Do you spend weekends the way you enjoy? Going shopping, visiting relatives or hanging out with friends are some of the things we all enjoy during weekends. But suppose any emergency financial situation arises and in such scenarios, a weekend payday loan will be your savior.
Be Aware Of the Following Things Before You Take A Weekend Payday Loan
There are few lenders who provide payday loans on weekends. So if any such situation arises when you need a payday loan during Saturday or Sunday and cannot wait for Monday, then you must consider these lenders who offer weekend payday loans. But remember to have a look at the below mentioned things before you take a weekend payday loan.
Ensure That You Have A Decent Credit Report
A weekend payday lender never checks a borrower’s finances or credit reports similar to any bank or financial institute before giving a loan.
This is because it not that cost effectual if you carry out a proper credit check on all borrowers for issuing minor amounts for short periods.
So if you take a weekend payday loan it is better than at times you opt for the one that requires no credit check.
In case you have to wait for approval it can ruin each and every plan that you have made or can make your emergency situation worse.
Moreover, you also do not wish to lower your credit score. But if you are a defaulter then the credit department can track it down even if it never gets reported.
This will hamper your credit scores and it will become a difficult task if you wish to improve it again.
Find Out Whether It Is A Short Term Weekend Payday Loan
If you pay interest then it will destroy your entire budget and thus put you in an unstable financial situation.
So if cash is crucial for a long period and you are unable to pay off in one week or so, take into consideration any other available ways.
Or else you have to spend more than what it really looks like at the start.
So if you pay off your weekend payday loan sooner your situation will appear to be better.
Get An Idea Of The Renewal Fees
If you fail to repay your loan at a scheduled time, lenders will force you to renew your current loan or push you to take a new weekend payday loan in worst scenarios.
It will get you into a loop of debt where you will work hard the entire day for repaying the loans but the owed amount never comes to an end.
A borrower who avails an initial weekend loan, his interest keeps on renewing the initial amount at an interval of every 2 weeks for almost 4 continuous months and he will only end repaying the interests.
The original amount will remain unpaid.
Carefully And Reasonably Estimate Your Need
Do you really need a payday loan on the weekend? Cannot you wait until the next working day?
You need to be very careful as well as reasonable while estimating how urgent your need for availing the payday loan is.
Remember to take the weekend payday loan only if you have an urgent need for it and not if you want it.
Research Well About Collection Agencies
A payday lender who will be lending a borrower a weekend payday loan should never have any problem with the collection of debt.
This is because debt collection means taking out a few amounts out of the checking amount. But the main problem takes place in most of the cases as the checking accounts are almost empty and it means that the lenders are stranded with nothing.
On the other hand, the borrower is also penalized by a high charge from the bank. The lender never gives away so easily and keeps on continuing his attempts of collection.
They are also seen to become a little bit liberal and split the total repayment amount into little installments so that they receive those payments more likely.
Even if the payments are not received by the lenders, they will chase you and harass you over the phone or visit you. They can also send legal notices and even take you to court for not clearing off your debt.
If this happens, a borrower will be left with no more option as the collectors will come and then sell off all his belongings to repay the existing debt for every cent. If you lose the case in the court, your entire assets will be seized and your wages will be scrapped.
You can easily find a lender that will fulfill all your basic requirements and help you to get a weekend payday loan very fast. But before you opt for one, remember the above-mentioned things thoroughly so that you do not get yourself into any unavoidable situation.