I Need Cash Now – What are My Options?

If we saved a dollar every time we heard our friends, colleagues, or family say ‘I need cash now,’ we would be millionaires. Seriously, money problems are a reality and they pop up from nowhere. All it takes is a late paycheck, a surprise bill or an accident. Anything can wipe out your savings and throw you into disarray.

So what do you do to ensure you survive till your next paycheck? Easy, you apply for a same day loan from a lender in your state. The money will be in your account in no time. But before you jump on the opportunity, take a moment to learn everything you need to know about payday loans. How they work, how long you have to repay, and if it’s a good idea in the first place.

Below is a quick guide to ground you and point you in the right direction when everything around you seems to be falling apart.

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What to do if you need cash now

When it dawns on you that you don’t have enough money to last you to your next paycheck or cater to your bills, don’t freak out. Financial crises are more common than you think. Compose your thoughts and do the following.

Understand how payday loans work

Before you jump on the bandwagon, it is important to familiarize yourself with the workings of payday loans. A payday loan is a short term loan that you can use to settle your immediate emergency. It is unsecured, comes with a high-interest rate and is most often than not due on your next paycheck.

It all starts by filling out a registration form on the official lender’s website or at a store location. In the form, you will provide information on the loan amount and your income. Most lenders don’t conduct a hard credit check, which means that individuals with poor credit can get loans as well.

But even while this is true, some regulations govern how much you can get from the lender. According to most states, the recommended loan amount should not exceed 25% of your monthly income. Also, lenders have to be responsible lenders meaning they shouldn’t offer a loan amount before determining if you can afford the loan. Emergency loan amounts vary between $50 and $10,000 depending on the type of loan and the lender you work with.

If your application is approved, you either collect cash from one of the lender’s store or wait for the money to hit your bank account. Usually, the whole process takes less than a day.

Repayment

After you get the loan and attend to your emergency, you will have to start preparing to repay the loan. Same day loans don’t have grace periods. You are required to pay the full loan amount plus loan fees and interest on your next payday (some lenders provider longer timeframes and allow paying installments).

So how much do you repay? Most lenders charge between $15 and $20 for every $100 you borrow. This figure is calculated using the APR. Most APR’s are three figures and range between 391% and 521%. Needless to say, payday loans are expensive.

To repay the loan, you will either offer a post-date check to be cashed on your next payday or grant the lender access to withdraw funds from your account when the loan is due.

What happens if you cannot repay the loan?

If you cannot repay the loan by the agreed deadline, you can ask the ender to roll over the loan. When you get a rollover, the lender expects you to pay the interest and loan fees due that month. Also, on the next due date, you will repay the principal amount plus the new interest on the loan. Rollovers are how $375 loans transform into $500 loans.

How do lenders calculate the APR

The APR is a measure of the true cost of a loan. It’s usually a combination of the interest rate and loan fees that apply. Lenders calculate the APR by dividing the interest paid by the principal amount, multiplying the result by 365, dividing the resulting figure by the length of the term, and multiplying it by 100.

In math, the APR calculations for a $375 loan payable in two weeks would be: (((56.25/375)x375)/14)= 3.91 x 100 = 391%

Once you have a firm understanding of what you are about to get into, it’s time to look for the best lender in the US.

Search for payday loans near you

In the past decade, the demand for emergency loans has skyrocketed. This has caused an increase in the number of lenders in the US. However, not every lender posing as the best is right for you. Some do not even adhere to federal and state regulations.

When searching for the best payday loans in your area, you should consider several things.

The legality of the lender

Currently, numerous rules and regulations govern the industry. And unfortunately, not all lenders adhere to the stipulated rules. Heck, some are not even recognized by the relevant authorities; hence they are illegal.

For a lender to be legal, they should have accreditation from OLA (Online Lenders Association), or the CFSA (Community Financial Services Association of America). These bodies empower borrowers through payday loans by ensuring that lenders treat them fairly. Lenders with these certifications are ethical and come across as more reliable.

Rates

You know that payday loans are short term loans and are associated with high-interest rates. The good news is that some offer affordable rates than others. And do not be a borrower who is content with the flat figure displayed on the site when choosing a loan amount. These flat figures make the loan sound cheaper than it is. The APR is a true sign of how much the loan will cost you.

Flexibility

Emergency loans are almost always due on the next payday. However, the best lenders will work with you to design reasonable terms that will be comfortable for you and them. If there is a store near you, walk through the door, and speak to a representative for this possibility before getting a loan. This will also give you a chance to interact with the lender and learn what they are about. Some are only in it for the cash but others really do care about your needs.

Customer support

When you are choosing a lender for a same day loan, consider their customer support. Does the lender have a phone number that you can use to reach them when you need a problem resolved or a question answered? And how many avenues do they offer to get in touch? Usually, the more, the merrier. If the lender doesn’t have good customer support, the borrowing experience will be less than perfect. To get a feel of what to expect, call the number provided or interact with them through live chat and email.

Transparency

We cannot stress enough on this. You don’t want to end up in a worse financial position than you were before the loan because of key loan information that wasn’t clear. The lender should clearly display all fees that apply to the loan. If the information on the website is scarce, you are better off going with a different lender.

I need cash now – what requirements should I meet?

Traditional lending institutions like banks require a photo ID, Social security number, a credit check, and proof of income. However, payday loans have fewer requirements for applying. Generally, all you need to qualify is;

• Be above 18 years (and for some states, above 21 years)
• Have a Social Security number or a government-issued ID
• Have a regular job or an alternative regular stream of income
• Have an active bank account and a routing number

Pros and cons of emergency loans

Top payday loans that can save the day

LendUp

LendUp is an online payday lender that specializes in both installment and single payment loans over short periods. LendUp aims to offer a helping hand to individuals who do not have a credit score (or it is poor). In the process, they hope to improve their credit scores through the range of tools they have available. With improved credit scores, you can secure lower interest rates and even qualify for traditional loan options.

The company was formed more than a decade and a half ago and has competitive rates in comparison to other short term lenders. Moreover, it rewards borrowers who repay their loans on time and who take some of their educational courses. Unlike most lenders, LendUp is ethical and does not relish the thought of rollover loans. The idea is to prevent customers from getting trapped in a debt cycle.

Check Into Cash

Check Into Cash is one of the oldest payday lenders in the US. It was started in 1993 in Tennessee. They are a direct lender and have physical stores in over 30 states. With the strict rules and regulations, this number is quite impressive. Check Into Cash specializes in oaring payday loans, in-store title loans, in-store cash advances, and check cashing.

Moreover, the company is in the business of lending borrowers with poor credit rating loans between $50 and $1000. However, they allow first-timers to borrow a maximum of $750 (but this figure varies depending on the state’s maximum).

Overall, Cash Into Check is a reputable lender, and the storefronts reassure borrowers that it’s here to stay.

Check ‘N Go

Check N’ go started with store locations before embracing technology and going online. The lender is operational in over 27 states and has over 1000 store locations. This makes it a great option for borrowers who would love to have a personal experience with the lender.

First-time customers can apply for loans between $200 and $3000 every month even though some states have defined maximums.

On face value, Check ‘N Go is an average lender that adheres to industry practices. It is found in several states and takes pride in the many store locations it runs. And last but not least, Check ‘N Go is certified by CFSA, which means that they are legal.

Verdict

If you need cash now, payday loans can bail you out. However, to avoid future problems, you should do your due diligence to know the terms and conditions that apply to the payday loans before committing.

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