24-hour Payday Loans Near Me

During these days of COVID-19 and its financial consequences, 24-hour payday loans are becoming increasingly popular. Payday loans are typically available to borrowers from 9 a.m. to 6 p.m. every working day. In contrast, 24-hour payday loans are available around the clock, seven days a week. As a result, borrowers who require funds after working hours or on weekends do not have to wait until the next business day. Instead, they can simply search through the internet and find not only payday loans that are available any time of the day but also funds near them. 

How 24-hour Payday Loans Work

As soon as the client decides on the best platform for loan services to work with, he should begin filling out the online request form provided by that website. These forms are usually simple to complete; requesters must share some personal information with the website. The latter generates the data and, in its turn, distributes it to its network of third-party lenders, who make decisions.

If the lender approves the case and the parties sign an agreement, the money is directly transferred into the borrower’s active checking account. The money is usually due within a month and should be paid back by one repayment that includes interest rates as well. 

Interest rates typically range between $10 and $20 per $100 borrowed; however, some lenders may charge even higher rates. But even so, because the loan is due in a month, the debt and its interests will not ruin the client's financial health.

Personal Information Necessary for 24-hour Payday Loans

All the online request forms have some obligatory fields to be filled out by the customers. This is because the lenders later make decisions based on the data provided by the borrowers. Thus, the personal information should include the borrower’s date of birth, home address, email address, phone number, social security number, government-issued ID, income source, and bank account number. Mind that according to the Consumer Financial Protection Bureau (CFPB), the borrowers must be at least 18 years old and have a steady income. The latter is a must, as the lenders do not require collateral to secure the money. Instead, the income source guarantees that the borrower is able to pay the debt back. 

Credit Scores Can Even be Poor for 24-hour Payday Loans

As we all know, credit scores are divided into four categories that determine the creditworthiness of the borrowers. Lenders usually set their own standards for credit scores they will accept, but the following are general guidelines:   a credit score of 720 or higher is generally considered “excellent.” A credit score of 690 to 719 is considered “good.”  Credit scores between 630 and 689 are called “fair.”  And credit scores of 629 or lower are “poor.”

Generally, it is difficult or almost impossible to get a traditional bank loan with fair or poor credit scores. While 24-hour payday loan lenders do not perform a hard pull before making a final decision. Thus, lenders with poor credit scores are eligible for payday loans. This is why payday loans are sometimes called “bad credit” loans.

In Case of Default

If the borrower feels that he is unable to pay the debt back, it is highly recommended to contact the lender beforehand and discuss the options available. Lenders usually suggest an option called “rollover” that allows the borrower to delay the repayment. However, this is not free of charge as the lenders require an additional fee for a delayed refund.