Unexpected events can be stressful without you saying, “I need money immediately.” What should I do? If your car is in dire need of repair or your child has unexpected medical expenses, it’s possible that you don’t have enough money to pay for the unexpected costs. Paydaypact offers options that you can use to get the money you need. Here are the facts:
You’re not the only one in financial distress. CNBC’s survey found that 40% of Americans have taken financial emergency measures to protect their finances during the pandemic. Nearly 28% of Americans have no emergency savings. There are many options if you need money urgently.
Online installment loans allow you to borrow as little as a few hundred dollars up to several thousand. The loan will be repaid over time, usually in monthly installments with a fixed or flexible interest.
Here are the facts:
Remember that the interest rate you get will depend on your credit score, credit history, and level of debt. Before you sign up for any loan, read the fine print to ensure you fully understand the terms and conditions.
You may feel that you can’t wait a few days if you say, “I need cash immediately.” Credit card cash advances are the answer. Simply go to an ATM to withdraw the money you need.
Here are the facts:
Be sure to thoroughly understand all terms and conditions before you decide to get a cash advance on your credit card.
Payday loans are short-term loans for amounts less than $1,000. The fixed-rate charged by lenders is usually based on the amount borrowed. This allows the borrower to repay the balance plus any fees until their next payday.
Here are the facts:
An auto title loan allows the borrower to pledge their car as collateral. To be eligible for an auto loan title loan, the borrower must have the vehicle in its entirety. You must also have no liens or unpaid parking tickets on the vehicle.
Here are the facts:
Local pawnshops offer a pawn loan, which is a type of loan. Any value item, including jewelry, musical instruments, electronics, or valuable collectibles, may apply.
An expert lending specialist will assess your items and determine their fair market value concerning the required amount.
Here are the facts:
Many people turn to their friends and families when they have immediate cash needs. Your loan will typically have little to no interest, and you can obtain funds quickly. You may also be able to repay a friend or family member more rapidly than a payday loan. Borrowing money has its downsides.
Here are the facts:
Lenders will require proof of income for payday, online, and auto title loans. This is to make sure you can repay the loan. This doesn’t necessarily need a regular job.
Your lender might ask for your most recent pay stubs to support your loan application. A letter from your employer is also important if you are just starting your job. This will prove that you began to work and the date you expect to receive your first paycheck.
Online loans will be approved based on your credit history and credit score. Lenders will consider your credit score, employment history, and repayment history.
Some lenders report to major credit bureaus. A loan can improve your credit score if you pay on time.
According to the National Foundation for Credit Counseling, credit history is one of many factors that will determine your credit score.
However, terms for a payday loan do not depend on your credit. You might also be eligible for an auto title loan with no credit. Your financial history is less important when applying for an auto title loan.
Paydaypact* is a different emergency loan lender than many others.
You can apply online, and if approved by us, you could be eligible to receive the money that you need right away. Paydaypact is here to help you no matter what your life challenges are.
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Jeff Gitlen is a graduate of the Alfred Lerner College of Business and Economics at the University of Delaware. Gitlen has spent the past five years writing and researching on personal finance issues which include credit cards, student loans insurance, and other. His writing has been featured in top news publications among them are Bloomberg, CNBC, Forbes along with Market Watch.