What are online payday loans? Why do you need one?
The year 2020, has taken its toll on many people all around the world. Many have lost their jobs, resulting in the piling up of their bills with no income. Unemployment can give a massive blow to your savings, as you juggle through your expenses.
With the pandemic outbreak, the unemployment rate soaring toward the sky, the market is overwhelmed with unemployed individuals. This appalling global event has put everyone in shock.
To get a safety net around your savings, you may need to look for the options that can get you out of this financial crisis. But this is easier said than done because finding financial aid when you are unemployed can prove a little difficult for you.
Luckily, there are many ways to get emergency loans, even when you are unemployed.
Here, we will explore all the options available for you to qualify for a loan when you are unemployed.
Let’s find out!
What Are Online Payday Loans?
As the name suggests, a payday loan is a type of cash advance that leverages your next paycheck. These are also known as short term personal loans that provide you with the case you need urgently.
When you want to get quick cash through online payday loans for bad credit, you can choose the best option available.
Payday money lenders work on a format of providing emergency cash to its customers.
These loans are short term loans that you have to repay with your next paycheck.
In case you are unemployed, you can extend the period of repayment as discussed with the moneylender company till you get back on your feet and find a suitable job for yourself. Bear in mind that extending the loan repayment period can cause you to pay an extra fee on your total loan amount.
Credit Card Advance
If you are careful with your expenses, a credit card cash advance can get you out of a cash crunch.
The cash you get on a credit card is like a short- term loan issued by your bank or credit card company. In most cases, it is easier to get by and requires no credit check or income verification.
To get your credit card cash advance, you can either directly pay from the card.
However, if you need cash you can get it from an ATM using your credit card PIN. While you get the advantage of quick and easy access to cash, it comes with few disadvantages.
First, credit card interest rates for ATM cash withdrawal are generally higher than the base rate for using your credit card for online purchases.
Second, your credit card may charge a fixed fee for each cash advance.
So whenever you are planning to make a transaction with your credit card bear these points in your mind and you are good to go.
In recent times, the money problem has become one of the major issues for many.
The rise in unemployment on a verge of a pandemic breakout is only adding to the long list of problems.
Fortunately, there are ways in which you can get out of money related problems, online payday loans are one of them. In case of an emergency, a payday loan can benefit you considerably.
Thanks for reading! Let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.