If you need cash quickly, a short term pay day loan could be the ideal solution. These loans can be used for unexpected expenses like home or car repairs, large phone bills, electricity or medical costs and more.
These loans are simple to qualify for and can be approved by a large network of lenders. Furthermore, the process is quick and effortless with funds deposited directly into your bank account within one business day.
Easy to qualify for
A short term payday loan is an accessible way to obtain emergency cash. Essentially, this kind of loan works as an advance on your next paycheck and is generally repaid through the payroll system at work.
Most payday loan lenders require a bank account and proof of income. If you are employed full-time and receive your paychecks weekly or twice a month, then you may qualify for a payday loan.
Many online payday loan platforms provide loans without a credit check, provided you can show proof of regular income from employment, disability benefits, retirement or Social Security benefits.
One way to determine if you qualify for a payday loan is by comparing offers from several lenders at once. Doing this allows you to identify which lender offers the most advantageous deal and prequalify without impacting your credit score. It also helps prevent falling into debt traps that many short-term loan borrowers encounter.
Fast funding timelines
One of the benefits of short term pay day loans is their speedy approval and rollover process; you might even find one near your office or home! Although it’s not always painless, most lenders strive to make it as effortless as possible. When selecting the perfect loan for you, take your time and do your research first; pick a lender with an established history if possible. Lastly, search for customer service representatives who understand your needs and are eager to collaborate in order to meet those objectives.
Avoid predatory lenders
When in need of a short term loan, always search for reliable and safe lenders. Predatory lenders should never be your go-to option as they target vulnerable populations with unfair fees and interest rates.
Payday loans, cash advances and overdrafts can be some of the most predatory short-term financial products available. Their high fees and interest rates can add up to hundreds of percent over the course of a loan’s existence.
These loans often target people with poor credit and don’t take into account their current financial situation. Therefore, those borrowers are more likely to take out the loan regardless of their capacity for repayment.
Predatory lenders often tempt borrowers to refinance their current loans in order to obtain larger ones with higher interest rates and fees. Unfortunately, this practice can have dire consequences; either adding extra costs or leading to default on the loan.
Repayment periods
Though it may be impossible to pay off your short term loan in one payment, many lenders provide a simple, no-fuss repayment option. One of the most appealing aspects of this type of borrowing is that you usually end up with an account balance at month’s end – making the financial experience much less stressful. Furthermore, this kind of financing offers added comfort since there’s never any obligation to apply for another loan until your budgeted amount has been reached – especially beneficial if you’re just beginning in credit!
