Did you know that 60% of Americans aren’t able to afford a $1,000 emergency expense? If you’re one of them, then emergencies may be a very real worry you have in the back of your mind at all times.
While you may be lucky enough to have a steady job, even the income from that won’t be enough to pay a hefty medical bill. When this happens, you need a good backup plan.
One such backup plan can be payday loans!
If you’re wondering about “payday loans near me,” then you’re in the right place. Read on to find out all about this type of loan so you know if it’s right for your circumstances.
A payday loan is one of the quickest loans you can get on short notice. As the name implies, the loan is repaid with your next paycheck, which can be in as little as 1 to 2 weeks.
When compared to other types of loans, the amount you can borrow isn’t very large. Typically, you can just get a few hundred dollars. However, this might just be enough to tide you over to your next paycheck so you can still put food on the table and pay your expenses.
Also, one of the major downsides to payday loans is their extremely high-interest rates. On average, you can expect the rate to be around 400%, which can be very difficult to pay off if you don’t repay the initial loan completely.
This is why many people discourage others from taking out payday loans. However, if you’re responsible for them, payday loans can actually be very beneficial.
Now for the interesting part: what are the actual benefits you can get when taking out payday loans? Read on to find out.
The main advantage of choosing a payday loan over other types is you can get cash pronto.
For instance, maybe your car has broken down and you need it fixed right away. Otherwise, you won’t be able to get to work, as it’s in a remote place.
A payday loan will enable you to get your vehicle repaired promptly, as you can have money in your hands in as little as 15 minutes.
When you apply for most other loans, lenders will only approve you if you have a decent credit score. If you have poor or no credit, it can be frustrating to receive constant rejections.
You won’t have to worry about that with payday loans. All you need is proof of employment and you should be approved for a small loan amount.
In addition to no credit check required, payday loans also have very little requirements. All you need to apply and get approval are an SSN number (or government ID), employment, and bank account. You also need to be at least 18 years old.
Because there are so few requirements, you won’t need to spend time digging up documents. Simply get your contract or last paystub and ID!
Payday loans are a type of unsecured loan. What this means is you don’t need to put down collateral to get a loan, which you’d have to do with a secured loan.
This can be a huge relief for many people. If you’re not completely sure you can pay off a loan within the specified timeframe, you might be worried that your assets will be seized by the lender and you’ll never get them back.
The only risk you have to take is the lender having access to your bank account. This is because in most cases when you sign for a payday loan, it specifies that they’ll direct debit your next paycheck to pay off the loan automatically.
Perhaps you want to be prepared on how to get a payday loan, just in case you’re in a jam. It’s always a good idea to learn about a process before you actually need it. That way, when you’re stressed out, you won’t have the added burden of figuring out the payday loan process.
Here’s what you should do to get a payday loan.
The beauty of the internet is we can search for whatever we want and get a myriad of results within milliseconds. Long gone are the days where you had to physically go to each lender to find out what they offer.
Take full advantage of this and perform an online search for “loans near me.” You should get a good idea of what lenders are available and what their terms and conditions are like.
Be very selective and take your time. While one lender or broker might seem to have great rates, you never know if the next one will have better terms.
Once you’ve decided on a site like TFC Title Loans, fill out an online application. You should then hear back within a few minutes whether you’re approved or not.
After you’ve been approved, you should then receive the money you need in your bank account. As you can see, it’s a very quick and easy process!
While payday loans do come with high-interest rates and short repayment terms, they can definitely help you out in a pinch if you’re in need of quick cash. So long as you’re responsible and pay off the entire amount with your next paycheck, this should help you avoid a cycle of revolving debt.
So if you find yourself needing money fast, don’t discard payday loans. It might just be the perfect solution to keeping a roof over your head and warm food in your belly.
If you’re interested in “payday loans near me,” then apply with us now.