Emergencies happen. There is nothing you can do to avoid them. Even people who carefully plan their finances and have a “rainy” daycare can be in a financial crisis. In some cases, a family member or friend can help with a cash gift or small loan, but most do not have this option.
On a recent day, a customer named “Meg” needed an emergency loan because her air conditioner stopped working as temperatures rose to 98 degrees in Phoenix, Arizona. With three young children and one older parent in the household, she had no choice but to have a new air conditioner installed.
Cash advance loans, also called cash loans for payday loans, are small short-term loans that consumers can use to manage emergencies or daily expenses. Most Americans who are actively employed and have a stable source of income can get a loan. The amount of cash that a customer can borrow depends on how much the applicant earns per month. Lenders offer loans ranging from $ 100 to $ 1,000.
The popularity of cash advance loans has increased over the last few years as more Americans struggle to meet financial obligations amid a struggling economy. Both white collar and blue collar use short-term loans to handle unexpected expenses. The fact is that even cash-strapped homeowners who have equity in their homes cannot easily get a home equity loan or equity line (HELOC). In addition, the loan application process is extremely time-consuming and cumbersome.
Can I get a loan if I am not employed?
No. Popular for contrary beliefs, there are no unemployment loans. The only way a lender operates as a business is to make sure its customers can repay their loans. A person without a stable source of income cannot repay a loan. Consumers should take extra precautions when considering lenders using “unemployment cash loans”.
How can I get a $ 1,000 loan?
A quick search for cash advance loans will provide an abundance of resources, but not all lenders are created equal. Some lenders specialize in small loans and only approve loans of up to $ 250 that can be repaid in fourteen (14) days or less.
Lenders offering larger short-term loans are more flexible in setting their repayment period if you meet their eligibility requirements. A typical loan amount ranges from $ 500 to $ 1,000. Consumers who apply for these loans must be able to prove that they earn enough to repay their loans after all other deductions have been taken from their paychecks. Deductions may include health insurance, pension, child support, spouse’s support, paychecks, etc. The loan repayment period varies from fourteen (14) days to thirty (30) days.
The loan application process is fairly straightforward and convenient. Most lenders allow consumers to complete a short and secure online application that takes one to two minutes. The application form contains standard inquiries such as your contact information so the lender can confirm your loan request. Other important information includes your employment status, a weekly or monthly income statement, and the dates of your upcoming paycheck. Most applicants who fill out the loan application form are usually approved immediately and can get a loan in hours.
What if I have bad credit? Can I get a $ 1,000 loan?
Yes. Fortunately, your ability to qualify for a cash advance loan is based solely on your ability to repay the loan – in other words, your employment status and earnings. Whether you have bad credit, no credit history, a foreclosure or bankruptcy history, you can still get a loan.
Can I get a loan without a bank account?
The simple answer is “no”. Online cash lenders require a checking or savings account so that the cash can be linked to your account immediately. If you do not have a bank account, consult your nearby cash store, which may have an alternative payment option. Having a bank account means you can get the cash you need in just a few hours.