What is the 24 Hour PayDay Loan
Struggling to make ends meet between paychecks? Stuck in a stressful financial situation and need quick cash assistance? No matter how well you budget, financial emergencies can crop up unexpectedly. If you are in need of fast cash in the form of a loan, a 24 hour payday loan may be a viable option.
What Are 24 Hour PayDay Loans?
In the United States, studies show that 8 out of 10 Americans consider themselves as living paycheck to paycheck. Therefore, many people may rely on loans to ease their financial stress. In an economy where there are increasing qualifications for taking out loans, 24 hour payday loans are a quick and easy option with a relaxed application process. A 24 hour payday loan is just what its name suggests: a swift monetary loan you can take out and find in your bank account within 24 hours or less. Unlike other loans that may require you to head off to the local bank or store, 24 hour payday loans can be requested online, 24 hours a day, 7 days a week. Therefore, you can say goodbye to pesky and inconvenient phone calls and faxes. After applying online for a 24 hour payday loan, you can expect to hear back within as little as 5 minutes if your request is approved. This speedy turnaround rate will enable you to handle your financial crisis as quickly as possible.
Why Would You Need A 24 Hour PayDay Loan?
With so many different types of loans available in our economy, why would you need to take out a 24 hour payday loan? There are many different reasons why one may benefit from going down this route.
- Emergency Repairs
It happens to the best of us; no matter how much we budget and plan our spending, emergency repairs can be unexpected and unavoidable. Depending on what type of repair you are facing, you may be expected to dish out a large amount of money as soon as possible. However, if you are strapped tight, waiting for your next paycheck in order to pay for this repair may not be realistic or even possible.
- Medical Emergencies
• Avoiding Late Fees And Late Repayments
Are you in a sticky situation because you thought you would be able to pay off that late fee, but something came up? In order to avoid accruing debt, a 24 hour payday loan may be a viable option, as long as you are confident that you will be able to pay off this loan in the near future.
• You Have Bad Credit
One appealing feature of 24 hour payday loans is that even those experiencing bad credit can be approved for a loan. When looking to take out other types of loans, your credit score may be used against you. However, some 24 hour payday loan lenders may not even run a credit check.
What Are The Qualifications For A 24 Hour PayDay Loan?
As stated, the qualifications for taking out a 24 hour payday loan are much more liberal than other types of loans that are available. However, there is still a few qualifications that most loan lenders require.
- Have A Valid Government-Issued ID
• Must Be 18 Years Or Older
It is illegal to lend a loan to anyone under the age of 18. Therefore, when taking out loans, you will be asked to prove that you are of the legal age.
• You Must Be Employed
In order to take out a loan, you either must be employed or have some source of verifiable income. This income depends on which lender you are using; some lenders require a minimum of a $1,000 monthly income, while others may ask for more or less. This income requirement is to ensure that you will be able to pay back your loan within a short period of time.
Benefits of 24 Hour PayDay Loans
With the many types of loans available in our economy, the 24 hour payday loan has some unique features that make it stand out from the rest.
- Quick Cash
- You Can Apply Online
- Loose Approval Terms
Depending on the type of loan you are looking to take out, you may be faced with varying requirements and qualifications, many of which can be strict. However, the approval terms for
- Request A Variety Of Amounts
Negatives of 24 Hour PayDay Loans
Does the idea of a 24 hour payday loan seem too good to be true? You may be right; although these loans are a beneficial option for those facing financial strain, these loans come with several cons.
In comparison to loans you can take out from the local bank or store,
- Short Repayment Periods
In comparison to other loans, those who take out a
- Additional Fees
You may be faced with paying a transmission or wire fee in order to see your loan in your bank account within 24 hours. If you find that you are unable to pay back the loan and the
Are 24 Hour PayDay Loans The Right Option For You?
Overall, 24 hour payday loans may be a viable and realistic option if you are in need of immediate cash assistance due to a financial emergency. For people who cannot wait until their next paycheck or source of income, these loans provide quick cash and liberal application qualifications. However, those looking to take out 24 hour payday loans need to have a realistic plan in place for paying back these expenses within a short time frame, or else they will be faced with even more fees.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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