When it comes to emergency situations, the victim almost always ends up with a bill at the end. A broken bone, towing a car or a water heater breaking down can happen to anyone. Those kinds of sudden emergencies can mean a possible bank account overdraft or drop in credit score. For people living paycheck to paycheck, it can be difficult to recover. Fortunately, a quick cash payday loan can help people with sudden emergencies that have to be paid for.
The federal government’s Commerce Department reported this month that only 5.8% of Americans were saving a significant amount of their paychecks. Although the rate has risen from 2.1% in 2007, the majority of Americans are unable or unwilling to save their money. This means most Americans have very little stored in their bank accounts. This can quickly lead to disaster when an emergency strikes.
Some common emergencies and their average cost ranges include:
- Emergency room visit ($500 to $1,500 without any specialist consultations or tests)
- Handyman home visit ($30 to $75 per hour)
- New pair of eyeglasses ($75 to $390)
- Speeding ticket ($150)
- Towing a car ($25 to $75 hookup fee, plus $1 to $5 per mile towed)
These kinds of unexpected bills can put people at risk of severely damaging their credit score with a bounced check or overdraft. And these are only the possible average costs. Some emergencies can easily cost more, depending upon the severity of the situation.
With most Americans saving very little, they often don’t have a way to pay for a sudden emergency. After a situation happens, people can be faced with ruining their credit or severely cutting back on something else. A quick cash payday loan is one of the few ways to pay off an emergency bill without an uncomfortable downside. The application form is short and can usually be filled out online. No background check or credit score requirements means virtually everyone will be approved for a loan. Approval from an online lender can come within minutes. And with direct deposit, a borrower can quickly pay for an emergency from their normal checking account.
A payday loan is designed to be accessible to as many people as possible. There are typically very few restrictions. Most payday loans can be repaid with the borrower’s next paycheck. A payday loan is simply a tool to help people who are short on cash in the days between paychecks. There is little risk involved and all of the terms are simple to understand. Payday loans can bridge the gap between paychecks without adding more problems to borrowers’ lives.
When an emergency strikes, a quick cash payday loan is one of the better options available. With convenience and speed, borrowers can reach an online lender 24 hours a day, 7 days a week. No matter when an emergency happens, an online lender will be ready to help out. For any short-term cash emergencies, consider a quick cash payday loan to avoid a bounced check or overdraft.