“I need a weekend payday loan. How does it work?”
Some payday loan providers complete the application, approval, and funds disbursement process in as little as 15 minutes, but the standard turnaround time is a few hours. With a weekend payday loan you can look forward to a quick application process, followed by the lender reviewing your application and providing you with an answer almost immediately.
If approved, you can expect the money to be transferred into your bank account immediately. You then repay your loan in full on your next payday, with maximum terms usually being set at one month.
What features do weekend payday loans offer?
While many weekend payday lenders offer the same features, there are some differences to watch out for to help you find the best loan to apply for:
- Loan options. You can choose to approach direct lenders, or you can use a loan matching service to assist you with the process.
- Processing time. Some payday loan providers disburse your funds soon after approval, but if the approval itself takes take time, you could end up waiting longer for your money. Some payday lenders can process their loan applications in minutes.
- Fees. State regulations differ and can have a major impact on fees.. Find out just what fees you’ll have to pay before you apply.
- Store network. Some payday loan providers have store networks across the US, and many operate online. You’ll generally find it hard to locate stores that remain open over the weekend, so your best bet is to get an online loan where you’ll be transferred the funds electronically
- Get money anytime, from anywhere. Some payday loan providers let you get payday loans at any time of the day or night, any day of the week. Since they offer such loans online, you can apply for one from just about anywhere.
- Use funds for any purpose. Payday loan providers don’t place restrictions on how you use the money you get, as long as you use it for legitimate purposes. You can use money from a payday loan to pay for medical expenses, to repair your car or for home repairs.
- Bad credit is okay. Unlike traditional lenders, payday lenders accept applications from individuals who have poor or bad credit history. What’s important is demonstrating an ability to repay the money you borrow.
- Fees. One of the biggest drawbacks of payday loans is high fees. Make sure you’re aware of how much you’ll be expected to repay.
- Short term. No matter how much money you borrow, expect to repay the entire amount on your next payday or within the short term.
When is a weekend payday loan best avoided?
Getting a payday loan if you think you might have trouble repaying it in a timely manner is not a good idea. Repaying your loan later than scheduled will see you charged late fees and it can also have an adverse effect on your credit rating. Be sure to check the loan’s terms and conditions carefully, because they give you a clear indication of all associated fees you might have to pay in different scenarios.
Frequently asked questions about weekend payday loans
What is the difference between a direct lender and a loan matching service?
A loan matching service does not provide loans directly. Instead, a loan matching service works in matching your application with suitable direct lenders from its panel. This can help you to compare, but your ultimate loan contract will be with the provider, not the matching service.
What is the maximum amount I can borrow?
State regulations set limits the maximum amount you can borrow. As well, some lenders require that you work up its tier system before you can borrow the maximum allowed amount.
What eligibility criteria do I have to meet to apply for a weekend payday loan?
You should meet state-specific minimum age requirements, you must have a steady source of income, and you must have the ability to repay.
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