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Same Day Payday Loans

What are same day payday loans and how to get them?

The global economy is passing through a very crucial and difficult time, and so America’s. In present economic turmoil any unplanned and abrupt expense may cause an unbalance in an individual’s life. A medical emergency, immediate need for car repairing or paying for college admission – anything can create a cash crunch in life. To cope with such sudden cash crunches of life, people often opt for same day payday loans. Such loans are mainly offered by the private lenders, especially the online ones. These are usually small loans that are lent for a shorter period of time than traditional loans like home loans or car loans. Same day loans are basically designed to help people overcome temporary, urgent and unexpected financial issues.

What are same day payday loans?

Payday loans are small loans lent by payday lenders or online private lenders. These loans are specifically designed to assist financially distressed borrowers tide over until next payday on which they have to repay the borrowed amount in full. Since the process of loan approval and disbursement for these loans are done on the same day, they are often called as same day payday loans. The loan amount generally differs by the lenders. Some lender offer comparatively bigger amount while others prefer to disburse small loan. However, the loan amount also differs by the applicant’s need and monthly income.

What are common speculations?

The advocates of same day payday loans believe that these loans help people get out of short term cash problems while they have no other option left. To reciprocate the risk of lending money without any lengthy verification, such loans are offered with high interest rates. However, according to the adversaries such loans only lead people towards bankruptcy. Difference in opinions may always be there, but it all depends on the people, their need and their attitude towards repaying the loan.

What is the size?

The size of same day payday loans differs by lenders, borrower’s requirement and the monthly income of the borrower. Generally, the loan amount ranges between 100 dollar and 1000 dollar. However, the size of the loan may vary. The lenders usually require the borrowers to pay back the entire loan amount on the due date, i.e., the next payday. However, sometimes the lenders consider and extend the repayment period, depending on the borrower’s financial health and the loan amount. If lawful, the loans may be rolled over for another 2 weeks or longer. The interest or Annual Percentage Rate (APR) charged on the loan vary from lender to lender. So a borrower must check what his or her chosen lender levies before signing off on the loan agreement.

What are the advantages?

Life can meet a financial emergency at any point of time. You can hardly predict when you may have to handle such an emergency. During such financial hard times, same day payday loans may help you get rid of your financial crisis. Since such loans are disbursed faster than any sort of traditional loans, people can manage their cash crunches in a time manner. Moreover, such loans usually don’t require the borrower to undergo any credit check, nor they need to put up any asset as collateral. Although interest rates charged on such loans are high, yet politicians across the nation are trying to bring related laws strictly in effect to control the APR levied on the loans. The practice of abiding by the law has already been taken effect in most states and by most private lenders.

What is the drawback?

High Annual Percentage Rate (APR) is the main drawback associated with same day payday loans. Even after imposing rate limitations, there are some predatory lenders that don’t abide by the rules and regulations. If you’re applying for such a loan, make sure you don’t become a victim of rapacious lending.

How to get same day payday loans?

Now it comes to how to apply for a same day personal loan. Here are the steps that you may follow while seeking same day payday loans.

  • Locate a lender – The first step is to shop around and locate a lender that would offer you a payday loan on the same day of applying. Apart from traditional payday lenders, you may also try for title lenders, pawn shop lenders, check cashing services or rent to own businesses.

  • Complete the application form – Generally, reputed payday lenders have online presence. So, if you’re opting for them, you may apply online by filling out an online application form. The application form is a short and simple questionnaire that doesn’t require the applicant spend more than a couple of minutes. Make sure you provide the form with genuine information; don’t provide any false data and thus lose the chance of getting a loan.

  • Provide documents – To qualify for same day payday loans, you will need to furnish some documents including your income proof, employment proof, identity proof, address proof, and bank account proof. You must submit photocopies of the original documents.

  • Provide a check – Now you need to write a check on the name of the lending company in exchange of which you’re likely to get the loan. You need to make the check out to your lender in an amount that equals to the loan amount plus pre-set interest rate. The lender will hold the check until you pay them back. If you fail to repay in full on the due date, they will cash in the check.

  • Have the cash – Once you have done with all required formalities, you can expect to leave with the desired amount. In most cases, the lenders of same day payday loans transfer the loan amount into your bank account, but sometimes they release cash too.

Following the above mentioned process may help you get the loan fast and without hassle. Same day payday loans can be lifesaver if utilized judiciously.

For the most legitimate online lenders of same day payday loans, request a quote through our site. Our site comprises the best lenders of the private lending industry.


 

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