If you are running short of cash on the weekend, then it is almost impossible to get a quick loan. But there are some lenders who offer payday loans for emergency funding on the weekend. But you must be aware of how it works and how fast you can get it approved.
Working Procedure Of Weekend Payday Loans
There are some ways by which you can get a payday loan on the weekend. Here are a few options that you have:
- Online Lenders: It is the best way of getting a weekend payday loan. Sometimes it is the only option that is available to most people. Some online lenders work 24*7. You can apply online from anywhere and at any time by filling up your loan application by using your phone, laptop or computer.
- Storefront Lender: Some lenders are also seen to operate from the storefronts. They also work on the weekend and thus will be able to accept your applications fast and also disburse the loan amount to you quickly as soon as the application gets accepted.
Once you choose the lender and submit your loan application, it is considered within a few minutes and you also receive the reply from them very fast.
The acceptance, as well as approval procedure, is conducted electronically. So there is no need to feel worried about the time when you submit your application.
Several online lenders operate during unusual hours too. It is a type of convenience that various people are in search of when in a difficult situation.
After your loan is approved by the online lender, it is sent to a storefront from where you can collect it or deposited directly to your bank account in the next working days.
It will depend completely on the lender whom you will be selecting.
Generally, you need to pay back the entire weekend payday loans at one shot on the very next pay date
Although there are a few lenders found online offering flexible terms on weekend payday loans. You need to search for a lender who satisfies your needs. It so may happen that you default on repaying the payday loan, in those cases rolling over of the loan is allowed.
Rolling over of loan signifies allowing extra time to pay off the loan. This also comes with a clause where you have to pay twice the interest on the same principle. So, it is advisable to ensure the repayment of the loans within time to evade such circumstances.
Most people desire to get loans that are quickly acquired and can be quickly repaid so that the debt doesn’t become a burden to them.
Weekend payday loans are a product designed exactly like that, where anyone can be free of their debt in their next pay date, even if that is a week or a fortnight-long because the longer you will hold on to a loan, the higher the interest he needs to pay.
Is It Possible To Get a Weekend Payday Loan?
It is very much possible, as we have already said; most online lenders are 24*7 operational and so applying, accepting and even the loan getting approved can occur at the point of time.
Getting hold of a debit card that can accept payments accelerates the process of sending the loan amount.
That TAT is only a couple of hours for you to get the loan.
It needs to be ensured that you have all the relevant and required details like Social Security Number, account information, bank details and employment information for smooth processing of the application. Making errors or submitting incomplete applications hinders the smooth process.
It needs to be remembered that weekend payday loans are essentially short term loans with high APRs.
Before selecting an amount one needs to be absolutely sure about their ability to repay the loans. As many online lenders are there online for you to choose, you must take ample time to make the right decisions while choosing a lender because getting a loan in a favorable APR is very important, so as the principal amount because all lenders may not offer you the principal as per your need.
Usually, payday loan lenders offer amounts ranging between $100 to $1000.
Waiting till Monday opens more options from the same lenders, such as getting a logbook loan where you can use your car logbook as collateral.
This helps in getting a higher loan amount depending on the car value. Unsecured personal loans to be paid in installments are also available.
The benefits of installment loans are that they are more flexible than payday loans, as you can choose the repayment tenure as per your affordability in every installment.
Thus now that you are aware of how a weekend payday loan works, you can avail it on a weekend during any emergency. But remember to use it well and pay it off on the scheduled date to avoid unnecessary circumstances.