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Same Day Payday Loans Guide

By Edited Oct 27, 2013 0 0

Same day payday loans have entered the financial help arena with a bang. Easy to find, they certainly have been helping many folks manage their emergency expenses quickly. Besides providing no frills, no hassle assistance when needed, the same day payday loans give some peace of mind to millions of borrowers daily. A same day payday loan can help meet unplanned for expenses, pay for an emergency bill, or cover your checking account if you anticipate that your will be accidentally overdrawn.

Find these loans online or at your closest brick and mortar store in the neighborhood. The process for obtaining the cash advance is basic and simple. Often you will see the hook of "faxless same day payday loan" used in advertising. You receive your money either on the spot at a local storefront lender, or as fast as an hour when borrowing from an online lender. Repayments are generally done in the same manner as the lending, that is, you take cash back into the storefront lender, or an electronic repayment is done on the due date for the online lenders.

To qualify for a same day payday loan, requirements include having a job or regular income, such as monthly retirement checks, and you must have a direct deposit banking account. Most require that you be an adult at least 18 years old, and you need to provide some identification information. However, there is no need for a credit check, because you are not applying for credit. What you are asking for is an advance until your next payday. Your collateral is your written out check, or the ACH withdrawal permission form.

The interest rate or fee for this type of loan can be astronomical, and that is why it is necessary to shop around for the best deals. Sometimes the loan period is a set time, like 7 days, or 30 days, or until your next pay date. With some lenders, you can select the time period you need by days, anywhere from 7 to 30 days. APR percentage rates can vary from low rates like 356% to over 2000%. The typical fee for a same day payday loan online is normally somewhat higher than the fee for an online loan that takes a bit longer to receive. Average fees for online lenders run around $15 to $25 per $100 borrowed for the normal "until next payday" loan. From a storefront lender, fees are the same all the time, running about $15 per $100 borrowed.

To compare rates for online lenders, simply browse around and look for rate information. If necessary, you usually can call them on a toll free telephone number. Call your local neighborhood storefront cash advance stores to ask about their loan rates. There will be a greater variation with the online lenders. When working online, be sure that the website is a secure website, and look for the small gold lock icon on the webpage. The fees, while hefty, can usually be less than some bank fees for overdrawn checks, or late credit card payment fees.

For identification, at the storefront you will be asked to show your driver license or other proof of identity, last pay stub, and you will need to provide a recent banking statement. These will be copied and put into your file and kept at the store. Online, you provide this information on their application form. It used to be necessary to fax copies of your identification papers to the online lenders, but many have dropped this requirement and are "no faxing" lenders.

If you are working with a storefront lender, you go in to get your loan, and when approved on the spot, you receive your cash immediately. If you borrow online, the loan amount will be electronically deposited into your bank account and becomes available quickly, usually in a hour or same day. To repay the storefront loan, you must go into the store with cash and make your repayment. At that time, you will be returned the check you wrote when you made the loan. For online loans, repayments are done automatically, using your ACH withdrawal permission form, so you do not have to do anything. Online loans can save you time and gas money because you do not have to go to a store, nor do you have to visit the bank to get money from or into your account.

Although credit checks are not done for most same day shor term payday loan, the lenders do have access to a source to tell them if you have other same day payday advance out, or if you have defaulted on previous payday loans. If you have more than one other loan, or you have defaulted, you may be turned down. Like all financial services, it is important to make on time payments or have the money in your account when the ACH is due.

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