Wow Loans Review

Wow Loans ReviewWow Loans says you can get a cash loan approval in as little as one hour. Keep in mind that this is just the approval, and does not mean that you will get cash in one hour. If you are looking to get cash in under an hour you will have to go to a local lender that will be able to put cash in your hand in person. Every other online lender will not be able to guarantee that you’ll get your money in one hour. They can approve you in an hour and even release your funds in an hour, but that doesn’t mean it will clear your bank in an hour.

One benefit if going in person is that local payday lenders keep cash on hand so that you can walk in an get the money you need when you need it. This may not be very convenient if you don’t have a payday lender in your area or you are stuck at work and can’t make it in before they close. Keep in mind that many local lenders will keep longer Friday hours and be open on Saturday so that you can go in there and get your cash if you need to when it’s more convenient for you. They stay open later on Friday because that’s when they have the most people coming in to pay back their loans.

The thing about going with an online lender like Wow is that they can loan for higher amounts than many payday lenders across the country. They can give loans up to $1000 so you don’t have to take out multiple smaller loans and can simply pay the loan back to one lender. This is very convenient but keep in mind that it will be based on your income and not everyone will be approved for this amount. The only thing that you have to remember is that you are the one that will decide how much you need for your emergency, so just because you’re approved for a higher amount doesn’t mean you have to take out all of it.

Wow Loans Review – How They’re Different

Wow Loans tries to stand out among other lenders by offering higher loan amounts as we’ve already discussed. They also say that they have lower interest rates than other lenders you’ll find online, and that they have flexible repayment terms, so you aren’t suckered into paying it all off on your next payday, which is what ruins most payday loan customers. You see, if you’re living paycheck to paycheck that means you need the money to live off of, and you can’t afford to go another two weeks after paying back the loan. Payday lenders know this, which is why they want all of their money back on your next payday. They know you will have to take the loan out again in order to make ends meet until your next payday. This is how they make their money.

Let’s say you take out a $600 loan in Michigan and pay back $676.45 on your next payday. The lender just made $76.45 by waiting for two weeks. Imagine all of the things that you could by with that money, but the lender isn’t actually producing a product. They have no production costs, no storage costs, and very little overhead other than employee wages. And if you take that loan out twice a month they are making over $150 and not producing a product, they are just waiting for you to come in and give them more money. The only service they provided was letting you borrow the original $600 the first time, every loan after that they are not providing a service, but instead keeping you in servitude to them.

Flexibility is Key
By introducing flexibility to the equation, Wow Loans is making the sort of change payday loans need. Payday loans need new rules, and need to look more like installment loans so that people have a chance to pay them back over time and not keep paying high fees.

Our Recommendation
Wow Loans is a company you should go with if you want to try to avoid the payday loan trap as best as you can.

Add Your Own Experience to Our Wow Loans Review Below

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