The Quest for Same Day Loans

Situations that nobody plans for such as accidents, calamities and others of the sort can leave you feeling helpless in the middle of the month when you have not yet gotten your paycheck. This economy has proven it difficult for people to borrow money the traditional way. A lot of regular lenders will not provide you with cash at the exact same moment that you need it.

Same Day Loans Online

Same day loans are a type of loan that allows you to borrow money fast and regardless of what your credit score looks like. These loans are good for short durations and small amounts. You can use the proceeds to pay for items that you need to take care of before the next payday comes around. Some people also refer to same day loans as cash advances, payday loans, and quick cash loans. You can get between $100 and $1,500 this way.

What is the process of getting same day loans? This is extremely easy to understand and to accomplish. You should be able to see the proceeds of the loan in your bank account right after the application forms have been submitted. The great thing about these same day loans is that the application process can be done solely online and you will not have to leave your house or your office. The application process will start with you submitting the form online. Even the repayment of the loan can be done automatically as well. This means that the amount is transferred from your account to that of your lender’s as soon as the loan becomes due.

Again, the process of application is so simple. But there are some requirements that need to be met so you can qualify. Firstly, you need to be of legal age or 18 years old at the least. Only residents of the USA can avail of same day loans. You need a valid checking or savings account plus you need to have a job that earns you at least $1,000 per month.

If you are able to satisfy the criteria above, you are sure to have your application swiftly approved. To do this you have to fill out the form and provide your name, telephone number, home address, email address, banking details, and several others. The approval of the payday loan is done online so it should not be longer than one hour waiting to see the proceeds transferred onto your chosen bank account.

There are a few providers of same day loans who give loans to people who are unemployed. In case you do not have a job and you are trying to get a payday loan, you can do this provided that you are at least 18 years old with a bank account under your name which has been valid for the past 90 days. After this, the process of application is pretty much the same.

Another advantage to getting same day loans is that you can avail of them without needing a credit history check. People who do not have a good credit standing can trust that they will get approved for a payday loan. Most traditional loans will not get an approval without the borrower first having to go a credit check. The security held by payday lenders is your paycheck.

Availing of a payday loan can actually help you boost your credit rating. You will see that if you are able to pay off the loan on time, the credit score will significantly increase.

There are certain misconceptions about same day loans that you have to understand. Some credit providers out there are fraudulent and they paint a bad picture of legitimate payday lenders. You need to know what these misconceptions are so you can guard yourself against them. Read on below to find out what these are.

The first myth that we will tackle says that same day loans are nothing but scams. The truth is that every US state has a law requiring lenders to undergo a test to certify their operations and give them a license to operate within a particular state. These lenders follow rules set by the government and they will be severely punished if it is proven that they have been dabbling with fraudulent schemes. So the chances of a payday loan being a scam are very little.

The second myth that we will look at says that cash advances require you to undergo credit and background checks. This claim is entirely false. Most payday lenders will not require you to go through a credit check before they give you approval on the loan application. The approval of the lender will not be based on how your credit score looks like. Even people with bad credit ratings can avail of these same day loans.

The third myth is that getting a payday loan will only make your debt worse. The truth is that these same day loans are very useful tools in trying to get yourself in lesser debt. If you are able to repay the loan right away, you can improve your credit rating significantly and your credit report will reflect what you were able to do.

Myth number four is that payday lenders charge you hidden fees and interest rates. This is a very usual claim in the payday lending industry. But payday lenders are not allowed by the law to hide their fees and interest charges because they are bound by the Truth in Lending Act. This is a law that requires payday lenders, both offline and offline, to inform customers regarding their fees and rates of interest as well as any changes to these in the future. Everything that has to do with the policies of the company on lending have to be discussed on the website or on paper. To be a smart borrower, you have to be sure that you go through all the things written on the agreement or on the website of the lender prior to signing off on anything. This lets you familiarize yourself with the loan terms and policies plus you get a pretty good idea of how much you will need to pay when the loan becomes due.