According to research conducted by the Federal Reserve on different U.S households, 44% of all respondents interviewed admitted that they could not comfortably handle a $4,000 financial emergency. This group did not have an emergency fund to fall back to and rely on installment loans to help them cover their expenses.
Also known as payday loans, these are short-term unsecured cash advance or personal loans that offer instant help during an emergency.
As the name suggests you can apply for these loans and receive the best payday loan amount instantly. If not the same day then by the next business day.
The payday loan lenders deposit the cash hassle free even if you have poor credit. Online payday loans have instant approval if your request is successful.
The borrower is expected to pay back the full amount when his paycheck arrives.
Most direct online lenders have simplified the loan application process. You can get loan approval online and have the funds deposited to your bank account. Instant cash from the comfort of your own home.
To be eligible for these same day payday loans, you have to provide proof of a steady source of income from either employment or business. You don’t have to worry about your bad credit score or collateral because payday lenders don’t perform credit checks. Neither do they ask for collateral? Your post-dated check is enough security.
The terms vary from lender to lender. Borrowers can borrow from $500 – $1000 but that will depend on their capacity to pay back.
Pursuant to the California financial law, lenders can only charge an interest rate of 10% on the amount borrowed in California.
This helps to protect borrowers from predatory lenders who are looking to take advantage of the borrowers’ vulnerability.
It is important to read and understand the lender’s loan terms before signing their forms. You will have to check up on hidden costs.
Also check if a lender is able to roll over the loan. Perhaps the amount could be spread out in installments instead of paying the loan in one lump sum. The lender will deposit payday loan once you have signed the documents.
Although they are a savior when stuck you should not rely on these loans to get you out of debt. Use instant loans only for short-term financial emergencies.
Instant payday loans have high-interest rates and short repayment time, making them very expensive in the long run.
Bridge payday also offers payday loan consolidation for people with many loans.
With numerous online lenders to choose from it is difficult to know who is genuine. Let us make your work easier by filling out our loan application form, and our team of professionals will connect you to our trusted lenders.