When surprise repairs or unexpected expenses arise, it can be difficult to cover the costs with such short notice. And when you’re between paychecks, waiting for money is not always an option. When you need cash quickly, a payday loan or a small installment loan may be your best option. The team at Beacon Finance explains how fast these loans are and what you can expect when you apply for one.
What Are Payday Loans? Installment Loans?
Payday loans are short-term loans designed to help you cover emergency expenses. Unlike traditional loans, you’re borrowing money based not on your credit history, but on your estimated future paycheck and receiving it before your next payday. Typically there is no credit check for this type of loan and most payday lenders do not report to any credit bureaus, so this product is designed more for taking care of an immediate cash need than for building your credit history.
An installment loan is more of a traditional loan where your credit history, employment stability, etc. are given greater consideration. With an installment loan you receive your cash up front and then pay the loan off by making monthly payments until your loan is paid in full. Example: You borrow around $265 and pay the loan back in 6 monthly installments of $60 per month. And most installment lenders report to one of the major credit reporting agencies, so with each payment you are hopefully building good credit!
How Do You Apply?
Applying for a payday loan is incredibly simple and can be done either in-person or over the phone. All you need to do is provide proof of income, a valid state-issued ID, and a working phone number so the lenders can contact you to inform you of their decision. Then, when approved, you’ll need to visit the lender’s office and present them with a personal check so you can receive the cash you need. These loans are often easier to obtain than traditional loans, with little to no credit requirements.
Installment loans operate in much the same way, except your credit and employment history play a larger role in determining how much money you qualify for. And typically, installment loans are for larger amounts and the monthly terms will reflect that with longer payback periods (at Beacon, that can be as many as 12 months).
How Fast Can You Get Your Money?
Payday loans are designed to help you cover surprise expenses, so you should receive your money in as little as 30 minutes after you submit your application.
Should you opt for an installment loan, you may receive it in person as soon as the loan office approves your application. This can usually be done in one hour or less.
If you’re looking for money fast, apply for payday or installment loans with Beacon Finance. Their dedicated staff will help you get the money you need, when you need it. Learn more about their cash loans by calling 423-566-6864 (La Follette) , 423-626-0025 (Tazewell) or 423-727-9767 (Mountain City) to start your application today.