There is nothing more stressful than having an emergency and not having the cash on hand to pay for it. In many cases, you may not have a lot of options for getting the funds you need quick enough to make a difference, especially if it is for something like a car repair that is not covered by insurance.
Knowing Your Options
In days past, people who were pressed for funds had very few options available to them. For the most part, consumers could either seek a loan through their traditional bank or apply for a credit card for an extra line of credit. If you need cash now, the chances are that neither of these financial products would help you today. Traditional bank loans are seldom processed quickly and require higher credit scores and strong payment histories to qualify for them. While you may be able to apply and get approved for a Credit Card relatively quickly online, if you get approved, you still have to wait to get the physical card to arrive in the mail, before you can access the credit line. Plus, cash advances on a Credit Card can come with outrageous fees and a much higher APR than you would think, increasing your overall debt load. This is a time when a Payday Loan can be the solution to your cash crunch emergency.
Why a Payday Loan?
If you do not have the time to wait around for loan approvals or for a Credit Card to arrive in the mail, applying for a short-term Payday Loan makes a lot of sense. The application process is short and straightforward. All you need to do is answer a few basic questions about your employment history, your payroll schedule, your contact information and your bank account details. Payday lenders are different from traditional style lenders because they consider all applicants. They do not make loan decisions solely based on credit scores or past payment history, so if you have less than perfect credit or a spotty repayment history, these things may not be held against you.
Furthermore, they are convenient and offer discretion for applicants. In addition, you are able to apply for your loan online, from the comfort of your home. This saves a lot of time and petrol because you do not have to drive anywhere or wait for a loan officer to speak to about your cash needs. If you have a consistent income and the capacity to repay the initial loan with interest back, there is a very high chance that your loan application will be approved. This helps you maintain your dignity when you are in a cash bind. When you are really pressed to come up with cash in an emergency situation, there is no worse feeling than being told “Sorry, you do not meet our requirements” by someone who could be in a position to help, but cannot or will not because their computer system tells them “No.”
Loans in the Amount That You Need
The amount of money that you can borrow from Payday lenders can vary from lender to lender. For the most part, Payday loans are available in amounts of anywhere from $100 to $1,000. Some lenders may offer higher credit lines of up to $5,000. As you can imagine, this gives consumers a wide range of access to funds so they can take care of important business like getting their car repaired, paying for back-to-school expenses , or accessing enough funds to put a security deposit down on a new rental apartment or home. If you need a new car, a larger sized Payday loan can even be used to finance the entire purchase price of a used vehicle.
Fast Access to Your Funds
Payday lenders know that their customers are seeking the cash that they need rapidly. For this reason, they give the customer what they want – a quick answer. Many short-term lenders give applicants an answer in 30 minutes or less, so you will not have to spend a day or a week worrying about whether or not you will have the funds you need to make it until your next payday. This alone is enough to give you the peace of mind and confidence to apply for the funds you need for your short-term goals.
If the client is approved for their short-term loan, most lenders that issue FCA authorized Payday loans deposit the approved funds into their bank account almost instantly. In many cases, you can have access to these funds in 24 hours or less.