How it Works

What is a payday loan?

A payday loan allows customers to get cash for a short time period against their next paycheck. A customer with an active checking account, direct deposit and a job can receive funds in their account in as little as one hour.

How to Get a Payday Loan

Your loan is just a few short steps away. Same Day Pay Day helps you find the right lender and the loan that's best for you. Remember, credit history is not a problem - so whether your credit is flawed or flawless - take advantage of our reviews and information - to find the right lender and the loan you need. We'll always do our best to help you find the right payday loan services.

1) Fill in the simple online application

This application is easy and secure and is your first step in getting a cash loan. Depending upon on how you qualify you may receive up to $1500.

2) Get the cash you need in as little as one hour.

Once your loan is approved, most lenders can deposit money into your account in less than one hour. In other cases or on the weekend, the cash will be deposited the following business day.

3) Use the emergency cash however you wish

Make sure to have the money available on your due date and everything takes care of itself. How easy was that?

Legal Status of Payday Lending by State

Since they are small loans, payday loans are subject to state regulations. In many situations, states will cap small loan rates to 24 to 48% annual interest and require that the customers are able to make installment payments on the loan. Many states also protect consumers through criminal usury laws. New York, for example, has a criminal usury cap of 25% annual interest.

In some states, the laws exempt payday lenders from small loan and usury caps. In these states, licensed payday lenders can charge as much as they want for their interest rates.

Prohibited by Small Loan Laws or Usury Caps

There are currently two territories and twelve states that have the small loan laws or usury caps that eliminate the ability of payday lenders to charge triple-digit interest rates. Arkansas has a special situation. While the state constitution caps any rates at 17% annual interest, the laws also permit check cashers to make one time payment loans if they hold a check. Whether or not payday lending in triple-digit interest rates is going to be considered constitutional in Arkansas is currently being challenged in court.

Authorized by Specific Payday Loan Laws or Licensed Lender Laws

These are the states that have created special laws that allow payday lenders to offer loans based on checks written on consumers' bank accounts at triple-digit interest rates. New Mexico and Wisconsin do not explicitly allow payday loans, but licensed lenders can charge any rates they choose according to the laws in these two states.