Even with the best budgeting, sometimes you might find yourself in need of quick cash. If your credit history isn’t great, or an emergency has happened over the weekend or in the middle of the night, you still have options! Short-term $1,100 payday loans can help you get to the next paycheck, but you’ve got to be careful not to get into a cycle of debt. For more information read the guide below.
The Intricacies of a 24/7 Application Processing
Obviously, you can apply for such a payday loan online or in the 24\7 store. The advantage of visiting a store is that you’ll often be able to get cash much faster – in about an hour, whereas online operations take a whole business day to process and transfer the funds into your account.
What is also important to remember is that such a loan would be due in full on your next payday, though their terms and rates might depend on a specific lender, your state of residence and eligibility.
What to Consider Prior to Taking Out a Payday Loan
Such kind of loans, as well as auto title and installment ones, most often come with high APRs and additional fees, therefore can easily trap a person in a vicious debt cycle of taking out more and more loans in order to pay off the previous ones or losing possessions. That is why before deciding to borrow money, try to use other resources available to you, such as:
- Local charities, non-profit organizations, government-funded agencies, churches, etc. They often provide those in need with food, shelter and other necessities.
- Payment extensions on your bills. Talk to your providers and try to get them to see your situation and give you more time to pay.
- Additional projects at work, side jobs or gigs that could provide extra cash. You can also ask your supervisor for an early paycheck or a raise, and sometimes they will help.
If none of the above options work for you, and you’ve set your mind on a short-term loan, read on to find out how to take it out more effectively. If your credit history suffers from accumulated debt, visit Bad Credit Loans in California.
Benefits and Dangers of a Short-term Loan
On the positive side, such loans are easily accessible – you’ve got to spend only about 10 minutes to apply for them, and you might get the cash in under an hour after that – depending on where and how you apply. The terms are usually short, so you’ll have to pay off the loan in the next two weeks or by your next paycheck, which is both good and bad: there will be no significant interest accommodation, but the APRs are high, and not to much time to find the money for repayment. Another thing to watch out for is scammers. Many disreputable providers operate in this area of financial business, so be careful. Bad Credit Loans in Colorado are provided by a reputable company that wouldn’t wrong you.
How to Pick a Good Lender
Don’t be too hasty to strike a deal with the first lender you see. Check out a couple of providers and then make an informed decision. What you might want to know before settling on a lender is:
- What are your options? There are direct lenders with whom you apply directly and matching services that take your application and see if any lenders in the network fit it.
- What APRs, terms and additional fees does the particular lender have?
- In what way will it be easier for you to apply and receive the money – online or in-store? Via bank transfer or in cash?
- How long will it take the particular provider to process your application?
Let’s linger a little longer on the last one though. What happens if you apply over the weekend? How quickly will you be able to get the cash? Even it says 24/7 in the title of the lending service, the answer may vary. If you want to get the funds on Saturday or Sunday it’s best to visit a physical store in a near location, because you might be able to walk out with cash in hand from such a place. If you choose an online provider you might need to wait for the next business day for your money to be transferred to your account. You can, however, opt for applying online and then going to the store to pick up the money the same day, though not all online lenders offer this type of service. Therefore, you have to study the terms carefully before signing up for a loan to avoid disappointments.
Even though short-term 24/7 payday loans may be life-saving in an emergency situation, you’ve got to opt for them with a cool head and lots of knowledge. It’s a risky business, so make sure you know what you’re doing, budget carefully, pick the lender responsibly and have a clear plan on repayments.
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