Same Day Personal Loans

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

When you’re in dire need of money to pay for medical bills or repair car or pay for your son’s college admission, you can hardly manage those extra dollars from your regular monthly income. In fact, these days, most people live from paycheck to paycheck and as a result they can’t keep away any money to build an emergency fund that can be used to cope with abrupt financial emergency. Have no worry, even if you too belong to this category. There are ways through which you can get immediate supply of fund and handle those urgent cash crunches popped up in the mid of a month; for example, same day personal loans.

What are same day personal loans?

A same day personal loan, also known as payday advance or payday loan, is a short term small loan which is disbursed to a borrower waiting for his/her forthcoming payday. Such a loan is used to fix short-term and unexpected financial problems. Same day personal loans are mainly offered by private online lenders and payday lenders for a period of 2 weeks and against high interest rates. However, the repayment period may be extended against additional fees, if asked by the borrower.

What is the main point of consideration?

Since the borrowers charge exorbitantly high interest rates on such loans, respective governments of some states have imposed some restrictions regarding the interest rates on the same day loan lenders. Some lenders have started amalgamating with banks in other states, so that they can sidestep these restrictions, because the government rules of one state may not be applicable to businesses in other states. To stop this, the Consumers Union has pleaded before Federal Reserve and the Comptroller of the Currency to making such amalgamation ant thus lending same day personal loans unlawful for the banks.

What are the advantages?

Although these loans are levied with high interest rates, yet they become lifesaver under specific circumstances. Discussed are prime beneficial features of same day loans.

• Quick – As the very name suggests, same day personal loans are disbursed within 24 hours of submitting the loan application and that is the main reason behind its popularity amongst people living from one paycheck to another. After you fill out the loan application form and submit it, you don’t have to wait for no more than a single business day to get your loan sanctioned and deposited into your bank account.

• Easy to apply – If compared to traditional loans, such loans are much easier to apply. You don’t need to do huge paperwork or furnish a bunch of documents in order to get such a loan. Moreover, the complete procedure can be done online and that’s the reason for which millions of people are applying for such loan.

• No credit check - Are you apprehensive about your credit? Don’t worry; your credit won’t come in the way of loan approval. Hundreds of thousands of people with poor credit health are applying for such loans while they are in need of quick money and get it approved accordingly. So even if you have an unhealthy credit rating, you can apply for such a loan and expect to get it deposited into your savings account by next 24 hours from submitting the application form with proper information and necessary documents.

How should you apply?

Now it comes to how to apply for such a loan. While it is true that applying for a same day personal loan and getting the same sanctioned are not very difficult, still you need to follow proper steps to apply for the loan to ensure fastest approval.

1. Find a local lender – First of all, you must try for the local lenders of same day personal loans. You may get help from local yellow pages for this purpose. Make a list of lenders as per your preference. Now contact each of them over phone. Most of such lenders have online presence, so you can also contact them through online chat or email. While contacting, make sure you ask them about the interest rates, repayment schedule, late payment penalties, early payment penalties etc.

2. Ask about the documents – Now you ask them what documents they want to check to approve the loan. Usually, the lenders want a photo identity proof such as driving license, income proof such as paystubs or income invoice from your employer and bank statements in order to issue a loan.

3. Decide the loan amount – Since such loans are expensive, don’t apply for extra dollars. Apply for exactly what you need to serve your purpose. Also, spend the money judiciously.

4. Read fine print – Before you sign off on the loan agreement, make sure you read the fine print of the agreement very carefully. The tricky terms and loopholes are generally provided on the fine print. Therefore, unless you know them well, you may fall into the dent.

5. Look for online lenders – You can also look for the online options. Many online lenders offer same day personal loans online against affordable interest rates and favorable loan conditions. Since these are small amount of unsecured loan, you can surely opt for its online options.

Whether a small loan or a big one, a loan is a loan and you should always pay it back. It is even more applicable to same day personal loans due to the cost factor related to it. Repay the loan on time and avoid paying hundreds of dollars in interests.

While looking for online lenders of same day personal loans, you may use our loan search engine. We have enlisted hundreds of legitimate online lenders on our site.