Payday Loans Now Available for Pandemic-Prepared Businesses
It’s been a tough month for many Americans, with the pandemic sweeping across the nation. And while it looks like payday loans are no longer an option for those who need quick cash, what about other forms of credit? The Federal Reserve reports that credit card usage has increased by over 5% since the first week of August. That number is expected to continue climbing as more people find themselves in financial trouble during this time of crisis.
How to apply for your first payday loan?
It’s easy to apply for a payday loan when you go through an online lender. All you need is proof of active employment, open checking account, and no current credit issues. You can then qualify in minutes by providing your bank routing number or social security number – whichever they request!
Once the application process has been completed successfully, funds will be deposited into your checking account within 24 hours with full access to cash whether it be via ACH transfer or direct deposit depending on which method works best for you!
All-in-all if you’re looking for quick access to cash during this time of pandemic crisis – applying with online payday loans could provide just what you need to get back on track financially without having to sacrifice too much personal information.
According to Usman Konst from KashPilot.com has been actually decreasing over the pandemic due to government assistance. Now many programs have finished the volume is again increasing.
Why should you get a payday loan instead of credit card debt or other types of loans?
Credit cards are limited to specific stores, meaning that buying generic goods becomes difficult. Additionally, if there is any question about your ability to pay it back immediately, expect significant fees and high-interest rates on top of the original balance.
Payday Loans offer quick access to cash with no questions asked for those who have been affected by the pandemic in some way but still have steady income coming into their household – even if they aren’t currently employed! Best part? You can take out a payday loan and pay it back later – even after the pandemic has ended!
What is a pandemic-prepared business?
Businesses are susceptible to the pandemic just like individuals, but they have an added risk of losing money. If your employees aren’t able to come to work because of illness or quarantine orders, you’re not making any money! That’s why it is important for businesses concerned about their bottom line during this time of crisis that they take steps now in order to protect themselves from future losses.
One way business owners can prepare for a pandemic is by signing up with online payday loan companies – giving them access to cash on-demand when credit cards and other forms of financing will be difficult if not impossible due to widespread infection rates.
Another option? Consider adding Pandemic Preparedness Insurance coverage on top of your traditional insurance policy. This protects your business from financial losses due to the pandemic such as downtime, missed income, and increased clean-up expenses. And because it is a rider on your existing policy, you won’t need additional underwriting or approval – meaning that this insurance coverage can be added with relative ease!
How to qualify for a payday loan?
In order to qualify for a payday loan, you need steady income, an open checking account, and no current credit issues. In addition, if your bank account has been frozen or closed due to suspected pandemic-related fraud or theft, it’s possible that you won’t be eligible – meaning the only way forward is with some form of traditional financing such as a business line of credit.
Why you should use payday loans if you’re prepared for a pandemic?
If your employees aren’t able to come to work because of illness or quarantine orders, you’re not making any money! That’s why it is important for businesses concerned about their bottom line during this time of crisis that they take steps now in order to protect themselves from future losses.
One way business owners can prepare for a pandemic is by signing up with online payday loan companies – giving them access to cash on-demand when credit cards and other forms of financing will be difficult if not impossible due to infection rates.
Payday loans offer quick access to cash without having to go through an extensive application process or approval process; they are perfect for borrowers who need access to cash quickly in order to avoid falling behind on other bills. And while the interest rates associated with online payday loans may be higher than traditional financing sources like business lines of credit and bank loans – when you consider the alternative (i.e. no money) it seems like a small price to pay!
Another great benefit of using payday loans is that they do not require you to have collateral or great credit. Instead, these loans are based on your ability to repay the loan instead of your history with payments – meaning if you’re prepared for a pandemic and need quick access to cash now then this is definitely an option to consider!
Senior Personal Finance Writer at KashPilot | + posts
Editor and writer for over a decade , she has written and edited finance for both national technical and consumer readership, Julia Snearl is the editor for Personal Finance in KashPilot. Her experience in editing business books also includes working as the editor of charts of Ahead of the Curve. More than 3 years’ experience in editing content for finance on KashPilot, Julie is interested in learning about how to use digital content to assist people make better financial choices.