Financial emergencies happen. Unfortunately, they’re almost always unexpected, which means you’re rarely—if ever—prepared for them. It can be as simple as receiving too many bills with due dates scheduled on the same day or an unforeseen home repair that you can’t avoid. Whatever emergency that’s claiming your attention, you know your savings can’t cover your expenses. And with your next paycheck too far away, payday is too late to offer any assistance.
It’s a pretty common occurrence. Two-thirds of all Americans who earn less than $40,000 a year require a loan to cover an emergency that costs$400. But when bad credit or limited income confine your lending options, do you know where to turn to for help? If you can’t get a loan through a bank due to your credit history, a direct online lender can help you.limited income
Direct online lenders offer fast access to small dollar loans to Americans from all walks of life—even those with poor credit. Their online applications require no traditional credit checks. You only need to provide proof of employment, your banking information, and a valid email address. If your application qualifies approved, you can receive a small dollar loan (between $200 and $1,000) within one business day to help cover expenses between paychecks.
It’s not difficult to find local payday loan lenders that offer convenient and simple applications; however, your criteria for a lender should include more than just the ease of qualification. Your investigation should include a lender’s rates and terms to ensure you’re getting the best deal for your loan. Look for their licensing to ensure that they are certified to issue loans in your state. This is one way to ensure a lender is offering responsible lending options, as it follows state-wide regulations limiting the extent of their rates and terms.
Another way to ensure you’re making the right choice in lenders is to explore what products they offer. Any lender you consider should offer a variety of repayment options. Should your current finances make it impossible to repay your loan by your next paycheck, a lender should coordinate a repayment schedule that corresponds with multiple pay periods. By letting you repay your loan in installments, a lender eases the burden on your weekly budget.
The urgency of your financial crisis can make it seem like you need to find a small dollar loan company right away, but it’s important for your overall financial health to take the time and research your options. Before you fill out any online application, be sure to check that your lender is state licensed and offers flexible lending options. That way, you can ensure you’re getting the best loan.