By: Jeff Gitlen

I Need Money Immediately | PaydayNow – Apply today!

Unexpected events can be stressful enough without you having to say, “I need money immediately.” What should I do? If your car is in dire need of repair or your child has unexpected medical expenses, it’s possible that you don’t have enough money to pay for the unexpected costs. There are options that you can use to get the money you need. Here are the facts:

How To Get an Emergency Loan When You Need Money Now

You’re not the only one in financial distress. CNBC’s survey found that 40% of Americans have taken financial emergency measures to protect their finances during the pandemic. Nearly 28% of Americans have no emergency savings. There are many options if you need money urgently.

Online Loan

Online installment loans allow you to borrow as little as a few hundred dollars up to several thousand. The loan will be repaid over time, usually in monthly installments with a fixed or flexible interest.

Here are the facts:

  • Convenience: Apply online to avoid the bank visit and paperwork
  • Competitive interest rates: Compare multiple loan offers right from your couch.
  • Quick: Online personal loans are easy to apply for and can often be approved within one day.
  • Potential for fees: Lenders may charge origination fees that are taken from your borrowed amount.

Remember that the interest rate you get will depend on your credit score, credit history, and level of debt. Before you sign up for any loan, read the fine print to ensure you fully understand the terms and conditions.

Credit Card Cash Advance

You may feel that you can’t wait a few days if you say, “I need cash immediately.” Credit card cash advances are the answer. Simply go to an ATM to withdraw the money you need.

Here are the facts:

  • High APR: Although some credit cards have high-interest rates, the interest rate on cash advances is almost always double that of your credit card.
  • Additional fees: You may be charged a fee by your credit card company for withdrawing funds. Additional fees may apply if the ATM affiliated with your credit card has not been connected.
  • Credit score lower: Taking out more money on your credit cards can increase your credit utilization ratio, leading to a lower credit score.

Be sure to thoroughly understand all terms and conditions before you decide to get a cash advance on your credit card.

Payday Loan

Payday loans are short-term loans for amounts less than $1,000. The fixed-rate charged by lenders is usually based on the amount borrowed. This gives the borrower until their next payday to repay the balance plus any fees.

Here are the facts:

  • Higher fees: Some payday loans for every $100 borrowed fee can reach as high as $30 to $10. Additional fees may be charged if the loan is not repaid on time.
  • Short repayment times: Payday loans are generally not subject to rollover fees. However, you must pay off your loan as soon as possible. Typically, this should be within two weeks.
  • Rapid funding: Typically, payday loans can be funded in as little as 24 hours.
  • Credit check not required: To issue a loan, payday lenders require proof of income and your ratio of debt to income (the amount of your income that goes towards paying your debts each month).

Auto Title Loan

An auto title loan allows the borrower to pledge their car as collateral. To be eligible for an auto loan title loan, the borrower must have the vehicle in its entirety. You must also have no liens or unpaid parking tickets on the vehicle.

Here are the facts:

  • Short repayment times: Title loans can be repaid quickly, just like payday loans.
  • Possibility of repossession: Your vehicle will be used as collateral for the loan. If you fail to repay, the lender could repossess your vehicle to pay the loan.
  • Easier approval: The income and credit requirements for a title loan can be met by using collateral.

Pawn Loan

Local pawnshops offer a pawn loan, which is a type of loan. Any value item, including jewelry, musical instruments, electronics, or valuable collectibles, may apply.

An expert lending specialist will assess your items and determine their fair market value concerning the amount you require. 

Here are the facts:

  • Rapid funding: The process usually takes less than a minute.
  • Credit check not required: You don’t usually need to pass a credit check because you use the item as collateral.
  • Possibility of repossession: Pawn loans can be short-term loans. The pawnshop may keep collateral you have used if you fail to repay the entire balance by the deadline.

Friends and Family – Loan

When they have immediate cash needs, many people turn to their friends and families. Your loan will typically have little to no interest, and you can obtain funds quickly. You may also be able to repay a friend or family member more rapidly than a payday loan. Borrowing money has its downsides.

Here are the facts:

  • Potential for greater relationship problems: Financial stress can be stressful. You could endanger your relationship if you borrow money but are unable quickly to repay it.
  • Contracts are a great idea: Getting the terms in writing, even from a friend, can help avoid problems later.
  • Ask about interest: Friends or family members might ask you to repay the loan with interest. Before you agree to anything, make sure you fully understand the terms.

Are You Able To Get An Emergency Loan Without a Job?

Lenders will require proof of income for payday, online, and auto title loans. This is to make sure you can repay the loan. This doesn’t necessarily need a regular job. 

To support your loan application, your lender might ask for your most recent pay stubs. A letter from your employer is also important if you are just starting your job. This will prove that you began to work and the date you expect to receive your first paycheck.

What Credit Score do i need To Get An Emergency Loan?

Online loans will be approved based on your credit history and credit score.  Lenders will consider your credit score, employment history, and repayment history.

Some lenders report to major credit bureaus. A loan can improve your credit score if you pay on time. 

According to the National Foundation for Credit Counseling, credit history is one of many factors that will determine your credit score.

However, terms for a payday loan do not depend on your credit. You might also be eligible for an auto title loan with no credit. Your financial history is less important when applying for an auto title loan.

PaydayNow It The Best Choice If You Need Money Now

PaydayNow* is a different emergency loan lender than many others. 

You can apply online and, if approved by us, you could be eligible to receive the money that you need right away. PaydayNow is here to help you no matter what your life challenges are.


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Financial Writer at Paydaynow | + posts

Jeff Gitlen is a graduate of the Alfred Lerner College of Business and Economics at the University of Delaware. Gitlen has spent the past five years writing and researching on personal finance issues which include credit cards, student loans insurance, and other. His writing has been featured in top news publications among them are Bloomberg, CNBC, Forbes along with Market Watch.

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