Payday loans usually serve as solutions to common unforeseen emergencies such as car troubles or medical expenses. In reality, a payday loan could be very helpful when trying to address any type of crisis. Imagine if your credit or debit cards were stolen while on vacation. A payday loan could aid in overcoming the resultant financial woes.
Lost or Stolen Credit and Debit Cards Create a Catastrophe
Losing your credit/debit cards while on a vacation hundreds of miles from home leaves you at the mercy of the cash in your pocket and the very little remaining funds in your bank accounts.
Do not panic. Requesting a cash advance through an online payday lender provides an immediate solution. Once approved, the loan funds will be directly deposited into your checking account. As long as you can access the funds in the account, your money troubles are solved.
Accessing Your Loan Funds
Even if you do not have a working debit card, there are other options available to access the funds.
- Explore Shared Banking
Visiting a local branch of the bank you do business with is the easiest way to withdraw the funds. If there is no local branch, see if your financial institution is affiliated with a shared banking network. Shared banking allows an account holder to conduct withdrawal and deposit transactions with other financial institutions in the same shared network. If a participating affiliate is in the vicinity, head there for a withdrawal.
- Use a Money Transfer Service
No rule says you can only transfer money to another person. Once the loan funds are in your checking account, immediately wire the money to yourself. Then, go claim the cash. The drawback here is you may have to wait a day or two for the bank transfer to go through.
- Keep a Check on File
A “quick cash” option would be to make out a series of $100 checks made out to yourself. Once the loan is deposited, go to a check cashing service to redeem the checks. Since you do no know how much money the loan will be approved for, keeping five emergency checks for $100 on hand helps you avoid having only one check and not enough funds in the account to cash it.
Ultimately, no matter where you are in the world, as long as you have a paycheck forthcoming, borrowing options exists. Just be sure you have a plan in place to actually procure the money.
For more information about payday loans, contact a company like 1st Choice Money Center.