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 bills 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.
If it’s already Sunday, you won’t want to use a cash advance 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.
Does the Cash Advance Store Need to Be Open on Sunday if I’m Applying Online?Probably not. The reason you have to wait one business day to get your money 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.
Number of Cash Advance Stores Open on SundayIf you can’t wait a day to get your loan, you’ll need to meet with your local 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:
- 1 closes at 1 p.m.
- 3 close at 4 p.m.
- 5 close at 5 p.m.
- 3 close at 6 p.m.
Alternative Ways to Get a Weekend LoanWith so few cash advance stores being open on Sunday, you might have to go somewhere else to get a 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 quickly 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.
What to do if You Can’t Find a LoanIf 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:
- Utilities – Service can be shut off, you may face a large reconnect charge, and you could be on the hook for extra interest and fees.
- Mortgage – 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 all of the money you’ve invested into it. It’s best to pay your late fees as soon as possible.
- General creditors – 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.