s next paycheck is scheduled to become available. All at once, the debtor will, therefore, be required to pay back the entire amount that was borrowed, plus all the associated fees.
Installment Loans Can Allow for Greater Freedom and Flexibility
While a payday loan might sometimes fit well with a particular borrower’s needs, that is by no means always the case. In many other situations, borrowers report that they would be better off if they had more time to pay back a loan.
Lenders who offer a similar style of financing but allow their loans to be paid back in a number of installments can be of much more value to such borrowers. By extending the time over which a loan must be repaid, they can give borrowers more breathing room, particularly compared to payday lenders, that they can use to get themselves back on track.