Sometimes an expense occurs that we cannot handle with our immediate funds. At the same time, we want to avoid a loan from friends or family and do not want to go to the bank. Quick solutions are available at a fair rate through payday loan services. You can get small amounts and pay them off quickly when your next paycheck arrives.
Using a Payday loan to get cash to cover your family’s groceries. Photo via Pixabay.
Simple and Fast
Payday loans’ main advantage is that they offer a fast way to get cash and there is no argument against this fact. Compared to a traditional loan or credit card application, which take weeks to process at times, payday and title loans take just a few hours and you can get your cash in a day.
This is how simple getting your emergency funds can be. First of all, the best payday loan companies handle all the processes online. Your application can be done confidentially in a matter of minutes and if you are pre-approved you can provide an e-signature to confirm the upcoming transaction. Funds get wired directly to your bank account, usually in a day.
With banks, sometimes you have to wait for weeks only to find out that you are not eligible. Payday loan companies provide quick confirmation with regards to this so your time is not wasted.
What are the necessary documents?
If you are looking for a payday loan, keep a few things ready. Most reputed loan services will ask for your social security number. You will also need to provide your checking account number and bank routing number. The latter is needed for the wire transfer. Applicants also need to be above 18 years old and they will have to show a proof of income.
Keep Your Credit Score under Control
Getting a payday loan also helps you keep your credit score in check. Think about it this way. A traditional loan will have a longer tenure which means you will have credit for a longer period of time. If you miss payments or have difficulties paying back the loan over this long period, your credit score will tank.
Payday and title loans have much shorter tenures. You will feel the bite for a few weeks as you pay back the loan and make some compromises, but by clearing the debts quicker you protect yourself from a bad credit scenario. Payday loans are also a go-to option when you have a credit score that is low and not accepted by most institutions.
The other advantage of payday loans is that there are no questions asked. With traditional loans, you may have the authority to spend the money only for a specific purpose. With payday loans it could be anything – a repair job on the roof, paying off an older personal loan, an emergency expenditure etc.
At times that maximum payday amount will not be enough for your emergency requirement. This is where you can use your car title as collateral and get a title loan. Along with the car title, you will need to show a few more documents. Depending on which state you are in, you can get up to $25000 dollars in cash.
More Options for Quick Cash
Many versatile payday loan companies provide extra services for emergency financial requirements. You can visit a store and get a cash advance in a few minutes for minor requirements. You may also have a check that is proving difficult to cash out. The top payday loan companies will help you cash checks as part of their in-store services. You can also apply for a small installation loan, similar to the payday process except that you can pay in installments. Payday loan companies can also help you pay your pending bills in a convenient manner.
There are some responsibilities you need to take when you finally get your payday loan. The funds should take care of your immediate requirement but you also have to spend less and maybe skip a few luxuries for the next few weeks. Use the short tenures to your advantage – the period can be the time when you get yourself back on the right track financially. Managing money is an important part of daily responsibilities and in the long run, it can help you achieve your aspirations and dreams, while also protecting your loved ones.
A payday loan has been a lifesaver for many. When applying for payday loans remember that state regulations can determine many details like limits and documentation. Do spend some time on research specific to your area.