Has an emergency cropped up and you need cash like yesterday? Are running low on cash and the pay day is just a week or two weeks away? Are you looking for a hassle free way through which you can get access to small credit without having to deal with the complexity and bureaucracy of high street banks? Well, you need to consider going for a same day loan. This loan product from the sound of its name allows you to get access to small amounts of money within a couple of hours after making an application. It is no wonder that it’s a favourite of salaried individuals running short of cash before the payday. So what are some of the outstanding features of same day loans?
- Cash is availed within the same day
There is no doubt that this is one of the major attraction or rather obsession with same day loans. The fact that a person can get access to the cash they need within the same day of application is something that has soared the popularity of same day loans through the roof. The simplicity of the application process coupled with the fact that there aren’t many formalities and a lot of paper work as is the case with traditional loans is what makes it possible for same day loans to be processed within the same day.
- Purpose of loan disclosure not required
For same day loans, you don’t need to disclose the reason as to why you are applying for a loan. What this means is that you can apply for this type of loan for any purpose be it to keep you going through to the next pay day, for garage repair, repair of leaking roof just to mention but a few. It is one of the reasons why most people find it ideal whenever they run into cash problems.
- Convenient online application
So you are busy and have no time to physically avail yourself to a brick and mortar office? Worry not as one of the highlights or rather selling points of same day loans is the fact that you can apply for it online from the convenience of your home, office or even vacation house. It only takes a few minutes and you can be sure of getting cash within a couple of hours.
- No collateral required
Considering that it’s a short term loan usually repayable within a month, same day loans do not require that you provide security. The loan is usually repaid when a person receives their next pay check. The lack of collateral and the fact that lenders shoulder great risks explains why same day loans attract a rather high interest rate compared to traditional loans.
In light of the above, it makes perfect sense why same day loans are popular with many people. However, a person should always perform due diligence before making an application to ensure that they perfectly understand the terms of the loan as well as how it will affect their finances going forward.