Millions of Americans face tough economic times, and it will take years for the economy to be booming again. This puts countless families in tight spots where cash shortages may happen, and emergency expenses can not be covered when needed. Many people then consider if they need an emergency payday loan.
So, what are emergency payday loans?
Emergency payday loans are short term loans that can help you cover your unexpected financial liabilities till your next payday. These loans are readily available, present-day solutions that provide immediate cash to pay off your car repairs, medical emergencies, and other similar unforeseen expenses.
Did you know that a Federal Reserve survey shows that 40% of Americans cannot cover a $400 emergency expense? You may be one of the millions of Americans who find themselves in a tough situation.
There are many reasons someone may need emergency cash. These include sudden car repairs, a big phone bill, overdue electricity or utility bills, hospital or doctor bills, storm damage repairs, death expenses for a loved one, holiday or birthday expenses, and so on.
How can you get the emergency cash you need? Here are just a few ways to consider:
You may also want to consider other ways to get emergency cash like home equity loans, auto title loans, and credit card cash advances.
But if you have already tried the options above and are at the end of your rope, then emergency payday loans can be a lifesaver.
It is estimated that millions of Americans cannot qualify for a traditional bank loan. Studies have shown that 40-50% of people do not have enough cash to cover their unexpected expenses. This is where same-day emergency cash loans may be an option.
Here are some of the reasons to consider the same day payday loan:
The payday loans online same day process is very unlike traditional bank loans. If you request your loan very early in the day, and you are approved, your lender may be able to get your funds to you the same day. In most cases, when you request a loan and are approved, you will get your cash the next business day.
Emergency payday loan eligibility is determined by the laws of the state where you reside. However, there are some minimum requirements that all states require. They include:
There may be other requirements depending on where you live and the amount you are requesting. Your lender will guide you through the process if you are accepted.
The emergency payday loan process is easy and quick to complete. Start by clicking on the ‘Get Started Now’ button. This will take you to the short, secure loan request form. Then take 1-3 minutes to complete the form and click on the ‘Submit’ button. Your request is then transmitted electronically and reviewed in just seconds by over 120 direct payday lenders. You get a decision in less than 1 minute in most cases. Now that is fast!
You should also know that:
A common mistake you should avoid is filling the loan request form more than once on the same day. Generally, duplicate requests will disqualify you from consideration. The same is true if you complete multiple requests from several lenders the same day. Lenders often use standard databases and can see if you requested a loan from another lender recently…this will disqualify your request.
If you were not accepted, you should consider requesting a loan after waiting a week or two. If you applied on a holiday or weekend, you may want to reapply on the following weekdays. The reason is simple, fewer lenders work on weekends and holidays, so the odds of approval on weekdays are much higher.
No, it will not. Payday lenders do not use the Credit Bureaus and pull traditional credit reports. The number one criteria for approval is having a regular income as it is the best indicator the loan will be repaid. Since millions of people who request a loan have poor credit, the lenders do not focus on credit scores.
In most of the country, the maximum is $1,000 but many states have caps of $500. You can check your state website to see the maximum allowed where you live.
Apply early in the morning, earlier is better. If approved, you are contacted directly by your lender. Tell them you need your loan the same day. They will answer all your questions and advice you on the fastest way to get your cash.
References:
Report on the Economic Well-Being of U.S. Households in 2018 - May 2019
