Emergencies occur not only on weekdays. Weekends sometimes may demand more money than regular working days. So, what to do if we need money, for example on Saturday. Of course, this question can have different answers, while one of the most suitable solutions to Saturday unexpected emergencies is a short-term loan.
What is a Payday Loan?
A payday loan is a small short-term sum of money that is to be paid within a month or until the borrower’s upcoming paycheck. Payday loans or cash advances come with high-interest rates. These sums range from $100 to $2500 and are unsecured loans, thus do not require collateral.
About The Collateral
Collateral is an asset brought as security for a loan. It may take the form of real estate or a car, or any other kind of asset. The collateral is a form of protection for the lender. If the borrower defaults, the lender may repossess the collateral.
About Interest Rates
It is supposed that interest rates are very high for payday loans. While the rates are generally considered high when calculated annually. As paydays are obtained for about a month, interest rates cannot ruin the borrowers’ financial stability.
How to Get a Payday Loan on Saturday
Small loans are offered by banks, credit unions, and online lenders. However, banks and credit unions are closed on weekends and holidays. Thus, online lenders providing payday loans on day-offs are preferred. Nowadays, virtual reality is filled with thousands of websites offering online loans. These websites own large networks of direct lenders, providing loan services and welcoming customers even on Saturdays and Sundays.
The clients should choose the best opportunity and start to work according to the online requirements of the website. Firstly, they should study the terms and conditions of the platform. Then they should start filling out an online application form for their Saturday cash advance.
Online Application for a Saturday Payday Loan
Usually, online applications, no matter they are meant for weekday or weekend loans, require specific information based on which online lenders make decisions. This information may include the date of birth, home address, email address, phone number, social security number, government-issued ID, income source, and an active banking account. Note that according to the government's Consumer Financial Protection Bureau (CFPB), payday loan borrowers must be at least 18 years of age. Besides, online lenders only approve those who are legal citizens of the US and have a stable income source. The latter stands as a guarantee that the borrower is able to pay the debt back. The bank account is necessary to have the money directly deposited into it.
How Long It May Take to Obtain A Saturday Payday Loan
Commonly, online lenders approve the submitted application within a few hours. Thus, if you apply for a Saturday payday loan, you will receive the money the same day or the next day immediately after the approval.
For Bad Credit Holders
Cash advances are lifesavers. Guess why? These loans do not need a good credit score. Online lenders do not perform a hard credit check while making decisions. Thus, bad credit holders are welcome for Saturday payday loans.