At Need Money Now, we know it can be difficult to plan for small emergencies. Whether it’s urgent car repairs, emergency dental work or you want to take advantage of an early payment discount, Need Money Now can help you.
First, using our online calculator, select the amount you’d like to borrow and the loan term, then click “apply”.
The application will ask you to verify you phone number with SMS.
You’ll also need to provide your bank’s online login details. But we’ll only be able to see account activity for the preceding 90 days. This is our assurance you’re able to repay the loan.
Not to worry. We keep no record of your banking information. By applying online, your loan remains confidential, so your employer won’t know.
Not all banks allow us to view your online statements. If your bank is one which doesn’t, you can send your statements for the last 90 days directly to at [email protected]
If you’d rather not provide details about your bank account, no problem. If you have no objections to us contacting your employer to verify your employment, income and details about when you’re paid, select that option on the application.
Once you’re approved, we’ll send you a notification by SMS. We’ll then transfer your loan directly to your bank within an hour of having approved you (when approval takes place during business hours).
With most banks, your cash should be available minutes after the transfer. Not all banks can do that, though, so this step is largely dependent on bank policy.
Using Direct Debits, your loan repayments will be withdrawn from your account according to our agreed upon repayment schedule, determined during the application process.
The formula for repayment is calculated according to your rate of pay, the amount we loaned you and number of loan payments you’ve selected. No more than 25% of your pay can be reimbursed to us per pay period.
Here’s an example: Kathy nets $700 every week and wants a loan of $500 for a root canal. Kathy gets paid on Thursdays. Today’s date is July 10 and Kathy gets her next pay cheque on Wednesday, July 13. Because Kathy chose to reimburse Need Money Now in 5 installments, her repayment schedule looks like this:
So, Kathy’s loan will be repaid in full on August 10. The total term of the loan is 30 days. The fees on the loan will therefore be as follows:
This amount is then added to the principal ($500), for a total of $700.
Each payment in the schedule would therefore be in the amount of $140.