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Why Banks Will Not Offer a Payday Loan

Written By On 20/01/2013

Our lives at certain times can be very challenging and difficult, and when we need financial help desperately, for some unknown reason banks put loads of hurdles in front of us and ask us to jump through hoops. There is this strange feeling that they want to stay as secure a distance as they can from us when we need them the most.

For example, you can never rely upon a bank if we are suddenly in a desperate situation where we are need of extra funds immediately. This is because banks need a minimum of a few weeks to prepare and process any application to help come to our salvation. There are lists of forms and papers to make ready for use or consideration and more lists of rules to study before we can gain access to this much needed cash.

Amongst their requirements are your last three months pay slips, passport, utilities bill to verify your residence, driver’s license or National ID to verify your identity and your home's loan agreement or lease contract.

Experts believe there is no evidence that banks will ever give us any help in a financial emergency. A payday loan can be a good back up plan if used intelligently.