Life is unpredictable.
No matter how well-prepared you think you are, there’s always the chance that something could suddenly go wrong in your world. Many of us will eventually find ourselves in a situation where we’re left with extra bills and nothing to use to pay them. Whether it’s a speeding ticket, an emergency bill from your vet, or a flat tire, the smallest expense can throw your entire life out of order.
Realizing that you suddenly need cash yesterday is a stressful and often overwhelming experience. However, it’s important to have a plan in place for when issues like this happen. The truth is that you can never truly prevent disasters from happening, but you can know your options when you’re in a tough spot and you need money now.
While plenty of financial advisors and experts might recommend things like having an emergency fund in place or building up your savings account – that won’t help you much when you’re handling a sudden issue. When something goes wrong, you don’t need life advice, you need a quick and effective way of getting the cash that you need.
Fortunately, there are some options available.
Whether you call it a same day loan, a payday loan or a cash advance, the outcome is the same. These lending options are designed specifically for people who need money now and can’t afford to wait. While most of the time, when you just want to borrow cash for a new kitchen, or to pay towards your honeymoon, a personal loan might be the ideal option.
However, in a case where you have no time to lose, personal loans simply don’t offer the speed and convenience that you can access with a same day loan. What’s more, it’s much easier to be approved for a payday loan when you’re in a tough spot than it is to get a standard personal loan. To be approved for the best terms on your payday loan, you’re going to need a lot more than time, you’re also going to need a good credit rating.
Same day loans eliminate all the exhausting paperwork and confusion to give you access to cash when you need it most. Whether it’s to pay for a last-minute bill, address the problems of a broken-down car, or anything else, a same day loan provider can give you an instant decision on your application. That means that you should be able to cover your emergency expense on the same day you apply. Though other loan products might be able to offer you longer terms and different benefits, none of them can deliver the same speed when you need money now.
If you’re new to lending money, then you might not know much about the different kind of cash advances available to you. While payday or same day loans are designed for your personal use, they’re not the same as a personal loan.
A personal loan is often a fixed-rate loan that lasts for a specific amount of time depending on your term choice. If you choose a short-term loan, then you can expect to pay less interest in the long term, but the price of your repayments will be higher. If you get a long-term loan, you’ll pay more on the cost of your loan over time. Personal loans come in both secured and unsecured packages. If you secure your loan, you can get a better rate, but you’ll also be putting something of value that you own up for grabs. For instance, if you secure a loan with your car, the loan provider will be able to claim that vehicle from you if you’re not able to pay back the money you owe according to the term agreed.
Personal loans can be a good source of capital when you’re looking for things like flexible terms and amounts to borrow. However, it’s worth noting that these loans often take a lot of time and effort to get. You’ll have to wait a few days for your loan application to go through, and it may take weeks for the money to arrive into your account after approval. When you need money now, there’s no personal loan provider out there that can promise you a same day delivery of your funds.
On the other hand, same day or quick payday loans are designed specifically for short-term, emergency lending. They don’t have the same flexibility of a personal loan, and often the interest rates are a little higher. However, it’s worth noting that you do get the speed that you can’t get from any other loan provider. A payday loan usually has the following features associated with it:
A payday loan is a short-term loan, intended to give cash-low individuals the money they need to pay for emergencies fast. When you need money now, a payday loan can be a god-send, as it allows you to deal with a range of expenses, without having to default on payments. However, it’s worth remembering that these loans work a little differently to the cash advances that you may be used to.
For instance, while a personal loan can be paid back over a period of months, a payday loan needs to be paid back in a single chunk. If you don’t pay your loan back on time, you may be eligible for additional fees. However, many providers will be willing to roll the length of your loan over, so that you have a little bit longer to meet your repayment expectations.
One of the main reasons that consumers get confused with same day loans, is that the rules in the US can change depending on where you live. Some states are stricter than others when it comes to payday lending, and certain parts of the US will not allow it at all. If you want to make sure that you can apply successfully, it pays to do some research before you begin looking for payday loan providers.
Fortunately, if your state does allow for same day loans, you shouldn’t find it too difficult to apply when you need money now. You’ll need to be of adult age, have a form of identification to provide, and a checking account of your own. It’s also important that you can show a consistent source of income. Remember that payday loan providers rarely use your credit rating to decide whether you should get a loan. Instead, they’re going to check your affordability by looking at your income.
Make sure that you check out the details of your payday loan before you make your application to improve your chances of being accepted. For instance, some states will only be able to offer specific amounts of money. Loans of approximately $500 are common. However, if you need to borrow quite a bit more than that, then you will need to discuss your options with your loan provider. Payday lenders are required to abide by both federal laws for lending and the loans of your state.
