Same day loans give you access to cash on same day or the next business day. They are usually payable on the next pay day. The process is very simple; all you have to do is fill out an application form and submit it. You will get instant decision whether or not you are going to get the approval of your application and you will get the cash within one business day. After submitting the application, you will be given an offer. It is absolutely on your discretion to accept or reject the offer. There is no compulsion to accept the offered terms and conditions.
Same day loan lenders are also giving the facility of online application submission in which you do not have to worry about lengthy paperwork and prolonged procedures. You will send the application online and get approval or rejection then and there.
The plus points of a same day loan include:
- Faster process; you apply for the loan, get the decision then and there, payment is also received within the same or next day.
- No paper work included; reduces the loan processing time.
- Same day loans are also available for unemployed people and they usually do not require any kind of collateral to be placed with them as a security. Anyone facing an emergency need or a pile of bills to be paid can utilize this type of loan. This option will help you to prevent penalties caused due to late payments.
- Repayment methods offer either onetime payment or arranging installments according to your convenience. Onetime payment will include the interest amount and other fees in single payment.
- No traveling required; with online application submission facility, you do not have to travel anywhere and can apply for the loan from anywhere.
- You can also make arrangements with your bank to automatically deduct the loan amount from your account when it comes due.
- They come with an additional advantage; anyone with a poor credit score can get the loan. So, if you have a bad credit history but need money, you can avail the option of the same day loans. You can also use these loans to improve your credit score by making timely repayments. In this way, you will be able to access other loan options that require a good credit score.
- You can also ask for a rollover or extension in the time for paying the loan but this may charge you extra fees.
Like every type of loans, same day loans also possess some demerits:
- Same day loan lenders require you to have a bank account
- They give access to only small amounts of money to fulfill emergency or temporary needs. You cannot get huge amounts from them for longer periods of time.
The cost of taking this loan is very high. You are charged with higher interest rates and penalties in case of not paying back the loan are also very high.