What Is a Same Day Payday Loan?
Quite simply, it is when you request a payday advance loan and you are approved the same day you make your request. It is not getting the cash in the bank the same day, this almost never happens. Why? Because most lenders, after reviewing and accepting your loan request must then discuss your terms and conditions with you (normally over the phone within 1-2 minutes of accepting your application) and then, if you agree, deposit the cash in your bank account the next business day.
Related Article: Fast Payday Loans: Things You Need to Know
How Do Same Day Payday Loans Work?
For almost all loan requests, it takes one business day to go through the process. Any exceptions? Yes, if you drive to a local loan facility, there are a few that will give you the cash the same day, but this is not the norm. Most operate like any other lender. And, individual stores have much less capital to loan than working with online referral services like CashOne who have over 100 proven lenders at your service. The results are twofold: much faster service and much better chances you may be approved for a loan… much better!
Sometimes your loan request may be rejected, but it could be for a variety of reasons. Generally, you may be accepted at a later date and should reapply about a week or more later. This is particularly true if you apply on a weekend or holiday. Fewer lenders work on these days, so your odds of approval are reduced.
What should matter to any applicant is using a fast, easy and safe process with the best odds of getting approval in a critical time of need.
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Things to Remember While Applying for a Same Day Payday Loan
Same day payday loans are not for everyone and should not be used as a budget tool. They are for emergency situations that require immediate cash.
- Be sure you understand and agree to all terms and conditions.
- Remember, you are under no obligation to accept any loan offer if you are approved.
- Always be sure you can pay back your loan, if approved, on the terms you agree to. This is usually your next paycheck.
- Do not apply at multiple online sites or storefronts. It will disqualify you from ALL of them.
- Always request the least amount of money you need, this will keep your fee lower and make it easier to pay back on your next payday.
- Never plan to make multiple payments as the fees are high for payday loans. Adding more fees will usually be a big strain on your budget!