If you need money in a hurry then it is easy to panic and not really think clearly about how you are going to get it. It is wise to try as hard as you can to stay calm and collected and analyse all of your options so that you can find the one that will be the best one for you. A payday loan could be the right option for you, but it is wise to understand exactly how it works before you commit to it.
How fast can a payday loan be arranged?
How quickly a payday loan can be arranged will depend on several factors. Some lenders will be quicker than others and by investigating them you should be able to find out which are the quick ones and which take longer. You may have to contact their customer services to get exact details though as the time it takes may vary depend on different factors. It will also depend on how quickly you get the information they need sent over to them. However, most payday loans will be able to be set up within a few hours. Once you have sent the application it will not take very long at all to set up. Some lenders are even open 24/7 so you can get money outside of business hours. This means that if you need money in a hurry this could be a better option than any other type of loan.
How does repayment work?
It is worth making sure that you understand about the repayment of the loan. The loans are quite different to many regular ones as not only are they arranged quickly, but they have to be repaid quickly. This can be great for those people that like to clear their debt really quickly. They will be happy to be able to get it paid off and be free of the debt within a short time period. The loan is repaid on the day that you are paid and so it will only last for a few weeks. The full sum owed has to be paid on your payday, so this includes both amount that you borrowed and the interest and charges due on it. This means that it is important that you check to make sure that your pay check is enough to cover the cost of the loan and that you will also be able to manage all of your other expense as well.
Will I qualify?
You may wonder whether you will actually qualify for the loan. If you apply and then find out that you cannot take one out, then you could waste precious time when you could be applying for other things. However, with a payday loan you will find that most applicants will be accepted. You will not need to fill many criteria in order to qualify. For example, they will not do a credit check and so that means that you will be able to qualify even if you have a poor credit record. This is different to a lot of loans where they will be looking for a good credit score before they allow you to borrow from them. A payday lender will also not look at your income and so as long as you have a regular income and so will be able to repay the loan, they will be happy. This means that you do not have to worry about being turned down due to your income. The only other main criteria is that you need to have a checking account, which most people do have.
Is it right for me?
If you need a loan really quickly then a payday loan could be the answer for you. You will find that you will not have to make much of an effort to apply and therefore you will be able to go through this process quickly. The Lenders will also be quick in processing your application and you may get the money before a few hours have passed. This means that if you need the money quickly then this could really help you. You will need to make sure that you compare lenders though as they vary in how long they will take to get the money that you need. They will vary in price and you will need to see which looks to be the best value for money for you. You should be able to find out before you apply, how quickly they will be able to get the money that you need to you.
There are very few other lenders that would be able to get you money that quickly. Unless you already have something arranged, such as with a credit card or overdraft, then there is unlikely that you will find a loan that you can organise that quickly.