Introduction: Short-Term Loans and Next-Day Loans
All of us have been in a situation where we simply don’t have the cash for an urgent expense that can’t be put off.
Whether it be two months of rent that you owe under threat of eviction, a badly needed car repair, an urgent medical procedure, or some other unexpected event that life throws at us, short-term loans or next-day loans are often the only way to get the money we need at the moment.
Image Source: Short-Term Payday Loans
Unfortunately, short-term payday loans are often offered by shady loan sharks and other financial institutions that will try to take advantage of your momentary financial vulnerability.
Even if you have good credit, going to a bank or credit union for a short-term cash loan will most likely take you a week or more before you have the money in hand. Short-term cash loans will get you the money you need almost instantaneously. But how do you know which companies to trust for your next-day payday loans?
In this brief article, AdvisoryHQ will explain the concept of short-term payday loans and then explain who offers next-day cash loans.
Furthermore, we will look at some of the potential dangers of applying for next-day payday loans as well analyze what features to look for in the top short-term loans. Finally, we will explain where you can find the best next-day loans online and review a few of the top lenders of next-day loans.
What Are Short-Term Payday Loans?
Some may require your short-term loans to be paid back within a week or two while other lenders may allow you to negotiate a repayment plan for your short term loan based on what you need the funds for.
For example, if you took out a short-term cash loan for your business because you are waiting for a big payment from a customer that is due in 5 weeks’ time, you may be able to negotiate with the lender a term for your short-term loan of 5 to 6 weeks.
Next-day loans, however, usually have a much shorter maturation period, sometimes requiring you to pay back the funds in as little as a day or two. Most lenders who offer next day loans, however, will usually allow some flexibility in the loan term up to about two weeks.
According to Laws.com “a short-term loan is a form of financing that is attached with a quick repayment schedule—short-term loans may have a maturation period as short as 90 days.
The fulfillment of the loan is dependent on the amount of financing; however, all short-term loans possess maturity dates that are significantly shorter than regular loans. The repayment schedule associated with the financing is the distinctive characteristic of short-term loans.”
Who Offers Short-Term Cash Loans?
Short-term cash loans and next-day loans are offered by a number of lending institutions.
Whereas banks and credit unions offer a number of financial services including checking and savings accounts and different types of personal loans and long term loans, the companies that offer next-day payday loans usually focus only on these types of next-day cash loans.
You most likely have heard of some of the more well-known companies offering the best short-term loans from their aggressive publicity and advertising campaigns. Cash Advance and Check Into Cash are two of the most well-known lenders of next-day cash loans that we will review below.
Furthermore, there are a number of other smaller companies offering next-day loans online. More and more people are beginning to prefer the Internet for their banking and financial needs. The same is true of next-day loans as there are dozens of companies offering next-day loans online. We will review a couple of these companies below.
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Potential Dangers of Next-Day Payday Loans
While the well-known national lending agencies and most online lenders of next-day loans are usually pretty straightforward regarding the terms and conditions of the short-term loans that they offer, there are a number of other obscure companies that don’t operate as transparently.
Next-day loans come with high interest rates. The common fees for most short-term loans are $15 to $30 for every $100 borrowed. If the term of your short-term loan is only 2 weeks, you’ll be paying an annual percentage rate higher than 1000%. If a lender is charging you more than $30 per $100 borrowed, you can be sure that you’re not receiving the best deal.
Furthermore, make sure you read the fine print on your next-day payday loans, especially the information regarding charges, fees, and penalties for late payment. In some cases, if you are even one day late for payment on your next-day loan, you can be charged heavy fees and penalties. The stiffer these fees, the harder it is to get out of debt if you do eventually miss a payment date.
What to Look for in the Best Short-Term Loans
When searching for the best short-term loans, it is important to find a lender that has a good reputation. You can find reviews of lenders offering the best short term loans online, and if you choose a brick-and-mortar branch, the more well-known companies are usually a better bet than the shady lender next to a pawn shop hidden in some dark alley.
Image Source: Best Short-Term Loans
Whichever lender you eventually do choose for your next-day loans or short-term loans, it is important to make sure that your short-term payday loan comes with the following characteristics.
- Make sure that the short-term loan you apply for can get you your money fast. The best short-term loans can usually get money in your pocket in as little as 4 to 6 hours’ time. Waiting a day to get your money is also usually acceptable for next-day loans. However, if you have to wait several days to a week to receive your money, you might be better off going to a bank or credit union where you could qualify for a better interest rate.
- Companies offering the best short-term loans shouldn’t bother asking you for your credit score because they are for very short maturation periods and for low amounts. Some of the more deceitful companies out there may ask for your credit score as a way to try and increase the interest rate on the next-day loans that they offer you.
- The best short-term loans should also have very clear and transparent terms and conditions. If you’re handed several pages of fine print, make sure to take the time to read through what you’re signing up for. The best short-term loans should offer concise information on any late payment penalties that are written into the contract between lender and borrower.
- The best short-term loans should offer you the option to roll over any outstanding balance into a new short-term loan if you are unable to pay off the original next-day loan in the agreed upon term. By allowing you to take out another short-term loan, you will be able to avoid any punishing late payment fees. Just make sure that you are disciplined enough to pay off your short-term loan or else you may find yourself mired in a unending cycle of debt.
Where to Find the Best Short-Term Loans and Next-Day Loans Online
However, with so many reputable companies offering next-day loans online, you could also apply for a next-day loan from the comfort of your home and have the cash directly deposited into your account within hours.
Best Short-Term Loans by 100 Day Loans
100 Day Loans may not be the most well-known name for short-term loans lenders, they offer quality short-term loans with decent terms and conditions. You can lend up to $1,000 with 100 Day Loans, and you may be able to get a loan term for up to 100 days. However, not all loans will qualify for loan maturation terms of that length.
Furthermore, the process to apply for these best short-term loans is quick and painless. Simply fill out a form, and 100 Day Loans will do the rest. Their website comes with quality encryption technology to protect you from any sort of fraud from the information that you send.
Another top feature of this company offering the best short-term loans is that you are promised a response almost immediately. In some cases, your loans may even be approved in as little as 90 seconds. They are open 24 hours a day, meaning that you can apply for next-day cash even in the middle of the night.
Best Short-Term Loans by Pay Day R
Pay Day R is another top company offering the best short-term loans. You will get an instant answer regarding your loan application in only 60 seconds. If you need cash fast, Pay Day R can get you funds quickly.
Furthermore, once you receive an offer for a loan, you aren’t committed to accept it. According to the Pay Day R website, “once you’ve submitted your application, you’ll instantly be connected with payday loan offers from a network of independent payday loan providers.
Once you’ve received an offer or offers, you can review the rates and terms to decide whether or not you want to accept the loan. You’re always free to decline or seek out a different lender. There’s never any obligation or commitment required to review offers.”
Best Short-Term Loans by Cash Net USA
Another company offering quality next-day loans is Cash Net USA. With Cash Net USA, you will have to wait until the next day to get your short-term loan, but you will benefit from their transparent offers. They promise that “another of CashNetUSA’s advantages is our transparency. We clearly lay out the rates and terms before you sign your contract so there are no hidden charges or fees. With a CashNetUSA online payday loan, you always know exactly what you’re getting.”
How Next-Day Cash Loans Can Help You Get Out of a Financial Fix
Finding the best short-term loans no longer requires you driving around town for hours, waiting in line to talk with a representative, and then waiting for hours to see if you’ve been approved.
With next-day loans online, you can find out if you’ve been approved almost instantly and find a quality short-term loan that will help you weather any unpredicted financial storm.
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