Do you have an emergency and need cash in a hurry? A payday loan is an option available to you.
Medical bills, car repairs, cash shortfalls. Financial emergencies can happen to anyone, and if you find yourself in a situation where you need cash to see you through, there are loan options that you can consider. Same-day payday loans are available in nearly every state, and better yet you can apply online. Read the guide below and find out what’s involved with emergency payday loans and if it’s the right option for you.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
Min. Loan Amount: $50
Loan Term: Varies upon State
Turnaround Time: 1-2 business days
Total Costs: Varies depending on the amount and your state of residency
Must be 18+
No security needed
Confidential and secure!
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Read the Check into Cash Payday Loan terms and conditions.
A selection of emergency loans you can apply for
Rates last updated September 15th, 2015
Max. Loan Amount
Term of Loan
Turnaround Time
Requirements
Total Cost of Borrowing $100
Check into Cash Payday Loan
$1,000
Varies upon State
1-2 business days
You must be 21, be an American citizen, have a bank account, email address and phone number
Varies depending on the amount and your state of residency
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Trusted Loans Payday Loan
$1,000
Next payday
Next Business Day
You must be at least 18+, have a regular income and have an active open bank account.
Rates and fees are determined by the lender who approves you.
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Borrow Jet Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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Trusted Loans Personal Loan
$10,000
2-60 months
Next Business Day
18+, have an open bank account, be employed or have regular income
APR ranges from 25-450% based on your credit score.
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LoanMart Car Title Loans
$50,000
1 business day
You must have a car and be able to make repayments and be 18+
Based on the value of the car and your ability to make regular payments on time.
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Trusted Loans Installment Loan
$10,000
2-60 months
Next Business Day
You must be 18+, be employed or have a steady income and a SSN.
APR ranges from 25-450% based on your credit score.
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CashLoansMax Payday Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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US Payday Cash Fast Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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“I have an emergency. How can I get a payday loan?”
Depending on what you need, you can apply for a payday loan online or in-store. If you apply online, there’s often no need to fax any documents and you can receive your loan amount within a few hours straight into your bank account. If you plan to apply in-store, be sure to choose a lender who has a store network that’s convenient to where you live.
With a payday lender that offers online loans, you have to provide details of a bank account that you’ve authorised to accept direct deposits. When you’re approved the lender will transfer the funds directly into your bank account.
What are the features of emergency loans?
Payday loans can give you quick access to the money you need in an emergency situation, but it’s still sensible to compare your options before you apply. Here are some features to look out for:
Turnaround time. If you need money to deal with an emergency, the quicker you receive your approved funds the better. Some lenders can offer same-day funding, even on weekends, while others might require that you wait for two to three business days.
Maximum loan amount. State regulations govern the maximum amount you can borrow through a payday loan, but this does not mean that all payday lenders will offer you loans of that amount. Some payday lenders require that you work up a tiered system before you qualify for the maximum amount.
Find out the payday regulations in your state
Fees. State regulations also govern how much a lender can charge as an Annual Percentage Rate (APR), and this translates into how much you end up paying in fees. Interest rates vary between lenders operating in the same state, as can fees and charges.
Store network of loan provider. Even if you apply online you may have the option of picking up your approved funds in-store. This is where the store network makes a difference because not all payday lenders have a physical presence. The number of outlets is also likely to vary.
Pros and cons of emergency payday loans
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Quick access to funds.
Payday loan providers don’t follow the same loan approval process as mainstream banks, and this lets them process loan applications faster. If you apply in-store you can get access to approved funds within an hour, and if you apply online you can access approved funds on the same day or by the next business day.
Use money for any purpose.
Lenders don’t place restrictions on how you use your approved funds, as long as you use the money for legitimate purposes.
Multiple choices.
You have a large amount of lenders to choose from when it comes to emergency loans. If you don’t want to carry out a search and comparison on your own, you can consider a loan matching service.
No need for collateral.
Payday loans are unsecured, so you don’t have to worry about providing any kind of collateral.
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High interest.
Payday loans charge high interest when compared to other types of credit, so this needs to be taken into account before you apply.
Short term.
Payday loans work only as short term solutions, given that in most instances you have to repay the entire loan amount along with all applicable fees by your next payday.
Is there anything to consider before applying?
Make sure you won’t have problems repaying the loan even before you apply, and if you think you may face trouble seriously reconsider taking the loan in the first place. Making late repayments can see you paying additional fees and it can also adversely affect your credit rating.
Take some time to go through the loan’s terms and conditions carefully, as this should give you a clear indication of what you may have to pay in fees and charges.
Have more questions about emergency loans?
Can I apply for an emergency payday loan if I have poor credit history?
Yes, you can consider getting a payday loan even if your credit score is low. Demonstrating an ability to repay is important.
What eligibility criteria do I have to meet to apply?
You must meet your state’s minimum age requirement, which in most states is 18 years. You must be an American citizen or a permanent resident of the US, and you must have a steady source of income.
How can I repay the loan?
This depends on your lender and how you get the loan. If you apply for the loan in-store, the lender might require you to provide a post-dated check. If you apply online, the lender will require you to provide your bank account details so it can deduct repayments and also transfer the loan to you. Some lenders allow you to repay your loan ahead of time using debit cards, credit cards, cashier’s checks, and money orders.
There is no telling when you might need money urgently, but if you’re considering applying for a payday loan, make sure you compare your options well.