If you have found yourself in need of fast cash, it might have occurred to you to get a payday loan. Sure, a payday loan can get you the money that you need in a hurry, but are they available on Sunday? The answer is Yes and No. You an certainly get a quote for a payday loan on Sunday but you will not get your money until Monday.
Even knowing that, it might be good to go ahead and get your quote because if approved, you could have your money as early as Monday morning. Ready to get started? Check out the link below. In minutes, you might have an offer in front of you for a payday loan or even an installment loan.
Payday Loans Or Installment Loans
So, can you get a payday loan on Sunday? Well, you can get a quote at least. You may have other options though. Depending on how you qualify, you may be offered a payday loan or an installment loan. Both have their benefits and may be able to meet your money needs. Here are a few of the things that you should be aware of about these loans.
When people think about fast cash, it is usually the payday loan that they think about and for good reason.
The payday loan is the ultimate in fast cash loans. It takes just minutes to apply, even on Sunday and you can get approved with bad credit. Most people will find it easy to be approved as long as they have an income, checking account and have never defaulted on a payday loan in the past.
With 20% of Americans having credit scores below 600, a payday loan is often the only source of credit available in an emergency.
Tina will be the first to tell you that you need to be careful with payday loans because they can get you in trouble if you are not careful. There are a lot of drawbacks to this loan. One being the fees.
Fees on a loan are based on the amount borrowed, $20 per hundred bucks, for example. With the average transaction being a 300 dollar loan, that means the borrower would have to pay back $360 on payday.
That does not sound bad until you factor in the short pay back period and get an APT of over 400 percent. Ouch.
If you need an emergency though, you have got to do what you have got to do.
The actual biggest drawback to a payday loan is the short term of under two weeks, in the majority of cases. This means that the borrower must pay back the entire loan with their next paycheck.
For someone that is probably living paycheck to paycheck anyway, this can be hard to do. This is why many people get caught in a payday loan trap and have to continually roll over their payday loans, at a cost. So, be careful.
Even if you have bad credit, an installment loan might still be on the table and you can get a quote on Sunday.
Like the name implies, with this type of loan, your repayment can be broken up into multiple installments.
The advantage to this is obvious, it makes the payments smaller. By spreading the repayment over a longer period, it may be easier for a borrower to repay the loan without disrupting their normal budget.
Another good thing about an installment is that it can be for much more money. While a payday loan is limited to what can realistically be paid back in a few weeks and state laws, an installment loan is more flexible.
If you need more than a few hundred dollars, say 900 dollars, an installment loan can make it easier for you to get that amount. This is good because not all emergencies are cheap.
Keep in mind that with any loan, especially a bad credit loan, there will still be high interest. It might be lower than the interest people pay on a payday loan, but the loan term is longer. This means that you will be paying that interest for a longer period. The longer you are paying interest, the more you will pay in total.
One good thing to look at when deciding on a loan is the total cost of credit. When your potential lender gives you a loan offer, be sure to read all of the details and look at what the loan will cost you in total once you have paid it off. If a $200 loan would end up costing you $800 for example, it probably would not be worth it.
Don’t let your sense of urgency lead you into making a poor financial decision.
Tina’s Final Word
You have several options available to you for loans. Most can be applied for on Sunday, so the ultimate answer is yes, you can get a payday loan quote on Sunday.
Money will usually have to wait at least until the first work day however.
When deciding on a loan, if an installment loan is in the cards, that is probably the better choice. Payday loans will usually come with higher fees and APR.
Whatever you decide, make sure that the money is worth the cost and that you can actually make the payment when it is due. Your lender should make an effort to verify that you have the means to pay back the loan, but only you really know for sure.
It is up to you to use installment loans and especially payday loans responsibly.