An emergency comes up and you need $750. It might be to fix your car or help out someone in your family. You don't want to borrow money from the bank because it takes too long and it could affect your credit rating. Or maybe your credit score isn't too good to begin with and the bank won't lend you the money anyway. What do you do?
The answer can be getting a short term payday loan and paying it off as soon as you can.
Help in an Emergency
A short term payday loan is ideal when an emergency comes up. Since you've got to pay them back within two to four weeks, you can get the money you want and build up your credit record at the same time.
If you need a little longer there are more flexible options - you can extend your loan - but you will have to pay more in interest if you go that route.
Because you can apply for a short term payday loan on the Internet, you can do it any time of the day or night. It only takes several minutes to fill out the simple application. If you have questions you can also talk with someone.
Most of the time all you need to get your loan is to be a citizen of the United States, be at least 18 years old, have a steady source of income, and have a checking account. You can even get a no checking account payday loan with some payday loan companies.
No Checking Account Payday Loan
A number of companies offer a no checking account payday loan to people who have a savings accounts but don't have a checking account. You can find them by doing a search on the Internet
Get Your Money Fast
Whether you have a checking account or not, you can have a cash advance deposited into your bank account within 24 hours.
Because they don't do a credit check, online payday loan companies can process your application on their secure websites within minutes. You will know if you're approved within the hour.
Nowadays most cash advance companies make it so simple that you won't even have to fax over any information or send in any paperwork. It is all done in minutes on line.
The amount you can borrow will depend on how much you make and what the laws in your state are. Many payday lenders will advance you anywhere from $100 to $1500 and electronically deposit the money into your bank account.
You Can Choose Your Payment Option
After you've been approved for your short term payday loan you will decide on the best payment plan for you. Most payday loan companies, by default, will charge you only a finance charge on your next payday. However, if you can pay it all off with your next paycheck you will be a lot better off. The interest rates are higher than a bank's interest rate and they can pile up if you keep on extending your loan.
Because of that you should compare the rates of at least three or four payday loan companies. Since it only takes a few minutes to do the research you can end up saving yourself a lot of unneeded extra expense when you need the money quick - when an unexpected emergency comes up.
