No one wants to be in a financial position where they need to borrow cash. But sometimes life happens and emergencies pop up at the worst moment. If your car breaks down or your pet gets sick in between paychecks, you may need a loan to help cover the cost.
Luckily you can take out payday loans online to bridge financial gaps until your next paycheck arrives. Here’s an overview of how payday loans work and eight situations when you may need to search for them online.
What Are Payday Loans?
Payday loans are short-term loans you can take out to cover small emergency expenses. You can usually borrow up to $1,000 and repay it in two weeks when you get your upcoming paycheck. Depending on local laws, you may be able to extend your original loan or roll it into a new one if you need more time to repay it. However, you might be charged additional fees to roll over your loan, so keep that in mind.
Not all lenders have a paperless online application process, but luckily Crediteck does. You can conveniently apply for payday loans 24/7 on their secure website, enabling you to get the money you need quickly.
8 Situations When you Might Need an Online Payday Loan
Sometimes you don’t have enough emergency savings to deal with life’s financial challenges. Here are some situations when you might need to borrow some cash from a payday lender.
You rely on your vehicle to get you to work every day so you can support your family. That’s why it’s so stressful when your car breaks down unexpectedly, especially if you don’t have enough funds to fix it right away.
If you don’t have friends and family who can drive you to work, look into getting payday loans online to cover the cost of repairs. Payday loans can be funded in as little as one business day if you’re approved, enabling you to get your car back on the road quickly.
Some home repairs can’t wait until you get your next paycheck. If your roof starts leaking or a pipe bursts, you’ll need to call a contractor immediately to prevent damage to your home, even if you don’t have much money in your bank account.
If you ever find yourself in this situation, an online payday loan can give you the cash you need to complete urgent home repairs. When you get paid in a few weeks, you can repay your loan and start building an emergency fund so you don’t end up in the same position again.
With inflation at an 18-year high, it can be tough to afford all your bills and necessities. Even if you stick to a tight budget, you may have a cash shortfall every now and then.
Maybe your electric bill went up or you had to take an unpaid day off work to care for a sick child. No matter the circumstance, online payday loans can help tide you over and cover those financial gaps until you get your next paycheck.
Another reason you might need a payday loan is fluctuating hours. Employees in many industries like retail and food service work irregular schedules and have fluctuating paychecks. This can make it harder to budget and cover fixed expenses like rent and car payments that are due at a certain time each month.
During slow weeks when your income is lower, getting a payday loan can help cover any financial gaps. That way you won’t have to go without necessities or delay paying your bills and rack up late fees.
You can’t go to work when you have a contagious illness like COVID-19. But if your employer doesn’t offer paid sick leave, taking time off can put a strain on your finances.
Unfortunately, your bills won’t stop coming while you’re ill, so you’ll need to find a way to pay them. If you don’t have emergency savings or family you can borrow money from, a payday loan can help you afford necessities until you’re well enough to return to work.
If you have bad credit, you may not qualify for common emergency financing options like personal loans and credit cards. Many lenders and credit card issuers will only work with borrowers who have good to excellent credit scores.
But if you have lackluster credit and need cash to cover an unexpected expense, you’re not out of luck. You may be able to get payday loans online even if you’ve made financial mistakes in the past.
Payday lenders charge higher interest rates so they can take chances on borrowers with poor credit history. As long as you have enough income to repay the loan, you have decent odds of getting approved.
Pets are part of the family, so you want to give them the best healthcare you possibly can. But if you don’t have much money in your rainy-day fund, you may not be able to cover the full cost of veterinary emergencies out of pocket.
Some tests and procedures can cost hundreds or even thousands of dollars. A payday loan can help you get your pet the life-saving medical attention they need even if you’re short on cash.
If your relatives don’t have life insurance policies or savings, you may be wondering how you’ll afford their funeral costs when the time comes. Although no one likes to think about losing their loved ones, planning for funeral costs now can give you a financial head start.
But even if you set aside money every month for your loved one’s end-of-life expenses, you might not be able to afford their funeral on your own. Funerals range in price from $1,000 to $20,000, which can be difficult to cover on an average income.
A payday loan can help take some of the financial pressure off while you grieve and cover deposits for your relative’s funeral arrangements.
If you need money to cover an unexpected expense, payday loans can be a good option, especially if you have bad credit. Have you ever taken out a payday loan? If not, would you consider it the next time you have an emergency? Let us know in the comments section below.