When an emergency happens, sometimes your finances are not ready to deal with it. If you are in this situation, you may be considering a payday loan or cash advance in Carrollton. These short term loans can get you the money that you need to get through your emergency but they come with some drawbacks. A better option is an installment loan and we may be able to get you an offer on one, even with bad credit.
A payday loan is a short term loan designed to, as the name implies, get you by until your next payday. They are typically low dollar loans of around $500 or less and should be paid back within two weeks. The great thing about thee loans is that they are easy to qualify for and they fund quickly. The downside is that they have high fees based on the amount that you borrow. There is normally a set fee per $100, for example, $20 per $100. The fees can add up quickly so you should take them into consideration before you commit to a loan. If you have no other source of financing or if the fees are less than other charges you would face, they may be a good option for you.
To qualify for a payday loan, you will need just a few things. You will need a checking account, a job, a good phone number and a social security number. Credit is normally not a problem and these loans are available to those with poor or bad credit.
The Good & Bed on Payday Loans
There are both good and bad things about cash advances. For the good, they are easy to qualify for and they fund very quickly. This means that just about anyone can get a loan and have the money in their account as soon as the next business day. This is what makes payday loans so important. They are often the only type of credit available to people.
On the bad side of the equation, you have the high loan fees. Fees are high because these are high interest loans for lenders. They are being asked to lend money with little or no credit checks and to do it quickly. For this reason, they charge a high fee. Fees will vary based on the lender you get in Carrollton but an example might be $15 for every $100 borrowed. Doesn’t sound that bad but if you factor it as an interest rate, it would be around 400% on a two week loan.
An installment loan is a higher dollar loan that is paid back over a longer time period. Most of these loans will be for dollar amounts greater than $1000. They will have payments required either monthly or biweekly. The good thing about these loans is that they give you more time to pay them off. The negative is that they are harder to qualify for.
To qualify for an installment loan in Carrollton. you will need all of the same things as you would for a cash advance payday loan. You will also need to have better credit since the lender will be risking more money.
The Good & Bad On Installment Loans
Just like with payday loans, there are negatives and positives about installment loans in Carrollton. As far as the positives go, you can get more money and have longer to pay it off. This can help you with a very important thing, time. Time is very valuable if you are trying to get your finances back in order.
On the bad side of things, installment loans will generally be a bit harder to qualify for. You will need better credit and the qualification process may take a bit longer.
So, if you need $1000 or less and you need it in a hurry, you may be best checking out your payday loan options. If you need more than $1000 and have better credit, an installment loan might be a good choice.
Commonly Loan Questions
- My credit is not good, is that an issue?
No, if you are looking for a cash advance, it should not be a problem as long as you have not defaulted on a payday loan in the past.
- How long will it take to get money deposited?
Most of the time, funds will be deposited into your account on the next business day.
- Why do I need a checking account?
Your lender will deposit your funds directly into your account and will withdraw the repayment from it as well.
- Do you issue the loans?
When you apply online, you will be working with our trusted online partner. It allows you to receive your money in the shortest amount of time.
- What happens if I can not pay back the loan on time?
Contact your lender as soon as you know this and before the automatic payment date. You may be able to extend your Carrollton loan but be aware that fees may apply.