Financial emergencies occur unannounced. Any time you are faced with an unexpected medical bill, car repairs, etc., you may not necessarily have the cash to pay them off. Emergency same-day payday loans can help you in such situations by ensuring instant access to the funds required.
Emergency loans are secured or unsecured personal loans that help you pay for unforeseen expenses such as medical bills or car repairs. These include title loans, installment loans, and payday loans. Possible sources of emergency same-day loans can be your friends or family members, online lenders, credit unions, or certain banks. Learn more about the types of emergency loans to understand which option can be the best for you to cover unexpected expenses.
Following are the four types of emergency same-day loans:
Other alternative sources of emergency cash include:
Though there are several alternatives to payday loans, it is possible that you may have already exhausted the other options or are simply ineligible for traditional or installment loans. This is because traditional/installment loans require a fair credit score. Most traditional lenders will not consider you eligible for a loan if you have a poor credit score. However, this is not the case with payday lenders.
Emergency payday loans can be the best options for you that are very fast to get but almost take one business day to fund. One thing that should be clear is that emergency same-day loans are more a myth than reality. So, same-day payday loans are extremely rare. These type of loans are extended despite the borrower's credit scores as payday lenders consider your current income to determine your ability to repay the loan.
The following are the key benefits that accompany an emergency payday loan:
Before you request an emergency payday loan, you should know some basic criteria you will need to meet no matter where you live. Here are the 5 common criteria to meet:
Requirements do vary slightly from state to state, so ask your lender if you have any questions. Otherwise, just complete the loan request form accurately and completely and hit the 'submit' button.
First, remember that payday loans online on the same day only refers to the review of your loan request on the same day you submit it. Even if approved, your lender will not deposit your loan into your account for one (1) business day. The process as described above is simple.
If approved, plan on spending 10-15 minutes talking with your lender to go over terms and conditions and get your questions answered.
Immediately will mean in one business day, and this delivery time is very standard for emergency payday loans. Direct payday lenders are set up to process fast and rarely take more than 1 business day. Keep in mind that one business day excludes weekends and holidays because banks are closed on these days.
Generally, you cannot get an emergency payday loan the same day you apply. Most lenders will not do this because they need some time to process your loan and then set up the transfer of the loan funds. This is one business day in almost all cases. However, a few lenders will do same-day loans (on weekdays only) if you request the loan very early in the day (often before 10 am EST). Check with your lender to see if they offer this service. Note that some states do not allow this service.
Most states allow a maximum loan amount of $500, but there are some states that allow up to $1,000 payday loans. Beyond $1000, you would need to request an installment loan. Many lenders do both installment and payday loans, so there is no need to complete 2 requests, just pick the amount you need for your loan, and you will be directed to lenders who do these loans.
Your loan is due on your next payday in most cases but be sure you know your payment date before agreeing to your loan offer, and you are confident you can meet your obligation. In most cases, your payment is automatically deducted from your bank account on the due date.
In most states, it is against state law to rollover or extend your loan. There are exceptions, and you can check your state laws for payday loans on your state's website. All lending, including emergency payday loans, is highly regulated at both the state and federal levels to protect consumers.
No, unlike traditional loans where your credit scores are checked and affect your scores, online payday lenders use alternate means of checking your data electronically in seconds. Your current income is the #1 factor in determining if you are eligible for approval.
