Rocky Hill is a town in Hartford County, Connecticut, United States. The total population is 19,709. Unemployment rate is 5.8%. The average income of a Rocky Hill resident is $43,207 a year. The US average is $28,555 a year. The Median household income of a Rocky Hill resident is $75,442 a year. The US average is $53,482 a year. Family median income is $102,491. Standard ZIP codes are 06033, 06067, 06073, 06109.
What are payday loans in Rocky Hill, CT?
Payday loans in Rocky Hill, CT are a type of loan in which a small amount of money is transferred to the borrower for a short term.
The main purpose of such loans is to solve urgent problems. The borrower is issued a small amount of money for a short period of time and at a fairly high interest rate. The money is repaid as one payment, although the borrower, on his own initiative, can repay the debt in several payments. The main thing is that the loan is repaid by the planned repayment date. If this does not happen, then the credit company acts in the same way as in the case of a bank loan: fines and penalties, appeal to collectors, a file to the court.
The main difference between a payday loan and a traditional one in CT is in the registration procedure. To apply for a payday loan in Rocky Hill, a client will need an ID, a driver’s license and a bank card for crediting money. To apply for a small loan, you do not need a certificate of income, or official employment, or a pledge.
Payday loans in Rocky Hill, CT are approved in about 90% of cases, and money can be credited to the client’s card within 30 minutes.
Understanding the nature of payday loans
The standard specificity of a payday loan is that it is not analog to a bank loan. Among the distinctive characteristics, there are:
- shorter lending terms;
- smaller amounts;
- availability for the consumer;
- the ability to receive money with or without a bad credit history.
A payday loan is a definite tool and first aid if money is needed very quickly, if there is no other way to get it.
What are the benefits of payday loans?
The main advantages of payday lending include the following points:
- the minimum package of necessary documentation. In the overwhelming majority of cases, to issue a quick loan in a credit institution, it is enough just to provide an identity document.
- instant processing time. As practice shows, the whole process of issuing a payday loan takes no more than 30 minutes.
- a variety of ways to get money and pay off debt.
- the ability to pay off the entire amount of the debt before the term expiration of the specified agreement.
- wide availability. To take out a loan from microfinance organizations, the borrower does not have to have a permanent residence permit, place of residence and work, or a source of income.
- no need for good credit history. It is possible to take a quick loan even with a bad credit history.
- maximum transparency of the entire procedure for signing a loan agreement. Thanks to this, the borrower does not need to pay an additional amount in the future in the form of commissions.