Since the recession hit the country about 5 years ago, banks have been hiking their rates for financing. Today, if you want to apply for a loan, you need to have excellent credit score or provide. The banks will go through your application and consider the risk of financing you before approving you. The approval process can take from a few weeks to even months.
However, sometimes you just don’t have the time to wait for months to get cash. You may need cash for an emergency and would like it the same day. What can you do if you are in such a situation? You should apply for a payday loan.
Get Quick Cash with Payday Loans
Payday loans are great for emergencies because they are approved fast. Most online lenders will deposit the amount that you request in your bank account on the same day you apply. You can use the money for any kind of emergency or expense you have, be it paying your insurance fees, medical bills, garage fees, utility bills and so on. The lender will not be interested on how you will spend the money. If you want to go out for the weekend, it’s up to you.
Perhaps the best thing about online payday loans is that nearly anyone can be approved for them. Unlike with bank loans where you need to have a good credit score or provide collateral to get financing, with payday loan you only need to show the lender that you can pay back the amount you are borrowing.
To be approved, you need to be a US citizen, have an active checking account and be in employment for at least 3 to 6 consecutive months. The amount of cash you will be given will range from $100 to $1500 and usually has to be paid within 30 days or on your next payday.
If you need fast cash for an emergency, do not waste your time applying for a bank loan. Simply apply for an online payday loan and get the amount you need on the same day.