Fast Auto and Payday Loans: Idiots, Scammers, And Good Guys

Last updated on October 14th, 2023 at 12:20 am

Hey There!

It’s me Randy from Ready Payday Loans.  I am an expert in all things related to payday loans.  In today’s article I want to talk to you about Fast Auto Loans and Payday Loans.  Let’s get into it!

Fast auto and payday loans are a quick and easy way to get cash when you need it most. These types of loans are designed for individuals who need money fast and may not have the best credit score. However, before you apply for a fast auto or payday loan, it’s important to understand the pros and cons of these types of loans, as well as the eligibility requirements. In this blog post, we’ll take a closer look at fast auto and payday loans and help you decide if they’re the right choice for you.  And remember, there is no pressure from our end. We are here to help you and educate you so that you can make the best decision possible.  

Pros of Fast Auto and Payday Loans

Here we are going to list some of the pros of fast auto and payday loans.  Be aware that these are the pros that myself and my team at Ready Payday Loans have come up with.  There could definitely be a lot more pros to consider, but this is our list.  Please take a look.

Fast access to cash: 

One of the biggest benefits of fast auto and payday loans is that they offer fast access to cash. These types of loans can often be approved and disbursed in just a few hours, making them a great option for individuals who need money quickly.

No credit check: 

Many fast auto and payday loan providers do not require a credit check, making them a great option for individuals with bad credit.

Easy to qualify: 

The eligibility requirements for fast auto and payday loans are typically less strict than those for traditional loans. This means that more individuals can qualify for these types of loans.

Cons of Fast Auto and Payday Loans

If we consider the pros of fast auto and payday loans, they we definitely have to look at the cons.  And believe you me, there are many cons for these type of loans.  The list we have provided is the list that we have come up with.  There could definitely be more cons, so please understand that this is not a complete list.  

High interest rates: 

One of the biggest downsides of fast auto and payday loans is that they come with high interest rates. These rates can be much higher than those of traditional loans, which can make it difficult to repay the loan on time.

Short repayment terms: Fast auto and payday loans typically have short repayment terms, which can make it difficult to repay the loan on time. This can lead to additional fees and charges, which can further increase the cost of the loan.

Risk of rollover: 

Fast auto and payday loans also have a risk of rollover, which means that if you are unable to repay the loan on time, the loan will be rolled over into a new loan with additional fees. This can lead to a cycle of debt that is difficult to break.

Eligibility Requirements

When you take out any type of loan, there are usually rules that you have to follow.  These rules are in place by the lender giving you the loan.  It’s often referred to as “eligibility”.  Please see below the list of criteria you must meet in order to get  fast auto and payday loans.

Age: 

Most fast auto and payday loan providers require borrowers to be at least 18 years old.

Income: 

Most fast auto and payday loan providers require borrowers to have a steady income.

Residence: 

Most fast auto and payday loan providers require borrowers to be a resident of the state in which they are applying for the loan.

Valid ID: 

Most fast auto and payday loan providers require borrowers to have a valid government-issued ID.

Fast Auto And Payday Loans Scams To Watch Out For

Just like in any industry, there are good guys and bad guys.  The bad guys in the auto loan space do things to try to trick people.  You should be aware of this and always watch out for people or companies that are trying to take advantage of you.  Here is a list of some of the scams that they do.

Advance fee: 

Some scammers may ask for an advance fee in order to approve your loan, but never disburse the funds.  These guys are fools.  Trying to take advantage of innocent people.  If this ever happens to you, call the authorities and let them know what is going on.  It’s unknown if the authorities will do anything (depending on where you live) but it is worth a shot.  

Phishing: 

Some scammers may send phishing emails or texts, asking for your personal information in order to approve your loan.  If they do this, just ignore their stupid email and mark it as spam.  

Impersonation: 

Some scammers may impersonate a legitimate fast auto and payday loan provider in order to steal your personal information. This is a tough one, because you may not be aware of this crime until it is too late.  The only way to really prevent this from happening is to “listen to your gut”.  If you get a funny feeling when you are dealing with a person or a company, you can simply just walk away.  

Remember, that you should get at least 2 quotes from different companies.  If you do this, this will help you to see if one of the companies are trying funny business with you. 

Final Thoughts On Fast Auto And Payday Loans

Overall, fast auto and payday loans can be a great option for individuals who need cash quickly and have difficulty qualifying for traditional loans. However, it is important to be aware of the high interest rates, short repayment terms, and risk of rollover associated with these types of loans. Additionally, you should be careful when applying for these loans, as there are many scams out there that target individuals looking for fast cash. By keeping the above information in mind, you can make an informed decision about whether or not a fast auto or payday loan is the right choice for you.

If you every have questions about auto loans or payday loans, I want you to know something. You can reach out to myself (Randy) or my team here at Ready Pay Day Loans. We are here to help you and we are here to answer any of your questions. I know the fast auto and payday loan industry very well. I used to take out a number of payday loans in my past. Now I work for Ready Payday Loans!

Until next time!

-Randy