Payday loans may be the best option for you if your financial situation is urgent.
But, payday loans come with high fees. These fees can add up to triple-digit rate interest rates. Payday loans often have fees of up to 400%. Payday lenders are often able to lend small amounts (often 500 or less), with repayment due by the following payday. The terms may vary depending upon the state.
Payday lenders frequently promise quick funding. It doesn’t mean that you’ll always receive your money in 24hrs. You can get money from different lenders depending on how you want it.
What is the best way to get a payday loan same-day?
Payday loans shouldn’t be used as an option last resort, unless you have exhausted other options. It’s important to weigh all the pros and disadvantages of getting a payday loan. These tips will help you to think clearly. Find out more tips today @ OakParkFinancial.
Payday loans available same-day!
- It is possible to get instant cash when you really need it. If you urgently need cash, a same-day advance may be the best choice. This may happen within 24 hours of your vehicle being fixed. It could also occur the next business morning, depending on which lender you select.
- No collateral required: Payday loans and other unsecure loans are not included. A payday loan is not as secure as a pawn and title loan. You don’t need your car or personal possession to secure the loan.
- Bad credit doesn’t need to be a deal breaker: Low credit scores might still qualify for same-day payday loan approval. Some payday lenders don’t perform credit checks.
- There are many lenders. You can apply for loans online or in person, depending upon your state’s laws.
Payday loans approved in one day have their downsides
- High fees, high APRs: Payday lenders with low fees should be avoided. They may charge high interest rates that could lead to you having to pay a lot. The Consumer Financial Protection Bureau estimates $15 per $100 borrowed. A two-week term loan will cost you almost 400%. The Federal Reserve found that the average interest on personal loans of 24 months was 10.63%, while credit cards averaged 15.13%. It may be more affordable to fill financial gaps with a credit card or individual loan.
- Potential debt cycle: Payday loan debt can make it difficult to come out of a financial hole. According to CFPB, 4 out 5 payday loans are reborrowed every month. This could lead to higher fees. You could end up paying more for fees than you borrowed.
- It’s not a long-term fix. This link can be found: When possible, create an emergency savings fund. You can use this fund to pay for unexpected expenses. If you borrow a small amount of money each month, you could end up relying upon debt rather than solving the underlying issue.
What other options are there for me if my payday loan is canceled?
Payday Loans don’t always have to be your only option when you need quick cash. To find the right loan for you, payday loans can also be compared with different options.
Use an existing card
Credit lines are worth having if you’re in financial need. The rates of payday loans are usually lower than those charged by credit cards.
Request a payday replacement loan
Some federal credit cooperatives offer payday loans as an alternative to traditional bank loans. Your application fee will be limited to $20. Lender terms are one-to six-months long and loan amounts range from $200-$1,000.
You must have been a member of a credit card cooperative at least for one monthly to be eligible.
A small amount of personal loan is available.
Unsecured personal loans are available for monthly payments, over a specified period. Lending terms can vary depending on lender but most loans last between 24-84 years. This allows your payments to be spread over time.
You might be interested in a cash advance
A cash advance allows money to be borrowed against your credit card’s balance. Cash advances carry higher interest rates and incur processing fees.
Numerous apps make it possible to obtain cash advances without a creditcard.
- Earnin: It’s an application that allows you check your work and receive a check ahead. Your daily allowance can reach $100 without interest. Don’t forget to tip the fairest amount. Earnin will automatically pay your owe amount when your paycheck arrives in your bank account.
- Branch: Earnin, a similar app to this, is available. You can request an increase of up to 10% on your previous salary. The money you borrow will be automatically deducted from your bank account. Cash advances can also be obtained with no fees. You will have to pay $3.99 for instant delivery.