The economy is rough, but life still happens, and emergencies happen to everyone. Being a homeowner, unfortunately, you don’t have the option to reach out to the landlord to get help or utilize their contacts.
A recent poll stated that 65 percent of American homeowners say that they need to conduct some home repairs to make it safe or free from costly damage. Of those responders, 49 percent stated that the repair cost is the obstacle stopping them from completing the repair.
They could be minor emergencies like the rail just rotting off your front deck, and it is no longer safe, or it could be big emergencies like your furnace going out in the middle of a winter storm.
Regardless of the crisis, sometimes the cash isn’t there to back you up; this is where a payday loan may help you save the day and be able to move forward with your life.
Payday Loans
Working with a payday lender might be a good option when you are in an emergency that requires a fast turnaround time and obtaining quick cash.
Most payday loans are set up as short-term loan that is valuable to you because they can be obtained with unsecured funds, meaning that you don’t have to put down tangible collateral like a house or a car.
Also, most no fax payday loans take into account what you make at your current position of employment, not your current credit score. This is excellent news for those who don’t have a great credit score.
Most payday lenders focus on providing loans between $100 and $1000; these low dollar amounts make it easy to pay back the next time you receive your regular paycheck.
Don’t worry if you get paid irregularly; your lender will set it up where your repayment date is between two and four weeks from the time of the loan.
Read Also:
Where can You Find a Reliable Payday Lender?
We have all seen payday lenders in strip malls or shopping centers; however, you might get a bad vibe from them or just think they are shady. Plus, when you are in the middle of an emergency, you often can’t check out the problem for a few hours.
Consider using a loan matching service; they will match you with vetted payday lenders that will give you an almost instant decision to get your cash fast, sometimes by the end of a business day.
All these lenders have an online structure that allows you to complete the application online and return to dealing with the rest of your emergency.
Benefits of a Payday Loan
- Flexible – you can use the funds for anything needed in your life. Some lenders require you to place another mortgage on your home should you want to do some small remodeling or fixing of appliances.
- Quick to apply and simple requirements – you don’t have to have a lengthy relationship with your lender to be treated fairly like with some banks. Fill out the application with your online lender of choice and submit a few personal documents, such as a digital copy of your paycheck, and you should have your decision for approval quickly.
- Secure with your information – Like any other financial institution, protecting personal information is a significant component of a payday lender’s business practices. Not only is it the law that they must follow strict privacy policies to protect you, but it is also there for your peace of mind.
- Perfect for those who don’t have perfect credit – Because the loans are smaller, payday lenders are more comfortable providing loans to people with poor or bad credit. You are more likely to get approved for your lending request than with a traditional banking institution.
- Short timelines – with most personal expense loans, they have a higher interest rate and require the borrower to be indebted for several years to get a smaller monthly payment. With a payday loan, they often have a repayment date of two to four weeks. These short timelines allow you to complete your emergency repair and not have it haunt you for months or years to come.
- All payday loans are highly regulated – no matter what state you are in, a payday loan is regulated by both the federal and state governments in the United States. This regulation helps ensure that the borrowers are treated fairly and minimizes the opportunity for borrowers to fall prey to harmful practices.
As with any lending opportunity, it is essential to read over and agree to any disclosures, policies, or promissory notes related to the loan.
Your loan officer or payday lender should be able to answer any questions that you have; it is important you understand all documents before your sign. Find an option that best fits your needs when you are handling an emergency situation
