I Need Money Now: Different Ways to Get Instant Cash

Need Money NowAs much as possible, people would avoid securing a loan. But there are situations where you simply don’t have the choice considering that you are in need of instant cash right away. For instance, in case of emergency, you really don’t have that much time to raise the amount you need. I need money now! Where do you get it?

Getting a Payday Loan

I need money! One of the choices is for you is to secure a payday loan. This is the most common option especially if you need money quickly. You may have heard that many people getting payday loans. But just before you finally decide to get one, as a borrower it is very essential that you know what you are getting yourself into. Payday loans are short-term loans. Like other loan options, it comes with risks of pros and cons.

For you to have a payday loan, you need to write a check based on the borrowed amount including the fees. Your lender will then get the check and when you are ready to pay off the loan, they will encash the check.

No Credit Check

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

Unlike other kinds of loans, payday loan lenders do not conduct credit check completely. This means that even if your credit standing isn’t so good, you can still secure a loan. This does not mean that they do not care about your credit score. Some lender still checks them. Be wary of lending companies who simply don’t care as this can be a red flag.

Requirements Needed

Need Money NowTo have your loan application approved, you need to be able to complete the requirements needed. The requirements that you have to submit varies from one state to another.
Here are minimum requirements that you have to satisfy:

  • You need to 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
  • When applying online, you need to provide your Individual Taxpayer Identification Number or Social Security Number.
  • When applying personally, you need to submit proof of income and bank account.
  • Borrowers also have to submit a duly completed application form.

How to Apply

payday loans Need Money NowApplying for a payday loan is not that difficult. The method as to how you can apply depends on the lending company. There are some companies where you can just apply online whereas there are others where you have to go in-store. Some lenders offer both.

Many prefer to apply online since it is very convenient. You just have to submit all the requirements needed from you. The amount you want to borrow is then debited into your account. Keep in mind that it is still the discretion of the lender as to whether your loan application is approved. The lender also determines that approved amount.

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

Are Payday Loans Safe?

The question as to whether it is safe to apply for one would actually depend on different factors. First is the reason why you are getting the loan. Many people fall into the debt cycle trap as they tend to go for the easiest and fastest way of having cash even if they aren’t sure if they can pay for it. Another thing that needs 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 with low-interest rates. It is the responsibility of the lenders to provide all of the information. As the borrower, it is your responsibility to verify the veracity of the information.

Pros of Payday Loan

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

  • It is fast and easy to get. You do not have to submit too many documents unlike if you go for traditional means of securing credit.
  • The lender does not thoroughly check your credit score. Even if you have a low credit score, you can still get instant cash.
  • You can apply for a payday loan even anytime and anywhere. Most lending companies providing this type of loan allows borrowers to submit their application online. You just simply have to fill out the application form and attach the documents.

Drawbacks

Now, in as much as a payday loans look appealing and with all the advantages, it does not mean that you no longer have to deal with the drawbacks. It has its share of downsides too which include the following:

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

What Are the Other Alternatives?

Aside from payday loans, there are other loans that you can get. If you are in need of a huge cash and you have collateral, you can use your property and apply for a secured loan. From real estate properties to cars, there are lending companies that offer this type of loan. The rates may be lower compared to unsecured loans like payday loans. The downside is that if you are unable to pay off your loan, the lender will take your property.

Long-Term Alternatives

There is nothing wrong with getting a payday loan. However, it is definitely much better if you can 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 need to have an emergency cash fund. In that way, you can use the money. You will only avail of a personal loan if you are in need of more cash. But at least, you don’t have to worry about having to pay back a huge amount of money.
  • Have a credit card that you can only use for emergency purposes.
    Nowadays, a lot of people use their credit cards for daily expenses. It actually helps that you have a credit card that you can use in cases of emergency. Having an open credit card enables you to withdraw cash right away if you really need instant cash.
  • Look for additional sources of income.
    Getting a loan is okay. Then again, you want to achieve financial stability. This should be the long-term goal. There are various means for you to augment your income so you can start saving and have emergency funds. You can actually do part-time jobs. There is really no need for you to overwork yourself. Doing additional work where you can also earn money is definitely a way for you 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 you still need cash, getting a payday loan may just be the most viable option for you. But you should also know when not to get a payday loan. Most people would use this kind of loan in order to pay off their previous loan which is not advisable. Apply for a payday loan only if you know that you can pay it back.
I Need Money Now - payday loans