Murphy's Law must state somewhere that it will be a weekend when you suddenly need emergency cash. It never fails that you require urgent car repairs, have dire medical emergencies, or some other crisis strikes at the least convenient time to obtain payday loans and advances. It is one thing on a Saturday early in the day, and another entirely if it hits late on a Saturday or on a Sunday. In the cases of a sudden, unexpected weekend funding crisis, you will find that getting a payday loan during the weekend is not so easy.
If you are flexible, quick, and willing to pay higher fees, you might be able to find this type of funding. Read on to learn more.
This is a controversial question with no straight answer. Many companies will tell you that you cannot get a payday advance over the weekend. They are only sometimes telling the truth. If a company is an Internet-based operation, it is next to impossible to receive approval and funds disbursement on the same calendar day.
This becomes even more challenging during the weekend. In other words, when people apply online, they will most likely have to wait until at least the next business day in order to get the funds direct deposited to their checking account. The good news is that there is a way around this.
Storefront payday lenders are another story altogether. They offer capabilities that the online virtual payday lending companies simply do not match. For example, many physical location payday advance companies will take an application in person, then approve the loan while you wait. Others will suggest you take a walk or do some shopping while they work on the approval. Thanks to the miracle of modern day, Internet-driven technology, there are in-store payday lenders who may approve an application in 15 minutes or less. They will then give you the cash in your hand before you leave the store.
Regarding weekend cash disbursement, this gets more difficult. Many payday advance companies are closed on Sunday. Others have limited hours on Saturday. For more on this issue specifically, keep reading.
Increase your chances of getting funds on a weekend by applying as early in the day as possible. This is true for more than just the obvious reason. The store will close possibly earlier on a Saturday and likely be closed altogether on a Sunday.
Besides this, many of the in-store payday loans have cutoff times for funding and loan disbursement. Missing this cutoff would most likely delay funding until Monday morning. As far as online payday lenders go, most of them will allow you to apply for this kind of short-term loan on Saturday or Sunday. But you likely won’t get your money until at least the next business day.
Unfortunately, the only way you would be able to access the weekend online payday loans funds would be if they offered a prepaid debit card linked to the money. This does require some advance planning though. You would have to obtain the prepaid debit card from the payday advance store or online operation before you needed to get access to the funds.
Once you have such a prepaid debit card in your physical possession, it is only a matter of them loading the funds on to the card. They can do this on a Sunday as it is an in-house transaction. Debit cards work just as well on a Sunday as on any other day.
Remember that online transfers typically do not process until the next business day. Depending on your bank, this means that it could easily be from two to three days from the time of funds approval before the money hits your checking or savings account. With a huge number of the payday lenders being entirely online these days, it means that obtaining weekend payday advance funds requires carefully selecting a lender which has a physical storefront location with weekend hours and that offers Saturday and Sunday funds disbursement.
Some companies have adopted state of the art instant funding technology. This permits them to deposit funds to your debit card in only minutes.
Unfortunately, if your bank does not support such instant transfer technology, then you are back to needing upwards of two to three business days for the funds to be available on your debit card and in your personal account.
There are certain costs involved with a weekend payday loan. These loans typically amount to under $500. Lenders will assess substantial fees for these loans that amount to large interest rates when figured on an Annual Percentage Rates basis. This could amount to even 400 percent APR. Many such payday advance lending firms will want a post dated personal account check for collateral to ensure the loan repayment happens as agreed.
Storefront loans typically cost $15 for each $100 in cash borrowed, per Consumer Financial Protection Bureau research the agency has done and released. This rate equates to around 391 percent APR on a two-week payday advance loan. Though this may seem counter-intuitive, online payday lending operations generally charge even higher amounts and rates than physical storefront locations. Online lenders can do this because they claim to be exempt from state-mandated interest rate caps as they operate across multiple state lines via the Internet.
There are both upsides and downsides to weekend payday loans. Very few kinds of financing are available on the weekend, but the ones that are available will likely work with those who have bad credit. The funding may include high fees. As an example, payday loans' interest rates are commonly far greater than those from a traditional lending institution such as a credit union or bank. Slightly larger fees may be charged for the convenience of weekend cash disbursements as well. Default fees will always be high.
When you need cash urgently during the weekend, there are not many places to turn. It is important always to be aware of the terms and conditions you agree to when you accept this financing. Such fees and accompanying interest rate caps will vary from one state to another.
The most important thing is to be certain that you can repay the loan fully on the date it is due. Otherwise, this will cause rollovers and refinancing of the remainder. The additional charges can cause you to become involved in a never-ending cycle of payday advance borrowing from one paycheck to the next. The interest rate works against you very quickly, so you do not want to become caught in a debt trap.
Responsible use of such facilities always makes good sense. Payday advance loans can be a lifesaver when unanticipated urgent funding needs arise. This is why these companies have sprung up on every street corner in most cities and towns across the United States.