Rent is due, so are the monthly bills and the insurance premiums. There is also a need to put food on the table. And that check still has not cleared. Sometimes you need cash, and you need it right away. At times like that, landlords and billing departments can be far from understanding. Thankfully, lenders who specialize in same day loans are here to help.
What Are Same Day Loans?
A same day cash loan is a payday loan which is available on the same day. These small emergency loans are available in small amounts, usually from $50 – $1,000. The loan is due back by a borrower’s next payday, or within 30 days. Some loans like installment ones, may carry a slightly longer term. One does not need perfect credit in order to qualify for quick loans online, as bad credit or no credit are acceptable.
The price paid for such speed and convenience comes in the form of high interest and fees. This usually equates to $15 – $25 for every $100 borrowed, which is the same as a 400% APR.
How Quick Is Approval on a Same Day Loan?
Approval itself can happen within minutes – it’s almost instant, but funds deposit depends on the lender and the time of the application. Some lenders may manage same-day funding only for a certain fee, and if an application is received by a certain time (i.e. 3 p.m. PST). It may take several hours to receive funds, but in some rare cases it may happen even in one hour. Again, this depends on the lender and the time of the loan application. Many lenders do not support same day loans funding and make transfers on the next business day.
An Example of a Same Day Cash Loan
Let’s look at how same day cash loans work with a quick example. Say a borrower is waiting on a check to clear, but rent and bills are due. The check will probably clear tomorrow, but the consumer will lose services and housing if the bills are not paid today.
The borrower needs $600 today. Applying online for a payday loan via InstantLoans24, he is approved instantly and the funds are then direct deposited several hours later, with just enough time to pay the rent and bills.
The loan is not cheap so he must pay $90 in extra fees within 30 days along with the original loan amount. This is a small price to pay however compared to the devastating financial and emotional costs of eviction. After the check clears, the borrower pays back the loan with ease. He keeps the apartment and the services, and life continues smoothly.
Same day cash loans are convenient, but they are not a substitute for income. Borrowers should only ever use payday loans for expenses they know they will be able to cover. They are intended for emergencies only and using them to offset chronically insufficient income will lead only to mounting debt through high interest and fees.
One more thing to be aware of is that there are quite a few predatory lenders out there waiting to prey on low-income customers. The best way to steer clear of these scams is to follow the responsible borrowing recommendations just given and to only work with reputable services, like InstantLoans24, who encourage those practices.
Same Day Cash Advance FAQ
Q: Who qualifies for immediate loans?
A: Any consumers who meet the minimum age of 18 years, have a valid checking account and provide a proof of income. There is no credit score requirement, so people with bad credit may apply for quick loans as well.
Q: What can a payday loan be used safely for?
A: Technically a small quick loan can be used for any expense. They are good for one-time emergency, like auto repairs, doctor’s appointments, moving expenses, and so on. Again, consumers who do not know where their rent is coming from each month should not rely on payday loans.
Q: What happens if a payday loan rolls over?
At this point, the lender provides an extension to pay back the loan for a cost, so expect additional fees.
Steps To Apply For Immediate Cash Advance Loans
- Apply through our site;
- Get the loan offer instantly;
- Sign the agreement online;
- Wait for the loan to be approved;
- Get the loan directly to your bank account. This may take anywhere from one hour up to one business day;
- Withdraw the loan and use it;
- Repay the loan by the due date along with the applicable fees.
That’s all there is to it!
Apply Through Instant Loans 24.net Now!
Ready to get the cash you need now? Fill in your email address and tell us how much you need to borrow in the form below. Then click on “Apply Now!” Act fast and you could have your cash today.