Same Day Cash Loans
Same Day Loans
It is not difficult to get same day loans. Same day loans can be available in an hour of submitting your application.
Same day loans are typically payday loans or pawn broker loans. Both offer same day loans on the day the request is made. The payday loan is available through an application and approval process; however, since there is no credit check, almost everyone is qualified for a loan. A pawn broker loan is available through collateralized process where a borrower has an item to leave as collateral in exchange for the loan. The pawn broker will assess the value of the item, and it is usually anywhere from 30 to 50% of its actual value, to establish the amount of the loan. If the borrower returns and pays back the loan in the specified time frame, the item is retrieved. If the loan is not paid back, the pawn broker sells the item to recoup the cost of the loan.
Sometimes a payday loan company that advertises same day loans does not necessarily mean everyone who applies is eligible for the same day loans. The “same day” portion of the advertisement may mean those who have qualified for a loan previously and paid it back on time are now qualified to receive their loan the same day they apply, if they apply by a certain time of the day. Or the “same day” part of the advertisement may mean if the applicant applies before a certain time of the day, they will receive the cash that day.
It is necessary to read the fine print to determine the exact definition of same day loans. Same day payday loans offer the same interest rate as the loans that are approved within 24 to 48 hours. The payback time frame is the same, 7 to 30 days, and the penalties and fees are the same if the loan is not paid back within the required time frame.
There are some banks that offer same day loans. They are typically a version of a payday loan but the bank performs a credit check before approving the loan. Typically, the same day loans are available to current customers in good standing who have impeccable credit. The availability of the money is more a line of credit the customer can draw upon rather than a standard loan. The interest rates are a little higher than a standard bank loan, but are lower than a payday loan offered by a payday loan lender. These types of same day loans are often accessed through an ATM withdrawal. There is a payback time frame that is dependent on the amount of the loan.
Before taking out a loan of any kind, it is always wise to check the creditability of the lender. In the case of a bank, especially a bank you do business with on a regular basis, the credibility will be known. The payday lender and pawn broker is another story. Make sure the pawn broker is licensed in the city and town they do business.