Same Day Cash Loans
Same day cash loans are offered by loan providers who can fund instantly. These services are available to stores with a physical presence in the state you reside. The monies provided to approved applicants can be repaid by the applicant whenever the next paycheck comes in, but the terms of the loan will vary from one same day cash loan lender to another. If people find that they are in dire need of money, same day cash loans make it completely possible for people to get the money needed for whatever it is needed for.
When applying for same day cash loans online, an applicant can certainly expect to have to meet some requirements but there is a difference on when the funds are available. Online lenders need one business day where brick and mortar stores can deliver cash in hand the same day.
In general, the requirements for being approved for same day cash loans include the fact that the individual is 18 years of age, has been gainfully employed for a year, and that he or she has a checking account that is both active and in good standing. When filling out the application for same day cash loans, there are questions related to the latter mentioned requirements, and the applicant will need to provide banking information so that if and when the same day cash loan is approved, the monies requested can be conveniently deposited into the applicant's active checking account.
There is no hassle to face in terms of credit checks or collateral requests associated with same day cash loan applications. However, there are some same day cash loan lenders that demand that the applicant provide the company with a post dated check for the amount of the same day cash loan in addition to the fees applied to the loan. Still, the application process is completely painless and people can actually borrow as little as $100.00 or as much as $1000.00 when applying for a same day cash loan in most instances. First time borrowers may face a limitation on the amount he or she can receive from a same day cash loan: some companies limit the amount to $500.00 for first time applicants. After the loan has been completely repaid, if the borrower paid back the loan on time, it becomes easier to get higher amounts from a same day cash loan.
Repayment Expectations and Interest Rates
The interest rate assigned to a same day cash loan is a bit higher than traditional loan interest rates. The applicant must bear in mind that they are applying for an unsecured same day cash loan without collateral, so the lender is taking a bit of a risk for offering funds to the applicant.
Repayment terms vary and the applicant should carefully read all regulations regarding payment when he or she applies for a loan. Most same day cash loans have a repayment term of 14 to 30 days time. Extensions on repayment are available in some instances if needed.