If you are only living on workers’ compensation, chances are you will soon find that your bills will start piling up. You may be temporarily incapacitated but that does not mean that the rest of your financial obligations will come to a halt too. Since you are still technically employed, you can apply for payday loans from any online lender. Especially if you need money now, this first step is one of the wisest choices that you can make for the moment to solve your financial problems.
What Happens When You Apply For Loans If You Need Money Now?
Payday loans are easy transactions that would allow you to get funds transferred directly to your bank account or through MoneyGram if you need money now.
There are only a few requirements that you would need to submit in order to get your loan application approved. If you need money now then you would only need to submit a proof of US citizenship, a copy of your bank account, and a copy of your latest payslip or any other proof of active employment. Most online lenders require no credit check so you can still borrow money even if you have bad credit.
Be reminded though that most online lenders implement a daily cut-off of 4pm CST. This means that if you submit your electronic application and requirements on or before 4pm CST, then your “need money now” transaction will be processed with the next 24 hours. Otherwise, it’ll take 48 hours before you get the money in your hands. Either way, you can still get the money you need faster than any other traditional firm loan.
Should You Be Expecting Phone Calls?
If you need money now and you would like to avail of the services offered by third party providers, all you have to do is to go online. You won’t expect to get any phone calls or even travel to see the lender vis-à-vis. Other than that, your friends or neighbors won’t get unexpected visits because nontraditional lenders do not conduct background checks.
What Will Happen If You Can’t Make the Payments?
When it comes to making payments, you have several options. You can pay the full amount plus interest all at once, pay it on daily or monthly installments and even pay the full interest first and then extend the loan for another term.
Remember that if you need money now, your lender does too. Getting payments from you is one way of securing that business continues for them. If you don’t make the payments as agreed then be prepared to go through a long process of collection. Your state may even intervene if you live in a state that has legalized lending.
Do You Need To Have Collaterals?
The best thing about today’s brood of online and state-licensed lenders is that they do not require collateral. Hence, you won’t have to use your property just to get a hand on cash if you need money now. Also, the lack of collateral requirement encourages more potential customers who have previously shied away from loans because they don’t have any property to use as lender’s guarantee.
If you need money now and have been turned down by banks, come online and get a licensed lender to help you. Similarly, if you’ve been temporarily disabled and you need money now to pay for your bills, start looking for a provider online. You can take advantage of online services that would help you get a match by using the requirements that you have set.