Being broke happens to just about everyone at some point, no matter what their situation is. Instant loans can be a godsend when in this position because they give you the shot of cash that you need at just the right time. Sure, they’re expensive, but when it’s your only choice you take what you can get! In this post I want to go through four different scenarios to help you get same day cash. These are those that have a good job, those with bad credit, those who are unemployed, and those who don’t have a bank account. This should cover just about anyone who would need a loan, and if I forgot a group let me know in the comments section below!
Instant Loans For People With A Good Job
If there is such a thing as a “good situation” for instant payday loans, this is it. Having a decent job will make getting a loan very easy. All you have to do is apply, get cash, then pay the loan back when it’s due. You have the ability to shop around and find the best loan since you have a steady income and every lender would love to give you money.
Payday loans are always going to be the fastest, but if you have a bit more time on your hands and decent credit, you can save a ton in interest payments if you get a personal loan through the bank. Rather than having to pay the loan back 14 days from now, you’ll have a few months to pay it back, and pay a much lower interest rate.
Instant Loans For People With Bad Credit
This is another situation that isn’t going to affect your ability to get a payday loan. Instant loan lenders don’t check your credit score during the application process. This would significantly slow down the speed that you receive the loan, and reduce the amount of people that these companies can lend to.
However, what instant cash lenders do look at is your recent financial history when deciding to approve. They will use Teletrack, which is a service that does a mini background check into your finances. Don’t sweat this too much though, they are looking for recent bankruptcy, overdrafts on your checking account, and outstanding payday loans. If you don’t have those, there really isn’t anything to worry about!
Instant Loans For The Unemployed
This is where things can get really tricky. Most payday lenders won’t deal people who don’t have a job (hence the title “payday”). That doesn’t mean that you’re screwed, there are some instant cash lenders that will lend to you. You will need some source of claimable income like unemployment, social security, disability, or other benefits. If you don’t have any of these you’re probably best off going to the pawn shop, but you can still search the web for lender that will work with you. There aren’t a lot of them, but some may be willing to take on the risk.
Instant Loans With No Bank Account
Almost all instant decision loans require that you have a checking account for them to deposit the money into. Not having a checking account will make getting a loan pretty tough to do, but there are still some options. The entire instant loan industry changes policy very fast, so it’s impossible for me to recommend a single company to go with, so you’ll have to do a bit of research, but some offer instant loans via Western Union or Moneygram. You will then pay the loan by wiring the money directly back to them.
It’s important that you understand why companies have a hard time lending cash if you don’t have a bank account. Let’s assume that you are short on cash the day that the loan is to be repaid, and you skip on repayment. What ties does the lender have to you to make sure that they get paid? Your address? Phone number? Without a bank account there is no way for them to get paid back if this situation arises!
Getting instant loans is not that tough to do, no matter what your situation may be. The farther down this list we get, the more research you have to do to find a lender that will work with you, but it’s certainly not impossible.
