Salaried class of people often comes under the pressure of borrowing money whenever urgency crops up. But knocking at the doors of friends and relatives may not result in timely loan. In such a scenario, same day loans can provide you instant monetary help. The main feature and advantage of same day loans is that the loan approval comes instantly and therefore the lender transfers the loan amount electronically in the borrower's bank account the same day. The borrower thus can put the loan to any use instantly. For instant medical bills can be paid the same day through the loan.
are also known as payday loans. The lender approves ?100 to ?1500 depending on your monthly salary. The loan repayment time is very short ranging up to two weeks only. So you are required to repay same day loans when you get next paycheque. But you also can extend the loan for few more weeks which involves paying the lender's fees first.
Lenders take no security from the borrowers in offering same day loans. However for sort of ensuring safe and timely return of the loan, some lenders may ask for a post dated cheque from the borrower. Post dated cheque includes the borrowed amount and lender's fees.
The only criterion for approving same day loans is that the borrower must be a regular employee and he or she must get a fixed salary per month. The lender prefers borrowers who are an employee for last many months. Apart from it, only borrowers at least 18 years of age are eligible for the loan. Also, the borrower should have an active checking account in a bank.
But one disadvantage of same day loans is that it is a highly costly loan for salary dependent people. Lenders tend to charge high fee on same day loan as these are very short term loans and lenders have risks as well. However the relief is that each lender has different fees enabling the borrower to take the loan at lower fee.
Same day loans are approved without any credit checks. So bad credit borrowers can avail the loan without any credit enquiries and that too instantly. On paying the loan in time, bad credit people can improve credit score as well.
