Same day payday loans are useful for you if you are you in dire need of cash, and if you are you looking for an emergency cash loan.
By: Hitesh Khan/
Those with pressing financial need can heave a sigh of relief because same day payday loans are there to help you overcome immediate financial crunches. Below are 9 points outlining a comparative analysis of same day payday loans and other traditional loan alternatives.
- Same day payday loans or same day payday loans should actually be called fast payday loans and are different from other loans in two main ways: First, these loans are very short term loans and, secondly, the fee or interest you pay on a same day loan is usually much higher as compared to traditional loans. But despite this, the payday loan industry is growing by leaps and bounds.
- Getting same day payday loans is quite simple. All you need to do is just fill out an application form and, when approved by a lender, the loan amount will be credited to your account usually the next business day (excluding holidays and weekends). It is not true you will get the cash the same day. It takes time to process the loan and then transfer the funds.
Also, you need not worry about the security risks involved in getting a same day payday loan. All personal information is kept confidential.
- The best thing with same day payday loans is that even people with bad credit history can apply for the loan. You can also extend the duration of same day payday loans. If you cannot pay the loan amount within the specified period, you are required to pay an additional fee to get an extension. The fee charged varies from lender to lender. However, there are usually only 2 extensions, which you can use to pay back your same day loan.
- Doing proper groundwork is recommended before applying for same day loans. Always remember to get a same day payday loans which is as cheap as possible and convenient to pay back in order to prevent yourself from falling into a debt trap.
- These same day payday loans allow you to meet unexpected financial obligations without suffering recurring debt and never ending months of repayment. At the same time, these loans are not the best way to manage your budget. Rather, use them to get through an immediate money crisis. If you use them repeatedly, you could be digging yourself deeper into debt.
- In addition, unlike hard-to-get traditional loans, same day payday loans are the easiest cash loans to get. They do require the borrower holds an active checking account and is working. Criteria may vary based on your lender.
Same day payday loans can be a viable loan alternative, provided the loan amount is paid back on / before its due date or sooner if you can. Do not continue to roll the same day loan, as the fee will mount to levels that will become difficult to pay.
- The same day payday loans are also known as ‘No Security Payday Loans’ or ‘No Collateral Payday Loans’. In order to get these loans, you are not required to give any security deposit or any kind of collateral like traditional loans.
Same day payday loans are truly a way to go if you are facing a short-term pressing need for an advance on your paycheck. When difficult financial situations do happen, you should consider all other available options before choosing to use a payday loan.
For example, you can ask your bank for a loan. The interest rate cap for unsecured loans is currently high, but it is still significantly lower than a payday loan. You could also request an extension on what you owe. If you have had a good payment history, this may be the best option. Ask about finance and late charges for delinquent payments and payment plans.
If you have a credit card, in an emergency, consider using a credit card to pay your bill. A cash advance on your credit card is often more expensive than a credit card purchase, but still an option. Check with your credit card company to compare rates.
You could also borrow from a friend or family member. If you take inventory of your belongings, you may be able to sell an asset to raise fund for a pressing need. Some employers will also give an advance on a salary. Check with your human resources department for specific regulations.
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