Need an Emergency Loan? Payday Loans Can Help for Urgent Needs
Emergencies can happen any time and it is usually not in your control. When an emergency occurs, it may bring with it the need for urgent cash. It could be a medical situation or any other unforeseen situation that calls for spending money.
If you have already spent your money and are running short on money, you will need money urgently. This sort of situation is worrisome for those who do not have sufficient savings. The situation will be more problematic if it happens mid-month when you have spent all of your paycheck and you still have 10 or 15 days before you can get your next paycheck.
Some situations call for spending a lot of money and even after spending your savings, you may still end up short of some money. In such a situation, when you need money urgently for a short period, one of the best options you have is to go for an emergency loan.
Options for Getting an Emergency Loan
If you need an emergency loan, then approaching a bank may not be helpful. Banks have their own procedures and paperwork, which tends to be cumbersome. When you need money immediately, waiting for many days to get a loan approved is not a solution.
Banks may also ask for a guarantor for the loan or do a credit score check. Those with poor credit will find it extremely difficult to get a bank loan in such a situation.
In this case, the best option for an emergency loan is a payday loan. This is a type of loan that is specifically meant for emergency situations, with guaranteed payday loans no matter what.
Emergency loans are perfectly suited for those who:
- Need money urgently, an amount of $100 to $1000
- Have no time to wait for procedures to be completed
- Need money for a short period of time
- Have a job that helps them earn a paycheck
- Are ready to repay the loan on the next payday.
If you meet the above criteria, then a payday loan is the best option for you to cater to urgent needs.
The Basics of Payday Loans
A payday loan, as the name suggests is given in the expectation that it would be repaid on the next payday. It is a short-term loan that is usually given for a period of 14 days to a maximum of 31 days. It is meant for small sums of money that is needed for an emergency.
Since the loan caters to those who need money urgently, it is issued very quickly. It is an instant loan that can be processed and disbursed within 24 hours. It is an easy and convenient way of getting an emergency loan.
The following are some elements of a payday loan that will help you understand more about it and lets you know how to get such a loan:
- If you have a job earning a salary of at least $1000 and if you have been in your job for a minimum of three months, you can apply for a payday loan.
- There is no guarantor required for the loan. Neither is a credit check done.
- The entire process is easy and convenient. You can contact a payday locker who would help you find a lender to lend money to you.
An online application has to be filled up with details like:
- Name, address, social security number, and other such details
- Bank account number and bank details
- Details of your employer, address, and salary details
- The application can be filled and submitted online and would hardly take a few minutes to complete. You can do this from the comfort of your home or office.
- The payday locker would help you find a lender who can lend to you. You can compare the terms offered by different lenders before deciding the lender.
- You need to sign a contract with the lender. The contract would have the details of the loan like loan amount, APR, total amount due, date by which the amount is due, and other terms of the loan. You can sign it online and email it to the lender.
- Once this contract is received, the lender would directly credit money to your bank account. This entire process can be done within 24 hours, making it an instant loan that is the best option for emergencies.
The simple procedures and the convenience offered make a payday loan an ideal option to get a loan, when you need money urgently.
It is the best kind of emergency loan for those who are salaried and can repay the loan by the next payday. To avoid penalties and legal action, however, be sure to repay the loan on time.