Payday loan customers are typically mainstream workers who earn more or less minimum wage.

These borrowers are typically financially strapped, have low credit card limits, or don't qualify for credit cards at all. This is an issue as many people use their credit cards as leverage for borrowing, leaving those without this with very limited borrowing options. Payday loans can be used to cover a variety of things from rent to utility bills and more. Let's take a look at a payday loan in a little more detail to help you decide whether you should take advantage of a payday loan.

1 - Access

There are a number of reasons why you should take out a payday loan. At the very top of the list is the ease of access. These loans are nowhere near as difficult to secure as a large bank loan. In fact, some lenders even guarantee money within 24 - 48 hours. This means that you can get a fast little loan as soon as you decide you really need it. You can find payday loans online at the click of a button and send an application through in less than five minutes. This makes the process of applying for a loan seamless, simple, and stress-free.

2 - Requirements

As we mentioned in the previous point, it is much easier to secure a payday loan. This is because there are fewer requirements from lenders. Lenders typically require your proof of income, credit bills, etc, before they will authorize a loan. This is not the case for a payday loan. Typically, the only requirements you need to apply is the following:

• You must be over the age of 18
• Your government-issued ID
• You must have a regular job or regular source of income
• You must have a bank account that you actively use

This makes getting cash really easy. It must be noted, however, that banks put additional barriers in place to protect you from borrowing more than you are able to pay back in time. That is not the case here, so you need to choose the amount you borrow wisely. Don't borrow more than you can pay back.

3 - Credit Check

If you're hesitant to take out a loan because your credit score doesn't look great, don't worry - A credit check is not required in order to access a payday loan. This unfortunately also means that you can't use a payday loan to build your credit score. You can always improve your credit score in other ways.

4 - It Is An Unsecured Loan

A payday loan is not secured by personal property. This is great because it means that the lender cannot seize your property if you fail to pay. However, it is oftentimes a requirement that they have access to your bank account for the duration of your loan.

We hope that you have found this article informative and that it will help you in your decision-making going forward. No hidden fee payday loans are a great way to get the money you need quickly but should be used responsibly.