On some occasions, especially when urgency crops up, we require money instantly in our hands. However for a salaried person it is not always possible to have instant access to the money. Though same day loans, such a borrower can have smooth access to the much required money without any enquiries from the lender.
are also known as payday loans. One distinctive feature of same day loans is that the loan amount comes in the borrower's bank account the same day of applying for the loan. This is mainly because same day loans are instantly approved within hours of receiving the loan application. Usually same day loans are provided by online lenders as they are equipped for instantly accessing the loan application.
Same day loans are based on next paycheqe of the borrower. The loan is approved for two weeks till the borrower gets next paycheqe. However the loan repayment can be extended for some weeks on paying the lender's fee. Same day loans usually come against a post dated cheque from the borrower. Post dated cheque contains the borrowed amount and lender's fee. That is the only security the lender wants in approving same day loans.
You should be aware of the fact that same day loans or payday loans are very costly loans. Lenders tend to charge very high fees on the loan. You can borrow â‚?100 to â‚?1500 as same day loans. But the lender will charge fees on every â‚?100 borrowed. This means you are bound to pay very high fees on a total borrowed amount. However thanks to cut throat competition amongst the lenders, same day loans are now available at the lower fee as well. So make an extensive comparison of the lenders before settling for a suitable lender.
Same day loans are approved without credit checks. Therefore, bad credit people are also given the loan instantly. Main requirements in taking same day loans are that you should be earning a fixed monthly salary as a regular employee and should be having an active checking account in a bank. Also you should be at least of 18 years of age.
