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With minimal information and just a few minutes of your time, you can get your offer. You may qualify for a payday loan or even better, an installment loan. Let’s find out.
About Immediate Payday Loans
The first step in getting a fast cash loan is to fill out an application. Because you need your money fast, the best course of action is typically to apply online. You are already here reading this so why not begin. It takes just a few minutes to fill out the short application and you will know your answer very soon. It beats the alternative of going to a brick and mortar payday loan store to apply. That could take hours when you could have your decision in as little as a few minutes online.
The next step in the process, if approved, is to review your loan offer. Your lender will send you all of the details of your loan for you to review. Do not get excited about receiving the loan and get in too big of a rush to look at your loan details. Be sure to read the entire loan contract before you sign and be sure that you understand all of the terms. Pay particular attention to the due date of the loan and the fees that will be charged.
If you like the terms and agree with them, you can sign your loan contract and your money will be on the way. You can get your money as soon as the next business day. It will be deposited directly into your bank account by your lender. You can do whatever you like with the money. Use it to pay bills, emergency expenses, etc. You should be advised that these loans should not be used to pay for unneeded expenses or luxury items. The fees are too high and the loan terms are too short for such a thing. If you can do without a purchase, you should do so.
At the end of the term, your lender will pull the money that you owe directly from your account. This will include the principle and the agreed upon fees. If you can not pay the loan back, you should contract your lender as soon as possible. They may be able to extend your loan but keep in mind that fees will apply. Try to pay off the loan if you can or at least pay down some of the principle. It is a very bad idea to continually extend the loan, just paying the fees and nothing else.
Do You Really Need Money Immediately?
This is a question that you need to ask and it is an important one. If you need money immediately and will suffer dire consequences without it, by all means, fill out the application at the top and get your decision. If you can wait a bit for the money it might give you the opportunity to choose a potentially better option. Time can give you the chance to review your expenses and cut out unneeded ones. It will also give you time to look at other loan sources like the ones to follow.
Time almost always changes your views on things so if you can wait, even a day before taking out a payday loan, that might be the best thing that you can do. If you sleep on it, you might wake up tomorrow with a better way to get the money or the need may have gone away.
How Much Money Do You Need Now?
This is another important question because you do not want to borrow too much money. The average lender will borrow 300 dollars, but your lender is not going to limit you to just what you need. They will be more than happy to lend you as much as you qualify for. Having more money is great but the more money that you take out, the more fees that you have to pay back. Because the loan will be due to be paid back so quickly, too many fees can make your next payday just as bad as your current one.
So, first you need to cut your bills down as much as you can. Look at all the possible ways to do so. Next, look at alternative sources of money, alternatives that do not charge you fees. Finally, look at what you are short and if needed, borrow that much money and no more. Resist the urge to take out a loan for as much as you qualify for.
What Can You Use Your Payday Loan For?
People have many different reasons for needing immediate money. You can use your loan for whatever you want but these loans should really be used for just immediate needs that you can not get money for any other way. People commonly use them for emergency medical bills, dental bills, car repairs or for other expenses that just popped up out of nowhere and that must be addressed.
Alternatives To Cash Loans
You should always look for an alternative to a payday loan if you can. If you need immediate money or cash, there may be other options. Here are some of the most common. If one of them applies to you, why not take that route and avoid loan fees. If you can even borrow a small portion of the money that you need from an alternative source, you can save quite a bit of fees. Here are some possible alternatives.
- Family or Friends
You probably knew that I was going to go there. Yes, your family and friends may be able to loan you money with no fees or with low fees if they are a little less than friendly. I know that going to friends and saying that your broke is not ideal but it beats getting into a potentially long term financial problem. If you are able to go this route and take a family member or friend up on a loan offer, be careful. It is super easy for feelings to get hurt if someone thinks that you are not doing your best to pay them back. So, while you still owe money, never make unneeded purchases and avoid going out to eat or really buying anything but the necessities. Make paying back the loan immediately, your top priority and you will avoid burning this bridge. That will keep your family happy and allow you to keep your friends.
- Sell Something On eBay
Look around and see what you have that you do not need or could do without. Then list it on eBay and use the “Buy It Now” option. This will get you the money faster than if you did a lengthy auction, although you might get more money with an auction. Using the “Buy It Now” option also requires your buyer to pay immediately. The best way to get a quick sale is to look up your item and see what others are charging. List yours for 10% less and if it is a hot item, you could have your item sold in hours.
After the item is sold, you will have your money sent to your Paypal account. Once in your Paypal account, you can use a great new option from Paypal. Just link a debit card and for a small fee, they will send money to your account instantly. Pretty cool and immediate way to get money fast.
- Reduce Your Immediate Expenses
If you reduce the bills that you currently have to pay, you could reduce your need or even eliminate your need for a payday loan. It might be easier to accomplish this goal than you think.
First, if you have any credit cards, contact them before your next payment is due and explain that you are having a few money problems but want to stay current. Ask them if you can make an interest only payment. Most will accommodate you. If the person on the phone will not, ask to talk to a supervisor.
Next, if you have an auto loan, that is in good standing, call them and ask to defer a payment. Most lenders will allow you to do so. They simply move the payment to the end of the loan and extend your term. Some will do all of the work over the phone but others may require you to sign and fax or email in some paperwork.
Now, it is time to call your electric company. Many of them have equal month billing programs designed to spread out the cost of a high couple months of utilities. If so, you might be able to reduce your next payment slightly.
Finally, call your cable or satellite company and cancel the service if you are not in a contract. This is a huge immediate savings on something that is really a luxury. Better to not have cable and not have a payday loan as well. If you are under contract, ask them to pause your service. You will still need to meet the contract term but you may be able to save money for a few months and then reinstate it when your immediate emergency is done.
Qualifying For Fast Loans
By now, if you read this entire article, you probably have a good idea whether you need a loan or not. If you do, you might wonder what you need to qualify. You might even be nervous that you will not qualify for one of these loans at all. The truth is however, that these are some of the easiest loans to qualify for. Many lenders do not even pull credit reports from the major credit bureaus. Even if you have bad credit, you can get the money that you need as immediately as possible. In general, if you have a verifiable income, a checking account and a phone, you can get a payday loan. Specific lenders have their own requirements but these are the basic things that you need.