The good news is that because loan providers are held to specific standards, you should be able to get plenty of information from them that you can use to make a careful decision about your borrowing strategy. For instance, Truth in Lending regulations require your loan provider to give you an insight into how much you’ll need to pay on APR in a dollar amount. If you have trouble figuring out percentages, this will give you an overview of the complete cost of your loan.
When you’re in an emergency situation, the last thing you probably want to do is take out a loan. It would be much easier if you could dip into your savings and use that money to overcome the issue instead. Unfortunately, in today’s cash-strapped society, we don’t all have huge savings accounts to rely on. The good news is that payday loans can help to eliminate some of the stress of your standard bank loan application and give you a quick way to get money now.
Though there are other options out there for getting money quickly, none of them can provide the cash you need to deal with an emergency situation in 24 hours are less. Even the options that deliver a quick response aren’t perfect. Let’s look at some of the most common suggestions for how to get money now and consider how they compare to applying for a same day loan.
Usually, the most obvious way to borrow money when you’re in a difficult situation is to attempt to borrow cash from your friends and family. Unfortunately, it’s worth noting that not all of the people you know will necessarily have spare cash that they can give you when you’re in trouble. In fact, most of us don’t have many savings in our bank accounts these days.
Even if you do find someone who can offer to lend you the money, borrowing from friends and family is rarely a good choice. Most of the time, taking the money of your loved ones can lead to complicated scenarios where your relationships begin to suffer. This is particularly true if you need to borrow cash for a little longer. You can’t just roll your borrowing period over if your friend needs the money back for something specific.
An alternative to asking for money from friends and family is to sell the things that you already own. Maybe you have a computer that you can sell to get a little extra cash, or some belongings in your attic. Unfortunately, most of the items that we own that are worth a decent amount of money are the things that we need. For instance, you might rely on your computer to get work done outside of the office or communicate with family from overseas.
If your valuable items aren’t important, they may be crucial to keep around for another reason. For instance, family heirlooms aren’t something you want to give up just because you’ve been hit by an unexpected flat tire. Not only would it mean giving up a priceless piece of your history, but it’s unlikely that you’ll get a good deal when you’re so motivated to sell fast.
Maybe you think that you could simply pick up some extra hours at work or take on an additional job to pay your bills. While this would work to give you more cash in the long term, it’s not an ideal solution when you need money now. Most companies won’t be willing to give you the extra money you earn right there on the spot. What’s more, if you need to apply for a second job, it can take weeks before you find someone who is willing to hire you.
Even if you sign up for freelancer and gig websites, you’ll need to wait until they release the cash from their system to ensure that you can access it in your account. It could be weeks before you get the money that you need, and by that point you may be in far more trouble financially than you would have been if you simply got a same day loan.
As you can see from the examples above, most of the common solutions for making money fast aren’t as fast as they need to be. Even signing up to get paid for free online surveys will only mean that you can access a small amount of extra money. What’s more, you might not be able to claim the cash that you earn until it reaches a certain level.
There are plenty of ways that you can budget your finances and adjust your income if you’re looking to make a difference to your cash long-term. Comparing your bills online and making sure you’re paying the smallest amounts for your utilities is a great option. Taking on a second job or getting cashback on your purchases are other useful suggestions. However, nothing will give you the money that you need instantly quite like a same day loan.
Ultimately, like any loan strategy, payday loans come with their ups and downs. Although you’re paying slightly more interest, that extra expense can be worth it when you consider the fact that you won’t have to default on other important payments to pay an emergency bill. What’s more, if you’re paying for something like a fix for your car, a payday loan can protect your livelihood.
After all, if you don’t have a car to take you to work, then your boss may not be happy with you turning up late because you need to take busses or trains instead – and they only arrive at a certain time. You could end up losing your job, which means more expenses to worry about, and even less cash to pay for them with.
A payday loan is a simple and quick solution to a sudden problem. The good news is that because it’s such a temporary short-term loan, you can also get it off your mind as quickly as possible. Within a month, you will have borrowed your money, dealt with your emergency, and paid back what you owe too. All that, and there’ll be no lasting impact on your credit rating either.
There’s no one-size-fits-all profile for the perfect person to apply for a payday loan. Often, the person best-suited to this kind of borrowing is someone who has an emergency to deal with that they can’t hold off. If you need money now, and there’s nothing in your savings account to deal with a sudden issue, then a payday loan could be your best option. However, you will need to make sure that you understand the rules and regulations around same day loans in your state before you start applying.
Some of the people that are most likely to benefit from using a same day loan when they need money now, include:
Sometimes, when you need money now, you need to find the best solution based on your current situation. Remember, though, don’t just settle for any same-day loan. Comparing the deals available to you online will make sure that you’re getting the terms, financial amounts and fees that are best for your situation. A little time comparing could send you a fortune over the course of your loan!