The latest financial security index survey by Bank rate indicates that only 39% of Americans could cover life’s unexpected emergencies with their savings.
With all sorts of calamities popping up when you least expect, it is important to have some savings set aside for rainy days.
Life is unpredictable, and sometimes even with a carefully planned budget things can get out of hand leaving you financially crippled. I
f you do not have any savings stacked up in an emergency fund, credit card debt, your only way out would be a short-term emergency loan.
Emergency or payday loans are short-term loan facilities with repayment periods of between 2 weeks – 2 years. These loans are available to individuals who are stuck and need cash real fast to sort out a nagging problem.
You should not use these loans as a long-term financial solution. Their interest rates and APR are usually high making them very expensive.
Since these loans are supposed to give you quick access to the funds you need in a crisis, they should:
You don’t need to worry about poor credit score history. Most lenders don’t perform credit checks and are only interested in your capacity to payback.
wers with bad credit scores can also apply for a loan and get approved.
Payday lenders don not ask or care how you intend to use the funds.
the loan market is flooded with several lenders offering different terms. It is important to do your research and settle for affordable rates.
Unlike traditional banks that will perform lengthy credit score checks and take forever to approve your loan request, most payday lenders have an easy application process and a fast loan approval time.
You do not need to offer your valuables as collateral to get a loan. Your post-dated check is security enough.
It can save you from the embarrassment or legal action of bounced checks – if you have some debts to payout through a direct debit process, and you don’t have any money in your account, emergency loans for bad credit can help you out.
They are expensive – these loans have a high-interest rate as compared to other loan products. It is, therefore, important to use them only for short-term financial problems.
Short repayment term – you will be expected to pay back the full loan amount plus all the associated fees by your next paycheck. This, in most cases, leads to borrowers rolling over their loans or borrowing more to get by.
Emergency cash loans are a great solution to your short-term financial crisis, but they could lead you into more debt if you don’t approach them with caution. These are some of the things you need to consider before applying for emergency payday loans:
At paydaynow.net we understand how frustrating it is to have a financial emergency without cash. We make it easy for you to get cash instantly. By filling our loan application form online, you get connected to a pool of direct lenders who will review your request and approve it fast.
Once your loan is approved, you’ll get directed to the lender’s page where after reading the terms and conditions, you’ll sign the agreement form after which the funds will be disbursed to your bank account on the same business day.