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Life doesn’t always go to plan. Car breakdowns and boiler repairs are some of life's inconveniences that we cannot predict or ignore. If you find yourself in a financial emergency, a same day loan may be the answer to your prayers. It is quick and easy to apply for a same day loan so you will be back on your feet in no time.
A same day loan is offered to individuals who need a quick financial fix to an unexpected pay-out.
When you have an urgent bill to pay, an application for a same day loan can be approved within a few minutes and you will get the money within 24 hours. Unlike the more traditional loans from banks, they do not involve a lengthy application process.
Simply apply online, and if approved you will receive the funds that very same day!
A majority of lenders provide online application forms to their customers. When applying, you should ensure that:
To qualify, you must meet the above requirements. The lender will ask for some employment, financial, and personal information from you. Such as a valid email address, phone number, and details of your debit card and bank account.
Before going ahead, make sure you understand what you are getting yourself into. It is recommended that you first read and understand the terms and conditions of the loan. If you do not understand the terms in the contract, you should contact the lender for clarity.
You should also check the amount offered. Choose a lender who can offer you an amount that will be enough to cover your emergency costs.
Most same day loan lenders will charge between 2% and 3% processing fee. You should take note of the processing charges. This amount will be deducted from the money that you receive. You should also find out if there are any other charges before applying for it.
Applying over the weekend? Check that the lender will transfer the money on a weekend day. Some lenders will only pay-out on the next working day.
The main difference between payday loans is the loan term and the amount of loan that a person is borrowing. This will all depend on the lender and the person borrowing. The competition among lenders shows that these loans are in demand.
Some of the same day loans are ideal for individuals with good credit scores. Some are better for those with a bad credit rating. Others are best-suited for those without guarantors. Compare same day loans online and find the best one suited to you.
You can either apply for same day loans online or in person. If you prefer to apply in person, the application process will be different from the one done online.
When applying for a loan in a high street lending store, customer care may help you in filling out your form. Most borrowers prefer to apply online because it is more convenient.
You should receive a payment schedule indicating when the payments are due. If you apply for a loan over a period of three months, you will need to make your repayments for at least three months after the day when the loan was approved.
You may choose to repay the loan earlier or make extra payments to speed up the process. Speeding up the repayment process will clear your debt faster. It can also reduce the interest fees that you pay. We would recommend that you check your agreement before making those early payments.
You can find quite a lot of reputable same day lenders. They do not always perform a hard credit check however you will need to prove your ability to repay the loan. You may be considered a high-risk borrower which in turn may lead to you paying a high-interest rate. It's good to do market research before taking out a loan. You may find out there are lenders offering loans at a lesser interest rate than others.
If you make on-time payments, your credit record will show that you have repaid the loan. Unfortunately, if you fail to repay the loan on time, your credit record will show missed payments. This will affect your credit history.
If you are unable to repay the loan, you should contact your lender. Sometimes they offer an alternative repayment method. You can also make payments using your credit card.
Same day loans can be a lifesaver in financial emergencies, however, there are a few things you should consider before borrowing.