Do you know that feeling when, amid the fun, you find that you have to leave because the money is running out? Oh, it's an awful feeling. Nobody wants to leave a cool party just because the salary will be only next week.
In such cases, you can borrow money from friends. And you can apply for a weekend loan.
What is a weekend loan?
A weekend loan is a short-term salvation for those who need money on a Saturday or Sunday. Many lenders do not work on weekends, so you can only borrow money during business hours. But the need for a loan can arise even on Saturday late at night, right? For such a case, weekend loans are available on both Saturday and Sunday. With such loans, you can get money regardless of the day of the week.
How does a weekend loan work?
With a weekend loan, you can get up to $500 on average, although some lenders even offer $1,000.
In order to get a weekend loan, you need to fill out a loan application. This can be done on the website or in the app, so you don't have to drive anywhere or spend time in line.
After you fill out a loan application, you need to send it to the lender. The lender will conduct a soft check that will not appear on your credit score but will make sure that you are able to pay. By the way, weekend loan lenders can approve a loan even for those who have a bad credit history. For them, the main thing is to make sure that you earn enough to pay back the debt.
The lender will notify you of its decision by email. You will be required to sign the loan agreement using an electronic signature if approved. Be sure to read the contract before doing so to be aware of the fees and penalties that the lender charges.
After signing the loan agreement, the money will be credited to your account within 24 hours. After that, you can use them in any way you like: make purchases, pay bills, pay for tickets, or anything else.
The terms of the loan will also be specified in the loan agreement. You will need to repay the weekend loan in a lump sum payment at the specified time. Due to the fact that the weekend loan is short-term, you should not expect monthly payments or the fact that the already small amount for the lender will be broken into several smaller ones. So you will have to repay the entire loan amount plus interest in one payment.
What Does It Take to Get a Weekend Loan?
Different lenders may have different requirements. However, there are a few conditions that almost all weekend loan lenders put forward.
You need to be over 18;
You need to be either a permanent resident of the United States or a citizen;
You need an active bank account;
You will need to verify your income;
You will need to provide your phone number and email.
What to Look for Before Taking a Weekend Loan
There are several factors to consider before you take out a holiday loan. This will help you not to overpay and feel calm and comfortable.
Interest rate. Interest rates may vary from lender to lender, state to state. You need to choose the lowest one so you can save as much as possible.
Repayment terms. Although most often, weekend loans are issued for 14 days, and some lenders allow you to repay them in a month or even several months. You need to find the most convenient option for you, which will not hurt your budget.
The speed of receiving money. Some lenders process applications within an hour so you can access funds as quickly as possible. However, others warn that it can take a day just to process an application. And in the case when money is needed urgently, this is not the option that suits you.