If you need money but do not have the prerequisite necessary for good credit financing from banks, then alternative options are more applicable for you. These are sometimes called as short term cash advance or just payday loans, simply because they are designed to help you bridge cash tight situations until your next paycheck. Once you receive your wages, you are supposed the return the borrowed money plus interest fees immediately.
100Day Loans With Installment
Another option you can consider will be from the newer installment payday lenders, since they allow borrowers to pay back over 3 months. Unlike a typical payday loan for 30 days, repayment is spread evenly over a longer duration and not one lump payment on a single tight due date. Most payment schedules for installment loans will be in thrice monthly payment, six bi-weekly or once every week depending how often you get paid by your employer and how much you borrow. For example you elect to borrow 5000 dollars in installment over 90 days, it makes more sense instead of a private lender with only boring old traditional payday offers.
They are commonly available for people who have bad or no borrowing history and are supposedly to be used for those little financial emergencies which tend to catch us off-guard. Common reasons for people who need to borrow $1500, using the temporary cash to pay for hospital bills, roof or other home improvement expenses, and emergency travel, etc.
The amount of money you can borrow will largely depend on your income level. As these lenders do not look at your borrowing/repaying history, they have to ascertain the risks of doing business with you by checking your present earnings. Think about it from the lender’s perspective, would you feel comfortable lending 3000 dollars to someone who makes a little over 800 dollars per month or you would rather give out short term 500 dollar cash advance to people who earns at least $1200 and are paid by direct deposit?
Building credit trust is neccessary for these 100 day lenders if you need to borrow 2000 dollars and more. Otherwise for starters, you should be able to get approved more easily, depending on your verifiable income.