If you have some bad marks on your credit report, you may still qualify for a short term personal loan, if you can prove your income. if you have been with the same employer with at least 3 months and have proof of a steady paycheck you can apply online and get personal loan approvals within 24 hours. You need to have a personal checking account in your name. It must be in good standing. That means that you cannot have a history of NSF checks. The account cannot be brand new either. It must have a few transactions already.
Once your loan is approved, you can have the funds wired to your checking account and use them right away. You can cover car repairs, unexpected medical bills or cover a check that would otherwise have bounced. You will have to sign a form allowing the loan company to withdraw the loan amount and fees from your bank account on the due date. Usually this will be within two weeks. It is designed to give you emergency cash until your next payday. You should pay it back as soon as possible.
These types of loans carry high interest charges and fees to compensate the loan company for taking a higher risk. That is why they should only be used for short term emergency needs only. If you do not pay them back when they are due you can end up owing double the amount of your original loan. This can happen very quickly so pay them back quickly. If you do, you can use the loan again when you are in a pinch. These are not a source of long term financing though. If you need to finance the purchase of a car or other large item, you need to find alternative financing.
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