Every year in Canada, fewer and fewer weddings are celebrated and young people are becoming increasingly reluctant to leave the family nest, often because of rising rents and tuition fees.
Social habits have changed and consumption patterns are constantly changing. Whether to buy a car, finance studies, or amortize a material expense, recourse to personal payday loan is becoming more common.
Find out what are the advantages and disadvantages of getting a personal payday loan when you are single.
Personal payday loans: advantages and disadvantages of being single
Being single when you want to use a loan can be a definite advantage because there is no form of engagement with a third party partner. Only the person contracting the loan will be required to repay the amount and will dispose of the amount as it sees fit.
However, being the only person to take out a loan also implies that they will have to be able to prove their solvency to the relevant lender.
The loan for singles: more and more easy to get
The time for student marriages to get a grant more easily is over. Today, it is no longer as complex for singles to get a loan compared to married couples.
To ask for a loan for a single person is to be able to dispose of his money as he sees fit. An increasing number of single people are using credit to buy a house or condo to invest, especially if their salary is substantial. If this is not the case, more and more banks and private organizations are offering personal payday loans with a lot of flexibility.
Credit is not exclusive to couples
Admittedly, access to credit for married couples is faster. Marriage can be practical for the financial aspect because the expenses are divided.
However, applying for a credit to two requires a lot of responsibility. This requires better management of finances. We must differentiate between common expenses and individual expenses, honesty and transparency are very important.
Just like single people, spouses can subscribe to a personal payday loan, they enjoy the same speed of obtaining consumer credit and the same protection of privacy. Today, there are fewer and fewer barriers for people wishing to borrow money, whatever their condition.
What personal payday loan for single people?
There are different types of personal payday loans that single people can take out with different institutions. More or less rapid and binding methods depending on the case.
Get a loan from a bank when you’re single
If you are single, you can definitely apply for a loan from your bank. Simply, it will certainly require more guarantees. Indeed, the bank will give more confidence to the borrowing couple, because the contribution is more important since there are two salaries. The person living alone represents more risk for the banking institution, so she will ask for more guarantees and demand a stable financial situation.
In addition, borrowing from a bank may impact your credit rating in the event of a hard time. The acceptance time is also longer.
Borrow from a private financial institution
Borrowing conditions vary by private financial institution. Some may ask you for supporting documents, while others have more flexibility on this side.
Do you have a need for urgent money because of an unexpected expense, and you do not want to risk your credit rating or have to justify your situation? There are several types of loans that are easy to obtain for single people.
personal payday loan without proof is a good alternative, it is a consumer credit that you subscribe without being asked how you will spend this money. This flexible and fast loan is appreciated for its respect of the private life. No proof of marriage is required to ensure that you will repay it.
Whether you are a couple or single, there is little chance that the loan without a credit investigation will be refused by a private lender, unlike a large loan from a bank if you are alone and you do not not a big salary.
The number of people living alone is constantly increasing. Single personal payday loans are an attractive alternative for anyone wanting to get money fast without having to justify their condition.
For any information request concerning loans without credit inquiry, do not hesitate to contact us.