I Need Money Now & Desperately: How Can I get Cash Today

I Need Money Now with Bad Credit Online for Emergency

As much as possible, people would avoid securing a loan. But there are situations where you don’t choose, considering that you need nearly quick cash right away regardless of your credit history. For instance, you only have a little time to raise the amount you require in case of financial emergencies.

You can’t wait for your next paycheck and want to avoid asking any family member or friend for help. In such cases, it is advisable to go online and search for a company offering fast loans. Many companies offer short-term loans with flexible repayment options.

These companies’ interest rates may be higher than those offered by banks, but this doesn’t matter because they will not charge anything extra on top of what you have already paid. These loans are usually only available to individuals who live in certain areas and are willing to provide their personal information, including bank account details.

Do You Need a Payday Loan?

One of your choices if you need extra cash due to unexpected expenses is to secure a payday loan or a cash advance.

It is the most common option, especially if you need fast cash. You may have heard that many people were getting payday loans.

But just before you finally decide to get one, you must know what you are getting yourself into as a borrower. Payday loans are short-term loans. Like other loan options, it comes with risks, pros, and cons. Online Lenders will then get the check, and when you are ready to pay off the loan, they will cash the check.

Do You Need No Credit Checks?

For most people with good credit scores, borrowing money is never difficult. Once you have submitted all the requirements to prove your financial capacity to pay back, the payday lender will grant your loan application. What about people who do not have good credit scores?

Unlike other loans, payday lenders do not conduct credit checks thoroughly. They only perform what is known as a soft credit check. Meaning that even if your credit standing isn’t so good, you can still secure a loan. Be wary of lending companies who don’t care, as this can be a red flag.

Requirements For A Loan

The requirements that you have to submit vary from one state to another. Here are the minimum requirements that you have to satisfy:

  • You must be at least 18 years old.
  • You have to provide a steady source of income.
  • Must be a resident in the state at the time of loan application
  • You should provide your Taxpayer Identification Number or Social Security Number when applying online.
  • When using personally, submit proof of income, bank account, and checking account.
  • Borrowers also have to submit a duly completed online form.

Do You Need to Apply for a Loan?

Applying for a cash advance or a payday loan is relatively easy. The method how you can use depends on the lending company. There are some companies where you can apply online, whereas others have to go in-store. Some lenders offer both.

Many prefer to apply online since it is very convenient. You have to submit all the requirements needed from you. The amount you want to borrow is then debited into your account.

Remember that it is still the lender’s discretion whether your loan application is approved. The lender also determines the agreed amount.

You must submit your documents in person if you decide to apply for a loan in-store. When paying your loan, you must pay in the store where you received the loan. Make sure that you pay back the loan before the due date.

Are Loans Safe?

Whether it is safe to apply for one would depend on different factors. First is the reason why you are getting the loan. Many people fall into the debt cycle trap as they go for the easiest and fastest way of having cash, even if they still determine if they can pay for it. Another thing to be considered is the reputation of the lender.

When you search online, you find yourself getting a lot of attractive loan offers from lenders promising you low-interest rates. It is the responsibility of the lenders to provide all of the information.

These Are the Kind of Loans That You Might Be Applying For

There are many types of loans out there. These include payday loans, car title loans, emergency cash advances, and personal loans.

Payday Loans

To qualify for these types of loans, you must meet certain criteria. These include being employed with a stable source of income, being able to afford the monthly payment, and having no outstanding debts.

Emergency Cash Advances

Another type of loan which is available is an emergency cash advance. This is usually given to those involved in an accident or who suffered a loss. You can take out a personal loan if you have lost your job.

Personal Loans

A personal loan is usually taken by someone who wants to buy something expensive, like a home or car. These are short-term loans, meaning they are not meant to last more than two weeks.

Auto loans/ Car Title Loans

If you choose to go for a payday loan, read the fine print carefully before signing anything. Also, try to make only a few payments. This will help you reduce the total cost of the loan.

Pros of Payday Loans

Applying for payday lending has its share of pros which include the following:

  • It is fast and easy to get. You can submit only a few documents, unlike if you go for traditional means of securing credit.
  • The lender needs to check your credit score thoroughly. Even with a low credit score, you can still get near-instant cash.
  • You can apply for a loan even anytime and anywhere. Most lending companies providing this loan allow borrowers to submit their applications online. You have to fill out the application form and attach the documents.

Drawbacks of Payday Loans

Now, as much as payday loans look appealing and with all the advantages, you can still deal with the drawbacks. It has its share of downsides, too, which include the following:

  • Lending companies may charge high-interest rates. Since it is not a secured loan and you don’t have any collateral, you can expect higher rates than other loan options.
  • There are cases where you encounter shady companies that have hidden costs.

What Are the Other Alternatives?

Aside from payday loans, there are other loans that you can get. You can use your property and apply for a secured loan if you need huge cash and collateral. From real estate properties to cars, lending companies offer this type of loan.

The rates may be lower compared to unsecured loans like payday loans. The downside is that the direct lender will take your property if you cannot pay off your cash loan.

Long-Term Alternatives

There is nothing wrong with getting a cash loan. However, it is much better to have long-term solutions to address your financial needs.

Here Are Some Tips That You May Want to Work On

  • Build up an emergency cash fund.

It is very important to save money. Apart from savings, you should have an emergency cash fund. You will only avail of a personal loan if you need more cash. But you don’t have to worry about paying back a huge amount.

  • Have a credit card that you can only use for emergency purposes.

Nowadays, many people use their credit cards for daily expenses. It helps that you have a credit card that you can use in cases of emergency. An open credit card lets you withdraw cash immediately if you require almost instant funds.

  • Look for additional sources of income.

Getting a loan is okay. Suppose you want to achieve financial stability. It should be the long-term goal. There are various means for you to augment your income to start saving and have emergency funds. You can do part-time jobs. Doing additional work where you can earn money is a way to be much more productive.

To Get a Payday Loan or Not?

Every person’s financial situation and circumstances vary. If you have already explored all of the possible means to raise the funds you need and still need cash, getting payday installment loans may be your most viable option.

But you should also know when not to get a payday loan. Most people would use this kind of loan to pay off their previous loan, which is not advisable. Apply for a loan only if you can pay it back.

Installment loans and car title loans are the finest alternatives to payday loans. Installment loans provide a longer payback time and do not need collateral. Still, car title loans require a vehicle title as collateral and often have a lower interest rate than payday or installment loans.

 

Personal Finance Writer at Payday Champion

Kathy Jane Buchanan has more than 10 years of experience as an editor and writer. She currently worked as a full-time personal finance writer for PaydayChampion and has contributed work to a range of publications expert on loans. Kathy graduated in 2000 from Iowa State University with degree BSc in Finance.

Payday lenders near me