Do you need cash now? Don’t you know what to do and where to go for your urgent financing? Sometimes you are stuck in the middle of a financial crisis, nor have salary left to pay back for expenses, not any other source.
Even savings are not enough to pay all your bills or cover your expenses. Many people panic in such situations because they can’t handle instant cash requirements. What they don’t know is they have more than 8 possible ways to finance short term expenses.
If you ask, we prefer only one: Payday loans. Payday is short term loan best for your urgent financing in emergency and unexpected situations.
This helps you keep going in your financial difficulties without hurting your credit scores, as our lenders prefer only soft credit inquiries. Let’s check ways for short term financing also assess why Payday is better than all of them.
Options You have for Instant money
If you want to borrow, there are many options available. Each has its pros and cons. Some of the famous modes of instant financing are:
You may take personal loans from a bank. You may qualify for low-interest rates or interest discounts. If you’re a loyal customer, then you can also get relationship discounts or loyalty discounts. However, keep in mind banks do check credit ratings and do not grant you loans on bad credit.
The credit union also offers loans with low-interest rates and a significant discount. These are non-profit organizations dedicated to serving their members. However, you need to join such an organization to be eligible for the loan.
Online Payday lenders
In this digitized era, online lenders have sprung up against traditional loans of banks and credit unions. These lenders are offering different types of loans. One of them is payday loans. They provide paperless digital loans without any hectic visits and in minimal time. We also have a network of direct payday lenders. You can connect with just one application.
Pawnshops require no application process or credit check. The amount you borrow is based on the value of the item you keep as collateral. As per National Pawnbrokers Association, the average lending of a Pawnshop is up to $150.
Though pawn shops are a reliable source, these offer high-interest rates, commonly 5% to 25%. If you are unable to pay back the borrowed money, the lender can repossess your property.
Credit Card Cash Advance
If you already have a credit card, you can easily take a loan. You won’t need to fill procedures and can get short term lending as a bank overdraft. You can also assess money quickly. However, you need to pay a high fee and interest charges.
Family and friends
Getting a loan from a family member is the easiest way. The family loan has no contract, zero interest rate and no hard and fast repayment terms and conditions. Since it’s your family, so you don’t need to be considerate about your credit score.
Not even this, if you can’t repay the amount, no one will report to the credit bureau. However, such loans come at a cost. The cost is severe – your respect and dignity. If in case you take the loan and can’t repay, then maybe you face severe problems.
Under title loan, your car act as collateral for the lender. The value of the car will determine the amount you are willing to borrow. You can even keep the car till your credit maturity. If you can pay off the loan, then you can own the vehicle. Otherwise, the lender will repossess it. This doesn’t require any credit rating.
Both instalment and payday loans are the same—the only difference is the repayment of these loans. In a payday loan, you are required to pay the lumpsum with a fee at one time. However, in instalment loans, you pay the amount in a series of payments due monthly or weekly.
401(k) retirement account
You can also borrow money from your employer. This requires no credit check. You can borrow a loan up to $10,000. It should be repaid in 5 years. However, if you leave the job, you are forced to repay the whole amount at a time.
Other Options for Fast Cash
There are many other options you can use to get fast cash. These are:
- Babysit pets or infants can get you instant money.
- Deliver food or parcels.
- Sell your stuff to earn quick money.
Do You Really Need Cash Now? Evaluate Requirements
What kind of loan you need depends on your requirements. Many options are available, but you need to choose the one that matches your pocket and can settle your financial issues.
- Why do you need money?
- How much interest is each lender offering?
- Will you be able to repay the amount?
- How to handle your bad credit score?
Payday Loan: A quick Description
A payday loan or online instant loan is a short term unsecured mode of lending taken to cover emergencies and unexpected expenses. These loans are ranges from $100 to $ 2500 and are payable until your next paycheck. These loans are granted for a short period of 2 to 4 weeks.
The lender will give you the amount and charge an additional fee for the loan. It is also known as fast cash loans, cash loans, cash advances, quick cash, etc.
All payday online lenders are subjected to federal and state laws. Every US state has different criteria for payday approval.
