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If you’re dealing with an unexpected bill or an emergency expense, you need to find a method of getting money fast. While there are a lot of loan options out there for people who don’t necessarily have friends and family members to turn to for extra cash, they’re not exactly speedy.
If you haven’t got the best credit and need a guarantor loan, then you’re going to need to spend some time waiting for the person who’s getting your loan with you to go through an application process. If you’re applying for a personal loan with a bank, then there are weeks of credit checks to deal with in some cases.
Although online banking and the world of internet finance has made it a lot easier to apply for a cash advance when you need one, there still aren’t a lot of options out there designed for people who need to get money in hours- not days.
Fortunately, as the US lending environment evolves, new opportunities are emerging. Today, there are 27 states where you can apply for a payday loan and get money into your pocket faster than you would with any other lending solution.
So, let’s take a closer look at what it’s like to get an instant loan.
Although they don’t actually get money to appear in your bank account within seconds, quick loans from payday lenders are the fastest way to get the money you need, without having to rely on things like banks and credit unions.
For a while, it was practically impossible to get a payday loan in the US, with a handful of states completely forbidding the practice of short-term lending. However, as payday loans have become more reliable and less expensive, states all across the US are beginning to welcome them back. Aside from the 27 states where you can apply for a standard payday loan, there are also 9 states that provide some kind of short-term lending.
So, what can you expect if you borrow from an instant lender? Well, the key feature of this kind of loan is in the name – it’s all about getting money to you as quickly as possible. Payday and short-term lenders know that you’re borrowing money to pay for an emergency. That means that you can’t afford to wait around for long applications to be processed.
Although the speed with which you can get your money will depend on the company that you’re borrowing from, most companies can give you your cash within a day or less. That’s so much faster than any other kind of lending alternative.
Additionally, it’s not just getting your cash that’s quicker with this kind of lending either. Applying for a loan is much faster too. Most payday loan providers operate online, which means that you can simply visit a website and fill out a form to get started. Usually, you’ll only have a handful of questions to answer, so you can save a lot of time, if you’re in a hurry.
Because Payday loan providers pay more attention to what you’re earning now, and whether you can afford to repay your loan, than what happened with your credit in the past, you can get an approved application returned to you within a matter of hours.
If you’ve applied for loans in the past, you’ll know that most of them come with stipulations. You need to use a mortgage to pay for a home that you’re going to be living in. If you get a car finance loan, then you have to prove that you’re going to be buying a car with it. Even personal loans, which give you more freedom than other lending options, have their restrictions.
With short-term lending, the rules are a little different.
While most short-term and quick lenders will recommend that you only use their loans for emergency situations, it’s up to you to define what an emergency is. For some people, an emergency might be a broken down car that makes it difficult for them to get to work on time. For someone else, it might be overly expensive vet bills that they need to pay straight away.
More often than not, your loan company won’t even ask you what you want to borrow the money for. They’ll simply look at how much you need to lend, and whether you can afford the repayment. Although payday lenders do still check your credit rating, they’re less likely to focus on that score than some other traditional lenders.
Because short-term providers know that they’re only giving you a small amount of cash for a very short amount of time, they’re more likely to give you the benefit of the doubt than any standard loan company. Within a matter of days, you’ll have your loan delivered straight into your bank account, so you can use it however you see fit.
One important thing to remember about $5000 loans, is that speed is expected on your side, as well as on the side of the lender. In other words, although you will get your money quickly, you’ll be expected to send that cash back to the lender pretty quickly too.
Most short-term loan companies expect to be repaid everything that you owe within a month of your initial application. The term you get could be slightly longer or shorter, depending on the company that you borrow from. However, most of the time, you shouldn’t expect to have more than a month to repay what you owe.
That means that you’re going to need to make sure that you’ll have enough cash in your bank account to repay the cost of the loan and the interest that you owe, before you take out your loan. On the plus side, While this means that you don’t have as long to work out your finances with a short-term loan, it also means that you spend a lot less time in debt.
You won’t have to worry about what might happen if you lose your job and don’t have as much cash to work with – like you would if you were using a standard long-term loan. You can arrange to have the money you need to repay in your bank account at the end of the month, then forget about your debt completely.
What’s more, repaying your debt quickly could mean that you get a boost to your credit rating too. Paying any loan off on time shows the credit agencies that you’re a reliable and trustworthy person, capable of adhering to the rules of a loan.
There are many benefits to choosing a quick loan instead of a long-term or installment lending product. The most obvious benefit is the speed with which you can get the money you need into your bank account is much better with an instant lender. However, you can also benefit from potentially getting your hands on a loan, even if you don’t have the best credit rating.
As mentioned above, many payday lenders are likely to look beyond credit ratings and scores to determine whether they should give someone the money that they ask for or not. You don’t need to have the best credit rating around to get a short-term loan. All you need to do is prove that you have a regular income from a long-term job that you’ve had for a while.
Notably, there will be some other terms and conditions to consider too. However, you can always improve your chances of being approved for a short term loan by checking out the different websites that offer this kind of cash in your area. Since the rules change according to where you live, it’s best to check the website of a company that specifically serves your state.
Usually, you won’t need to do much more than prove you’re a US citizen, and make sure that you have evidence of your income to provide. You could also be asked to share information that shows that you haven’t had any recent bankruptcies or major loans too. This helps to show the lender that you’re not biting off more debt than you can chew.
Ultimately, it’s unlikely that you’ll be able to find any provider that can deposit the money that you need into your bank account within five minutes of you sending in an application. It takes time to process your information and make an informed decision. You don’t want to go with a lender that isn’t going to take your financial needs seriously, after all.
However, a short-term payday loan can definitely get you the money that you need a lot faster than any traditional lender. Some companies will deliver your cash within less than 24 hours. Others will take just a couple of hours to get the money into your bank account.
The only way to know for certain how quickly you can get your cash is to go and start comparing your options!