A financial emergency can hit you at any time of the day and any day of the week, which includes weekends as well.
Weekend payday loans are specifically designed to help borrowers in urgent need of a loan even outside the usual working hours when banks and financial institutions are closed for business.
Luckily, there is a great number of lenders that can grant you a loan even during weekends and respond to your need for an urgent loan. What are weekend payday loans and how can you apply for a loan on weekends?
What is a payday loan?
Payday loans are short-term and small loans that are secured with the borrower’s monthly payment. Your monthly payment acts as collateral when borrowing a payday loan, which is how the lender ensures that you will repay your loan on time.
With payday loans, the amount determined for repayments and interest rates is deducted from your monthly paycheck.
Borrowers can apply for a payday loan in case they are employed and have a regular income. Payday loans usually include higher interest rates, especially if you are returning the loan over a longer period.
Can you get a payday loan on weekend?
Many online lending services, and direct and independent lenders will offer weekend payday loans, which means that you can apply for a payday loan during weekends and get approved usually by the first working day.
Some lenders may approve your loan even during the same weekend you applied. Lending services such as Bad Credit Loans and Zippy Loan pose as major markets of lenders where borrowers are connected to lenders based on their application.
You may get connected and approved for a loan within 24 hours in case your application and qualifications match the lender’s requirements.
What are weekend payday loans?
Weekend payday loans are short-term unsecured loans that you can apply for and get approved for during Saturday and Sunday when most lenders are not working or receiving loan applications.
Weekend payday loans are specifically designed to help borrowers with short-term needs for cash and are considered to be a type of emergency loan.
Due to the factor of urgency and the fact that you can apply and be approved over the weekend, interest rates are usually higher in comparison to other types of loans. Weekend payday loans are different from a traditional payday loan:
You can get instant approval on weekend payday loans from lenders who offer approval and funding over weekends. These lenders usually offer 24/7 support, which means that you can be approved faster than you would when applying for a standard payday loan
Higher interest rates
Because weekend payday loans involve instant approval and are considered emergency loans, interest rates are significantly higher.
Your monthly payments would also be higher, often placing a strain on your budget because of higher interest rates, which is why weekend payday loans are recommended only in the lack of a more affordable option.
Short-term repayment periods
Weekend payday loans are short-term loans that are usually repaid within the period between two and four weeks, which is usually the case. Some lenders may be able to offer longer or extended repayment periods depending on your financial history and personal information.
A weekend payday loan is one of the most accessible types of loans and it is usually quite easy to obtain and be approved for as it is designed for borrowers experiencing a financial emergency.
Borrowers with bad credit often choose weekend payday loans as it requires minimal documentation and normally doesn’t involve a credit check.
How do weekend payday loans work?
Weekend payday loans practically work the same as regular loans and payday loans. These loans don’t require collateral and are unsecured.
However, your employment status and regular income act as a warranty that you can repay your loan on time. Applying for a weekend payday loan is very similar to other types of loan application processes once you find a lender that offers weekend payday loans.
When you are approved, you are most likely to get a short repayment period that ranges from two to four weeks. Once your monthly paycheck is available in your bank account, the amount of the loan will be deducted from your account along with interest rates.
You are most likely to find an online lender on the market of lenders, which means that you will need to submit your application electronically, which simplifies the process of application.
You will also get approved within 24 hours in most cases, on the same day of applying, or the first working day.
In the case of weekend payday loans, due to the emergency factor involved, most lenders will fund your account within the same day once you get approved.
Can I get a weekend payday loan with bad credit?
Borrowers with bad credit and poor credit scores are usually the top demographics to apply for weekend payday loans.
Lenders rely on your employment status and your regular income, which is why no credit checks are involved in the process of applying and qualifying for a weekend payday loan.
Even if you have bad credit, you can still apply and be approved for this type of loan. Payday loans are usually repaid in full and at once with your first paycheck, and since the repayment period is rather short, lenders have few criteria for borrowers to qualify and be approved for a weekend payday loan.
Can I apply for a weekend loan online?
Most lenders that offer weekend payday loans work online, which is how you can easily apply and be approved for a loan over the weekend.
Since Bad Credit Loans and Zippy Loan act like free markets of lenders where borrowers are matched with appropriate lenders based on their application forms, you can apply online in minutes and get approved for a loan within 24 hours regardless of the day of the week.
Once you are matched with an appropriate independent lender, you will read the terms of the loan and confirm your application. The lender will take care of the documentation that should be sent over to you.
Once you fill out the documentation and sign it, you will most likely get funded within the same day or the next. Since the entire process is conducted online and electronically, applying takes minutes, and getting approved may only take hours.
How can I qualify for a weekend payday loan?
Qualification requirements for a weekend payday loan may greatly vary from one lender to another, especially in the case of applying for a loan on a free market of lenders.
Lenders that offer their services on such marketplaces are independent and can set requirements that are convenient for them.
