Life is full of unknowns, and there will be times when the unexpected can impact your wallet and you find yourself in need of fast cash.
If you don’t have the money on hand to account for mishaps, you could face a serious issue. Should you pull cash from your budget and risk being late or missing bill payments? Or should you try to find a workaround?
There is a third option. With a payday loan you could get the funds you need in short order, covering emergency costs without impacting your normal monthly payments. Then all you have to do is account for repaying your loans when you receive your next paycheck.
When you’re in an untenable situation, with added demands on your budget that you simply can’t cover on your own, you needn’t despair. You can apply for a payday loan now through Personal Money Network to cover unanticipated costs and gain peace of mind along the way. All you have to do is find the right cash loans to suit your needs and undergo a simple application process. How does it work, and what can you expect when you can get a near instant decision on your application for a payday loan? Here are a few things you should know:
Fast Decision Process
When an emergency situation comes up, you might not have time to wait for typical options of lending, whether your parents or a sibling hem and haw about lending you needed cash or you have to go through lengthy and demanding approvals and credit checks with a traditional lender such as a bank. When you need fast cash now, these protracted methods just aren’t going to work. Another option is installment loans which is similar.
With a near instant decision, you could get the funds you need to cover unexpected costs, without throwing a wrench in your budget. You’ll save time and hassle, with an easy application available online, and the convenience of the process. Naturally, you’ll still be informed of everything you need to know, including terms and conditions, but the decision process can be faster than most other types of lending.
Will there be a Credit Check?
One of the many reasons to apply for a payday loan, besides the ease and speed of a near instant decision process, is that you can avoid the lengthy and annoying traditional bank application process. If you have poor credit, when going through the credit check process through a bank can be a waste of time that ends in disappointment as you fail to gain approval. It should be noted that every lender we work with has a different process and that this is not to say that some do not use a credit check when reviewing loan applications, and there are many that will review other requirements instead, such as income and employment history.
Even with decent credit, you might consider avoid doing credit checks that can lower your credit score, especially if you’re hoping to get approved for an auto, home, or business loan in future, as you will need to maintain your current credit rating.
Payday Loan Qualifications
While some payday loans may require a credit check, that doesn’t mean you will receive cash just by asking for it – there are still a few other qualifications you likely need to meet in order to secure a loan and the needed funds. Eligibility requirements often vary by state law and lender policy, so you should always ask beforehand to make sure you qualify and that you have all needed paperwork ready when you apply to expedite the process.
Typically, you should be over the age of 18 (i.e. an adult) to apply for a loan, since you are signing a contract. You will also be asked to show identification as proof of age and U.S. citizenship or permanent residency. In most cases, proof of steady income is required to show your ability to repay (in lieu of a credit check) and you need an active checking account to receive the funds.
Cash for Emergencies and Expenses
Whether you need a small amount like $500 or a bit more to cover emergency expenses, you’ll find that short-term loans are suitable for a number of needs. It’s pretty common to take out payday loans to cover unexpected emergency auto or medical costs, for example.
If you have to go to the emergency room because you cut your hand chopping veggies, you dropped a hammer on your toe, or you suspect food poisoning, you could end up paying a deductible, at the very least. Even with excellent insurance, this could come out to a few hundred dollars.
Maybe you discover that your brakes and rotors are worn and in need of replacement, or your fan belt snaps, leaving you unable to drive and get to work. If your car is out of warranty, you’ll have to cover these costs out of pocket and come up with fast cash now.
Perhaps you’re a student waiting on financial aid to come through but you need to get books for classes. Or it could be that your paycheck is late and you need to pay bills, buy groceries, and put gas in the car. Why pay late fees when you can pay on time and then pay off the loan when your paycheck comes in? You may be informed that your mother is sick or your grandpa has passed and find yourself having to make expensive, last minute travel arrangements.
In truth, you might not even have an emergency, per se. Maybe you just want to avoid an overdraft fee or pay off a credit card that’s charging you an outrageous interest rate before they can add more to your bill. Or perhaps you’re in dire need of some time off and a trip to the nearest coast for some sun, sand, and surf is the perfect solution. It could be that your brilliant friend is starting a business and you want to invest.
All are valid reasons for applying for a payday loan if you just don’t have the money on hand. As an added benefit, you can avoid the embarrassment of asking family members or friends for money. Even if you know they have the money to lend you, there’s a lot of emotional cost attached to asking, and you don’t really have to ask with options for easy, fast cash loans online.
$500 Payday Loans and possibly More
Short-term lending is ideal when you need a small amount, such as $500, and many lenders also offer options for larger sums as needed. In some cases, this may require collateral or a credit check, but it depends on the amount and the lender.
If you’re looking for small payday loans that are relatively easy to repay, short term loans online can be an easy alternative to other types of lending. All you have to do is fill out the online application and provide the needed documentation (ID, proof of steady employment, etc.) to be considered for an approval.
Repayment of the Payday Loan
It’s no secret that loans come with terms for repayment that often include interest.
When life’s little emergencies pop up and you need cash now, you may be able to pay the loan back as soon as you get your next paycheck. If you could wait a couple weeks for your paycheck, you would, but when you just can’t wait, payday loans can be a viable alternative that provide the assistance you need now.
Even if you have to adjust your budget to pay off a loan over the course of a few months, paying a little more than the initial loan amount could be worth it to have cash when you need it. You’ll have to weigh the pros and cons to plan accordingly for speedy repayments to get the most from your short term loan.
Understanding Terms for Payday Loans
As a responsible consumer, it’s up to you to make sure you understand all the terms and conditions associated with payday loans. You’ll want to start by reviewing the policies and terms, including repayment schedule, interest rates, and/or fees associated with lending.
When you understand the terms associated with online loans, you have the best opportunity to gain maximum benefits from short-term lending. Just because you’re facing unanticipated expenses or emergency situations doesn’t mean you can’t plan for speedy repayment in order to get the most from any lending agreement.