Payday Loans Battle Creek MI
Battle Creek, Michigan, in Calhoun county, is 95 miles NW of Toledo, Ohio. It is part of the surrounding Kalamazoo – Battle Creek metro area. Total population is 51,475. Almost 50/50 are the male and female share of the population. Median family income is $52,008. 22.3% is the rate of people living below poverty. Median gross rent is $757. Median house value is $83,900. Standard Zip codes are 49017, 49014, 49015, 49037. The median income depends on whether you have a high school qualification.
What are payday loans in Battle Creek, MIchigan?
Payday loans in Battle Creek, MIchigan are a small amount loan. The loans are issued for a short term.
To apply for a payday loan you need:
- contact one of the companies that provide these services;
- provide documents (ID, driver’s license);
- receive money at the box office or receive an electronic transfer to the card.
What are the advantages of payday loans?
Quick application for a payday loan in Battle Creek, Michigan
One of the main advantages: processing a loan in a payday lending company takes several times less time than processing in a bank.
Let’s add some facts: you can issue a payday loan in MI online within 1 hour. So much time will be spent on the whole procedure – starting from the moment when you register your personal account on the site. And this is only at the first contact – if you want to re-take a loan out from an MFO in which you have already received it, each subsequent procedure will take 20-40 minutes (because your documents are already in the database of this company, and they have already been verified). Now compare: to get the smallest amount in the bank, you will spend at best 2-3 working days.
The ability to apply for a loan online
One of the main disadvantages of lending in a bank: you will definitely have to go to the department in person. You can only submit a preliminary application through the website, and if it is approved, you will need to come to the nearest branch to continue, and only during business hours. Exceptions are made only for those clients who:
- receive a salary at the bank in which they want to take out a loan (because in this case the bank knows how much you earn);
- they apply to the bank where they have already issued a loan, and they did it recently (best of all, within a year, no later than).
There are no such difficulties in MFOs: any client can apply for a loan online. At the same time, you can be in any city, or even not in a city – if only the Internet is available, and you have a card for receiving money within reach.
No hidden fees
When applying for a loan at a bank, be prepared for additional commissions. There can be a lot of them: for cashing out credit money, for early repayment, for repayment in installments, for repayment in certain ways, for expedited review, for failure to provide some documents – these are just the most basic reasons why the bank forces you to pay.
There is no such thing in payday lending companies: there is a daily rate. In case of delay, penalty interest will be charged, but the scheme for calculating them is also simple. The only thing that will have to pay more that defined (apart from the interest on the loan). This is the commission on your bank card when you want to cash out, and the transfer commission when you repay the loan.
Minimum customer requirements
Open the credit terms at any bank – and you will see a rather big list of what the client owes. Until you read it and understand all the requirements, you can already issue a payday loan in Battle Creek, Michigan in an online lensing company.
It happens because there are much fewer requirements. The main ones are:
- age limit – 18 years and over;
- official employment – unnecessary;
- there are no overdue open loans (you can have valid loans in any other companies, the main thing is that payments are made on them in a timely manner).
Such a loyal approach allows almost every citizen in Battelt Creek to receive financial assistance if it is suddenly needed.
Minimum bureaucracy and documentary requirements
In addition to the previous point, this one is worth mentioning. In an MFI, you only need 2 documents: a passport and an identification code.
The bank will definitely require at least another certificate of income, and they will also pay attention to the amount that will be indicated in it. And this is a problem: in the country, millions of citizens are either not officially employed at all, or they go to work abroad (again, you cannot take a certificate there), or are officially employed, but their official salary is too low (that is, the documents indicate a small amount, and the rest of the income is issued in another way).
It turns out that not all clients can provide a certificate to the bank. This means that they either will not be issued a loan at all, or they will be given, but:
- worsen lending terms;
- reduce the amount;
- will be required to provide a guarantor.
In addition to this, in the bank, the process of issuing a loan itself is more bureaucratic. Your application will go through several stages of checks. Each check takes time. All this complicates the process itself, and makes it much more time-consuming, and reduces the likelihood of loan approval.
In payday companies, there are no such problems: the whole procedure is as simple as possible, and includes a minimum of stages.
Favorable terms for issuing payday loans
If we compare the bare numbers, then a bank loan is cheaper. But besides the rates, you need to compare additional terms.
First of all, there is a difference in the type of service itself. Online lenders issue payday loans quickly, around the clock, on a card, without putting forward a large list of requirements for the client. This allows you to receive money almost instantly (compared to banks). But at the same time, you can take only a small amount and for a short time out. This can come in handy at some urgent cost – like a visit to the doctor or buying a new smartphone to replace a broken one. For such urgency and ease of issuance, clients pay an increased rate.
The bank can give you larger loans, for a longer period, at a lower rate, but you will pay for longer. And this is also provided that you meet all the requirements of the bank – otherwise you will simply not be issued a loan.