According to the Consumer Financial Protection Bureau, if you have an online payment due on Sunday, you need to make that payment on Sunday. Some people think you don’t have to pay your credit balance on days without mail service. That’s only true if you mail your payment and it arrives the day after there was no mail service. For online payments, though, you must make the payment on the due date. But what if you don’t have the money? You might consider taking out a short-term loan, but there are a few things you should know before you apply for a cash advance. Read on to find out if you can get a cash advance on Sunday and whether you have to file online or in-store to make it happen.
If it’s already Sunday, you won’t want to use a cash advance loan or money order website because it usually takes about a day to get your money when you apply online. As for your local cash advance stores, you might run into trouble trying to find one that’s open.
Probably not. The reason you have to wait one business day to get your money or cash advance loan when you apply online is because of your personal bank. The cash advance store will likely release the funds the night of the day you applied (as long as you apply by around 7 p.m.). Then your bank will transfer those funds into your account, but that usually doesn’t happen until the next day. That doesn’t mean your bank has to be open because this is usually all automated. So, the bank can process your loan even if it’s closed. If you start filling out your online cash advance application on a Sunday, though, you likely won’t get your money until Monday, through a direct deposit to your account.
If you can’t wait a day to get your payday advance, you’ll need to meet with your local payday lender in person. First, you’ll need to make sure the store is open on Sunday. It probably isn’t. We used Google Maps to look at the store hours of 100 cash advance lenders from across the country. We looked at about three stores for each state that allows cash advances. Only 12 out of the 100 are open on Sunday. Of those:
We also noticed that most lenders are open on Saturday. So if you’re looking for a cash advance or short-term loan on Sunday after 6 p.m., chances are you won’t be able to find one.
With so few cash advance stores being open on Sunday, you might have to go somewhere else to get a payday loan. We suggest calling your friends or family to see if they can help. If they are unavailable or unwilling, you might consider contacting your creditors directly and asking them if they can extend your loan’s due date. Although, since it’s the weekend, you might have trouble reaching them. As a last resort, you could try to sell some of your belongings. There won’t be enough time to use an online auction site, but you might have luck with a local classifieds site, like Craigslist. Be sure to include “need to sell today” in your listing so people know why you’re selling it at a lower than usual price. Just know that some people might try to lowball you because they’ll know you’re in a pinch. So you’ll need to be willing to say no to offers that are too low.
If it’s already Sunday night and you need the money today, you should brace yourself for the possibility that you won’t get the money in time. What happens next? According to an article from the University of Wisconsin-Extension, missed payments can lead to a variety of negative results, including:
Service can be shut off, you may face a large reconnect charge, and you could be on the hook for extra interest and fees. Lenders will also check to see if you are continuing your monthly payments. If not, this could affect your credit score in the long run. If you fail to pay gas, electricity, and internet bills, the utility company will report you to credit agencies. Your account can also be sent to collections. In that case, collections agencies will come after you and demand payment.
When a utility bill is in collections, the agency will push you to make payments and threaten to lower your credit score. They will try to convince you to pay however you can.
It is difficult to know how much your credit score will drop once you deal with a collections agency. Generally, it depends upon how good your credit currently is and how much you owe. If you have a good credit score, you have room to drop, so it will drop significantly more than someone who has a poor credit rating. Old collections accounts will not have as great of an impact on your credit score. However, your credit score is likely to drop as much as 100 points if you have an account with collections.
If this is the first time you’ve missed a payment, you’ll enter into the beginning phases of foreclosure. Foreclosure is very serious. Not only could you lose your house, but the opportunity to make more money off it through a proper sale. It’s best to pay your late fees as soon as possible.
A mortgage is a legal agreement between you and a lender regarding payment for your property. If you don’t make the payments, you are violating that agreement. Mortgage payments are usually due the first of the month and are considered late after the 15th of the month. At that point, you may begin to receive late fees, penalties, and letters from the loan servicer. You’ll get a letter in the mail from your servicer which says you owe a certain amount of money, and it must be paid by a specific date.
Your loan will go into default after 30 days of nonpayment. The mortgage servicer will file a notice of default with the government and report the nonpayment to credit bureaus, which will inevitably affect your credit score. A low credit score may prevent you from qualifying for another mortgage, a car, or any other large investment or purchase you might want to make in the future. Eventually, if you continue to avoid making payments, you will get a notification of the foreclosure process.
Keep in mind that even in foreclosure, you keep your equity in the house. However, the lender can decide what price to sell it for. You would get a chunk of that sale equal to the percentage of the house you had already paid off.
If you miss a payment with most of your other creditors, they will likely turn the bill over to a collection agency. These agencies are known to be aggressive. It won’t be fun dealing with them, but the sooner you pay off your bills, the less time you’ll have to get to know them.
Even if you cannot get in contact with your creditors on Sunday, it’s still worth it to give them a call on Monday. Explain the situation to them. There’s a good chance they will not have turned your bill over to a collection agency yet, and they may be willing to work with you. They might even expunge the late payment from your record, so it doesn’t get reported to the credit rating bureaus. It’s never fun to fight against a looming due date, especially when it has to do with your finances. We hope you can find a loan in time, even if you can’t find a cash advance store open on Sunday.