What if I Need Emergency Cash Now?
Sometimes, you may find yourself in a situation where you need emergency cash now. This can be difficult, especially if you do not have a credit card that will allow you to take a cash advance on it. A loan from a bank takes time to get, if you are approved, and a home equity loan or line of credit can also be a very time consuming process. While you can sell things to raise cash, this too can take time. Therefore, if you truly need emergency cash now and cannot wait until tomorrow, a payday or cash advance loan may be your best- or even only- option.
Where to Get Emergency Cash Now?
There are several places where you can get cash almost immediately. Most payday loan stores will provide you with emergency cash now. You can go to the lender with your identification, pay stubs, and bank account information. The lender will have you fill out a simple application and provide proof of employment. Usually, no credit check is required and bad credit doesn’t matter. The lender will then ask you how much you wish to borrow- you are normally limited to a few hundred dollars- and for how long you need to borrow it- which is normally a limit of several weeks maximum.
Once the terms of the loan are decided, you write a post-dated check for the amount you are borrowing plus the fee. The fee is often between $15 and $20 for each hundred dollars you borrow, and may be for a week or for two weeks. This amounts to a relatively high effective annual interest rate, considering you are essentially paying 15 percent per week, but if you really need emergency cash now, paying the fee for the ease, convenience and instant access to money may be worthwhile for you.
If you don’t have a checking account or don’t have checks, the lender will usually let you just provide bank information, as long as it can verify the information and the account. In many cases, a savings account will also work, as long as your bank allows debits and credits.
The lender, in many cases, will then give you your cash immediately. This means if you really need emergency cash now, you may be able to have it in your hand within a few hours- albeit for a pretty high fee. While a payday loan isn’t always a good answer because of that fee, it can be your best bet for emergency cash now.