Why MonnyLoans?

  • Approval within Minutes!
  • Bad Credit Is Welcome!
  • No Hassle and Issues!
  • 24/7 - Always Available!


We respesent a mediator comapny with a large network of partner lenders. We make every effort to match our cusotmers with the most suitable loan offers in the the fastest and the most convenient way.


  • You Can Get up to $1,000
  • No Queues, No Headaches
  • Apply Anytime Anywhere
  • No Credit Score Worry

Pros and Cons of Payday Loans

Any type of lending is fraught with repayment. A loan always presupposes an amount of money that is grated by one person or institution under some sort of interest.

There are all sorts of loans - long-term and short-term, unsecured and secured they differ in amount, repayment term and rates of interest. Some of them can only be obtained if you have good credit rating; others presuppose pledging collateral or having co-signers.

Payday loans refer to the group of unsecured short-term loans that are meant to cover some unplanned urgent financial necessities of short duration. They are offered by non-banking institutions and have more lenient requirements due to this fact.

Speaking of which, they are one of the best pros in payday lending. Unlike traditional loans that are bound with paperwork, credit checks and a certain list of qualifications, payday loans are much easier to obtain. They can be granted to all citizens who are already 18, employed and have got an income source that can be proved. This is basically all that payday lenders ask for. They do not bother about borrowers' credit history or any such stuff, they do not apply to Equifax or TransUnion or else. Any customer is eligible to apply for a payday loan - good and bad credit alike.

Another pro is in the process of application and loan obtaining, which is very simple and straightforward. There is no need to go to a land based store and bring tons of documents, no need to fax anything, wait in lines, be nervous about the approval and so on. Online application takes minutes, approval is immediate and the loan is transferred to a bank account within one business day. In the same convenient way repayment is made - it is automatic and takes place on a due date agreed between a lender and a borrower.

Surely, there are cons, or rather one relative disadvantage that is represented by high interest rate prices of payday loans. These loan products are unsecured and are supposed to be repaid in a period of a fortnight on average and this leads to the APRs being much higher than the ones for any traditional loans.

This is true that payday loans cost way more than any other personal loans one can obtain; however, if your think about it, there is a good reason and justification for it. There is no other credit product at the market that you can get so fast with such little effort without any questions with regards to your intentions. It is a price to pay for speed and convenience and it is really something many borrowers are ready to put up with for the sake of all other pros.