What happens when you need money in the middle of the night? Find out how “round-the-clock” lenders work.
Sometimes you can land in a financial crisis with even the best planning. Even if you’ve got less-than-perfect credit and find yourself in a financial rut, you have options.
Short-term loans, also called payday loans, can be helpful when emergencies strike and other options run dry. If you need cash to get you to the next paycheck, read this guide before accepting a loan. Installment loans with competitive rates from a top-rated direct lender.
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Installment loans with competitive rates from a top-rated direct lender.
How does 24/7 loan application processing work?
You can apply for a loan online or with any storefront lender that operates 24/7. When you apply in store, you can often have your money in under an hour. Online lenders can take a bit longer — about a business day for the funds to be transferred into your checking or savings account.
These types of loans are usually due in full on your next payday. Rates, maximum loan amounts and repayment terms vary by lender, your state of residence and your eligibility.
A selection of online short-term loans
Check to see if any of these lenders provide loans in your state.
Are payday loans available in my state?
How quickly will my loan be processed if I apply over the weekend?
If you’re short on cash and need it over the weekend, you might be able to get the funds in your hand on Saturday or Sunday. Your best bet would be to apply for a short-term loan at an in-store lender in your area, where you might be able to pick up the cash that day. Here’s a list of short-term loans in your city to see if there are any locations near you.
Otherwise, if you apply through an online lender, the earliest your funds will normally be disbursed if you’re approved would be the next business day, i.e. Monday. There is an exception, however. Some short-term lenders operate outside of normal hours and offer loan disbursements on Saturday and Sunday if you go to the store to pick up your money. Still others offer short-term loans on a prepaid debit card. If you already have one that’s eligible to use, you could get your funds faster than with a bank account transfer. All of these scenarios ride on the particular lender’s terms and conditions, so check with them first to see when they’ll be able to get you your funds before agreeing to the loan.
How to compare short-term loan lenders
When you’re in urgent need of money, even a bad deal can look good. Be sure to compare lenders to get a loan with the best rates that fits your needs. Here are some things to consider:
- Lender options. With a direct lender, you apply directly with the lender; whereas matching services take your application to see if it fits any of the lenders in its network.
- Processing time. If you’re looking to get your cash fast, make sure to find a lender with one of the faster processing times, as some can take a few hours.
- Fees. Despite many states imposing regulations on interest and finance fees for payday loans, some loans can have APRs of up to 1,200%. Be sure to read through the terms of the loan completely so that you’re not blindsided later.
- In-store network. If you’re applying online and want your funds on the same day, you may be able to find an online service with a physical location in your area. Some lenders will allow you to apply online and pick up your funds in person.
Pros and cons of 24/7 payday loans
- Easy application. Whether you go to a storefront lender that’s open 24/7 or apply online, it will generally take you less than 10 minutes to apply for a short-term loan.
- Quick turnaround. Depending on how you apply, you can sometimes get your money in less than an hour with a storefront lender, or else in one business day if applying online.
- Short repayment terms. Short-term loans generally have terms where you need to pay back the loan within two weeks, or by your next paycheck — and can come with hefty APRs.
- Disreputable lenders. Some lenders are known to skirt state laws. Check to make sure yours is licensed and isn’t a scam before applying.
Short-term loans can be costly in the long run. If you have to rollover a remaining amount because you can’t pay it off, it can lead to further fees and charges and potentially damage your creditworthiness. Be sure to plan a budget for repayment before taking out the loan and compare your short-term loan options to make sure you’re getting the most affordable terms.