For instance, in Washington DC, a payday lender provides you with a loan on an APR rate of 24% or less. Similarly, 9 US states out of 50, including Virginia, allow limited application for a loan over a year for a single person.
Lenders are required to check each and everything before heading towards a loan. Also, you need to check rules and regulations before borrowing.
Assess eligibility for the loan
For the loan, a borrower should be:
- 18 above
- Financially independent
- Non-military officer
While applying for a loan, the following documents are required.
- Social Security Number
- Home address
- Email address
- Phone number
- Salary proof
- Bank account number
A short procedure to apply for a payday loan
First of all, you usually have 3 options to borrow payday loans. You can borrow it physically by visiting the lender’s office or the lender’s website. However, in both cases, you will need to wait for the approval, and if the loan is not approved, you will have to search for another lender while repeating the same process.
We always recommend third party lenders and brokers. You need to fill an application, and we will take it to the network of multiple lenders, one of whom will then approve your application. This means you will be selected in a short period with just one application.
You must be wondering regarding the procedure to apply for loans. It is quick and straightforward.
- Visit our website.
- Click the form for a loan request.
- Fill all the required fields in the forms with authentic information and credentials.
- Upload all the necessary documents.
- Submit the form.
- Wait for a decision.
- Check your email and portal after every hour.
- Agree to the terms and conditions disclosed by the lender.
- Electronically sign the loan agreement. This varies from lender to lender.
- Get your money into a bank account.
The whole process is faster, and your loan will approve as soon as the next business day.
Be Aware of Repayment terms
The time of repayment depends on your agreement with the lender. Usually, you have 2 to 4 weeks to repay the loan. In most cases, you sign a post-dated check for the amount you are borrowing plus the fee.
The lender will directly deduct the amount from your bank account on loan maturity. If not, then you can also transfer to the lender’s bank account.
If, in any case, you can’t repay the loan, don’t worry. It can be rolled with an additional fee depending upon the laws of your state.
Payday Is Worth Borrowing
Despite sheer criticism on high-interest rates, Payday loans are still helpful for many US citizens, giving them hope in a financial emergency.
You Can Cover Short Term Expenses: Payday is designed for those interested in covering their unexpected financial emergencies with short term loans. Usually, the range of payday loans is between $500 to $2500. This is also easily payable.
Payday Can Be Quickly Paid: Payday is easy to borrow and repay. Its amount is small so that anyone can pay the loan on maturity. However, in a long term loan, you need to pay back the loaned amount with the interest rate for years.
Anyone Can Be Approved: Our payday online lenders can approve the loan of anyone eligible for it. Even if you have a bad credit score, you can still apply. Our lenders will only check oyur ability to repay the loan.
Simple and Quick Loan: As mentioned above, the application for the loan process won’t take more than 5 minutes, provided you have all the required documents in hand. Once you are approved, your amount will be deposited in hours in your bank account.
Use Anywhere You Want: Few lenders or financial institutions insist on writing why you are taking the loan. This is not the case with our lenders. We will grant you the amount; the rest is your preference. You can use the borrowing money wherever you want. You can use it for car repair, house repair, debt consolidation, bills and fees, etc.
Desperately need a loan? but have bad credit
More often, the credit history of people is not so appealing. Bad credit creates issues for people to get loans as many financial institutions and lenders are reluctant to grant loans to those with poor credit ratings.
However, this is precisely not the case with us. Our direct lenders can perform credit checks softly, which means you can apply for a cash loan even with bad credit scores. Soft credit checks necessarily won’t stop you from getting loans; even many lenders have reported that people with bad credit were also approved for loans.
However, there are several ways to build your credit rating. Which are:
- Estimate the amount before taking a loan and check whether you can repay it or not. Check your affordability criteria.
- Be sure of the reason for which you need money: it should be short term.
- Pay bills on time.
- Repay the loan on time.
Though you have many options to get cash for unexpected and unforeseen financial emergencies, Payday is the best choice. It is for a shorter period, easy to process and simple to repay. We tried our best to sort all your queries whenever you need cash for urgent requirements. Still, if you are facing any difficulty, contact us without any hesitation.