Yes, it is possible to get a payday loan on the weekend. However, this depends on the lender involved as sometimes funding may not occur until the next business day.
With more than 12 million Americans using payday loans each year, it is not surprising that many look to borrow money on the weekends. In this article, Dollar Hand explores the topic of securing payday loans on Saturdays or Sundays, including the availability, process and potential risks.
What Are Payday Loans?
Payday loans are short-term, high-interest loans that are designed to provide quick cash to borrowers who need immediate funds for unexpected expenses. Examples include to pay for medical bills, vet fees, dental costs, auto repairs or home fixes.
Payday loans are typically due on the borrower’s next payday and are often used by individuals who may not have access to other forms of credit. They are legal in 37 of the 50 US states including Alabama, California, Florida, Illinois, Kentucky, Nevada, Ohio and Texas to name a few.
What Is The Availability of Payday Loans On Weekend?
The availability of payday loans on weekends vary depending on the lender’s policies and the regulations in your specific location. Many payday loan lenders operate online and their websites may allow borrowers to apply for loans 24/7, including on weekends. However, it’s important to note that the processing and funding of the loan may not occur until the lender’s working hours, which may be limited on weekends or on public holidays such as the Fourth of July.
In some cases, payday loan lenders may have physical locations that are open on weekends and borrowers may be able to visit these locations in person to apply for and receive funds. However, it’s important to check with the specific lender to confirm their weekend operating hours and whether they offer in-person services on weekends.
How Do I Get A Payday Loan On The Weekend?
The process of borrowing weekend loans may vary depending on the lender’s policies and the methods they offer for loan application and funding. Here is a general overview of the process:
1. Research and Choose a Lender
If you are considering getting a payday loan on weekends, you will need to research and choose a reputable lender that offers weekend services. You should look for lenders that are licensed, compliant with applicable regulations and have a positive reputation. At Dollar Hand, we offer a brokerage service that sources the loan best suited to the customer’s borrowing requirements at a competitive rate.
2. Submit an Application
You will need to submit a loan application. This may be done online through the lender’s website or in person if they have physical locations open on weekends. The application will typically require you to provide personal information such as your name, address, contact number, email address, employment details, income and banking details.
Depending on the lender’s requirements, you may need to provide additional documentation to support your loan application. This may include copies of your identification documents, proof of income, bank statements or other relevant documents. It’s important to have these documents ready in advance to expedite the loan processing time.
3. Receive A Loan Offer
You will then receive a loan offer. Before going ahead, it’s important to carefully review the terms and conditions of the loan including the interest rates, fees, repayment terms and any other applicable policies. You can always get in touch with the lender if you have any questions.
4. Review and Sign Loan Agreement
If you decide to go ahead and your loan application is approved, the lender will provide you with a contract. If you agree to the terms, you will need to sign the loan agreement, either electronically or in person, to proceed with the loan.
5. Receive Funds
Once the loan agreement is signed and all the necessary documentation is submitted, the lender will disburse the funds into your live checking account within minutes, hours or a few days. The timing of the disbursement may depend on the lender’s business hours, and if you are applying for a loan on a weekend or holiday, there may be delays in receiving the money.
How Much Money Can I Borrow On The Weekend?
The amount you can borrow will largely depend on affordability checks and the lenders approving your loan. However, there are regulations in many US states that determine the minimum and maximum amount that you could borrow. Examples are included in the table below:
|California||Up to $300|
|Colorado||Up to $500|
|Illinois||Up to $1000 or 25% of gross monthly income|
|Iowa||Up to $500|
|Kentucky||Up to $500|
|Louisiana||Up to $350|
|New Hampshire||Up to $500|
|Ohio||Up to $1000|
|South Carolina||Up to $550|
|Tennessee||Up to $500|
What Should You Consider Before Borrowing A Weekend Payday Loan?
If you are considering a payday loan, it’s crucial to thoroughly research and understand the laws and regulations governing payday loans in your area, and to choose a reputable lender who is licensed and compliant with applicable regulations.
Remember to only borrow a weekend loan if you are certain that you will be able to afford the repayments. If you fail to repay your loan on time, you could be charged late fees and there could be extra interest to pay. As well as this, you could risk damaging your credit score.
You can also consider alternatives before going ahead with this financial product. Examples include borrowing from family or friends, looking into an authorized overdraft from your bank or a low interest credit card.
Boost your savings by starting a side hustle or selling items you no longer need via online platforms such as eBay. Being savvy and finding ways to save money on petrol, groceries and energy bills will also stand you in good stead.
Justine is a full-time writer with lots of expertise and a wealth of experience in the financial world. In particular, she specializes in household income and consumer finance across the United States. Follow her articles for useful advice and top tips, guides on how to save money and lots more.