Although requirements may vary, some qualification standards remain the same. To qualify for a weekend payday loan, you will usually need to:
- Be older than 18, and 19 with certain lenders
- Provide a valid ID issued by the government such as a driver’s license
- Have a bank account
- Have an active email address
- Have an active phone number
There are usually no credit checks involved and minimal documentation is required.
The documentation is usually provided by lenders once your application is processed, so you only need to fill out the documentation and resubmit it for review, which is when you will be either approved for a loan or your request will be declined.
Weekend payday loans relate to a high rate of approval as this type of loan is designed for borrowers with bad credit as well as an emergency loan.
Risks of weekend payday loans
In general, you should apply for a payday loan only in case of a financial emergency, and this is because of more than several practical reasons and the risk involved in taking weekend payday loans. Some of the risks involved are:
High interest rates
Almost all no credit check loans come with high-interest rates, so even though you may not have bad credit, when taking a weekend payday loan, your credit score won’t be taken into consideration and high-interest rates will still apply.
Many payday loans result in a rollover. When borrowers aren’t able to pay off their loan within the determined repayment period, many lenders will approve rollover. A rollover means that your repayment period is being extended.
However, even though this may sound useful and benevolent, rollover includes additional fees for taking an extended loan with more interest piling up, which may make it difficult for you to avoid debt.
Short repayment periods
Weekend payday loans are usually repaid in short periods that range between two and four weeks, which is usually from one paycheck to the next.
This case may place a strain on your monthly budget as a great part may be deducted from your monthly payment to cover fees, high-interest rates, and your loan.
Advantages of weekend payday loans
Weekend payday loans may have some risks involved but also pose as a great way of acquiring emergency cash. Here are some of the top advantages of weekend payday loans:
- Fast application processing
- Quick funding
- Bad credit borrowers can be approved for a loan
- No credit checks
- Instant approval
- An easy way to acquire emergency cash
How can I apply for a weekend payday loan?
The first step would be to find a suitable lending service and provider that offers weekend payday loans, and preferably operates and offers support 24/7.
Lending service providers such as Bad Credit Loans and Zippy Loan pose as marketplaces of lenders where borrowers can find various independent lenders based on their financial needs and personal information.
Many of these independent lenders offer weekend payday loans for borrowers with bad credit and can get you approved for a loan within the same day of applying.
Once you are connected to a suitable lender who can respond to your financial emergency, you will receive the necessary documentation to complete the process.
Fill out the documents and resubmit the documentation to finalize your application. You will most likely be asked to provide an email address, a valid phone number, and a government-issued ID along with your bank account.
You will also be asked to disclose the information regarding your employment status and your regular income since the loan is repaid from your monthly payment.
You will receive either approval or decline notice. In case you are approved for a weekend payday loan, your account will probably get funded within the same day or the next.
Where can I apply for a weekend payday loan?
Bad Credit Loans and Zippy Loan are perhaps some of the best options for applying for a weekend payday loan as these marketplaces can connect borrowers to dozens of different lenders who work independently.
You can choose between the most attractive interest rates and weigh your options, while you will be matched with lenders based on your initial application form.
Here’s where you can apply for weekend payday loans:
Bad Credit Loans
Bad Credit Loans is a service provider that facilitates a marketplace of lenders and takes no fees for connecting borrowers to lenders.
Borrowers are matched with lenders based on their application, while you can find lenders who can grant you a weekend payday loan.
You can apply in seconds and wait to receive a response from independent lenders. You can lend from $500 to $10,000 according to Bad Credit Loans, but the amount you get approved for will depend on the type of loan you are applying for and your personal information.
Zippy Loan is similar to Bad Credit Loans in terms of how the two service providers operate. Zippy Loan forms a free market of lenders that are connected to borrowers based on loan applications.
According to the provider, borrowers may get approved for loans up to $15,000, however, amounts granted for weekend payday loans are usually lower as these loans are repaid in short periods that usually don’t go over four weeks.
If you are investing with M1 Finance, you can use their product, M1 Borrow. M1 Borrow allows investors who have their portfolios on M1 Finance to borrow a portion of their investment once a minimum of $10,000 is invested through the service.
M1 Borrow doesn’t offer weekend payday loans, but you can apply and get approved for a loan on the weekends if you are an investor. Some of the greatest advantages of M1 Borrow are fast processing, quick funding, minimal documentation, and low-interest rates.
CashPotUSA offers weekend payday loans and other types of loans, while borrowers may ask for up to $1,500 in short-term loans.
You can be approved for a loan with CashPotUSA within an hour, which is perfect for financial emergencies.
Work Factory Loans
Work Factory Loans also connects borrowers to licensed lenders who operate in the US. You can request up to $5,000, while this service provider also offers weekend payday loans as a form of emergency loans.
Instant approval, a quick application process, and no credit checks are some of the biggest perks of using this lending service provider.
Emergency loans with bad credit
In conclusion, weekend payday loans can be a great way for those in need of quick cash over the weekend. However, it is important to understand the risks and consequences associated with these loans before signing any paperwork.
If you are considering a payday loan, be sure to research your options and compare interest rates. And most importantly, be responsible with your finances and pay back the loan on time.