If you have never applied for the emergency loan online, you may have a lot of questions about the procedure of getting and using emergency loans. There is a list of the most frequently asked questions about short-term loans for unplanned financial problems. Here you will find all necessary information for you to be able to take a reasonable decision to borrow money via the online payday loan lenders.
Question number 1: What is an emergency loan?
An emergency loan has many names, among which there are such as “internet loans”, “instant loans”, “cash loans online”, etc. An emergency loan supposes that you apply for the necessary amount of money only in case you have faced really urgent problems you need to deal as quickly as possible. Emergency loans are characterized by small dollar amounts due to their short-term period of use. The most common situations, when emergency loans are used are car or house repair, unexpected medical bills, etc.
Question number 2: How long is it possible to use emergency loans?
When you borrow a short-term loan, you should be ready to pay it back within one or two weeks usually. The maximum period of time is within 30 days, depending in your payday. Being intended to be used as an emergency financial help, short-term loans online should be used for a couple of weeks or so but in case there is no possibility to repay the loan within the mentioned period of time, your lender may offer to choose some rollover or extension option, which will cost you an additional fee.
Question number 3: How much can you be approved?
The amount of emergency loans is from $100 up to $1500 usually but sometimes it can be up to $2000 and even more depending on your ability to pay the loan back. You should understand that you can get the larger amount of emergency loans only in case you are able to provide your payday loan lender with the proof that you get regular monthly income, which amount allows you to pay the loan back easily.
Question number 4: Is there any credit check when you apply for emergency cash loans?
The main feature differentiating emergency loans from bank credits is that even bad credit borrowers are able to use them as there is no long credit check compared to the traditional banks where the credit check procedure may take days. Here there is a credit check but it is information taken from a specialized credit reporting agency.
Question number 5: How much does the emergency loan online cost?
The interest rate may vary from lender to lender, however, in average the minimum cost is $10 for every $100. The maximum cost of a payday loan may be up to $50. That’s why it is necessary to check out all offers to choose the best deal for your current financial situation. But good news is that there is no application fee. The only money to pay is the interest rate when paying money back. No hidden fees are included. The annual percentage rate (APR) varies depending on the loan period of use. The longer the loan term, the lower the APR is https://www.consumer.gov/.
Question number 6: When to expect the loan approval?
It won’t take you long to get an emergency loan approval as payday loans are really instant. After submitting the loan application you are going to find out the loan decision immediately. It may take you not more than 15 minutes usually. Emergency loan is called an instant one due to the fact that you don’t have to wait for hours or days till you are informed about the loan decision. All types of credit are approved as the loan lenders care only about the current financial situation.
Question number 7: Is it possible to get an emergency loan with bad credit score?
The answer is definitely “YES” as emergency situations may happen to anyone in need. The best thing about emergency loans is that your credit score doesn’t matter when applying for emergency loans bad credit.
In case you have a stable income source, nothing is going to prevent you from getting an emergency loan to deal with your financial problems as quickly as possible enjoying the same rights as those customers who have good credit rating http://www.dfi.wa.gov/.
Question number 8: How safe is customers’ personal information submitted?
Question number 9: Is it possible to change your mind after having applied for a short-term loan online?
Sometimes situation can change suddenly and you won’t need using payday loan as your problem solution or you may understand that you don’t feel fine with the loan terms and conditions. In this case you shouldn’t worry as within 24-72 hours you have the right to change your mind and give the loan back without paying any fees. In case you have changed your mind concerning the emergency loan online, you should inform your short-term lender as soon as possible to cancel it.
Question number 10: What categories of customers may not get approval?
It is known that bad credit borrowers are 100% approved for the payday loans online if they are able to prove their financial ability to make the loan repayment.
Even emergency loans for unemployed are available to support them and their families during the hardships they experience after having lost their job. However, there is one category of people which can’t be approved- active duty service members and those who are dependent on them http://onlinelendersalliance.org.