If you are used to the idea of loans taking forever to arrange, same day payday loans may sound like the answer to your problem.
How can they be so quick?
If you only want to borrow some money until your next payday, then you clearly need the money quickly. Accordingly, you may not have time to hang around for a few days waiting to see if a bank or building society wants to lend you the money you need.
Payday lenders may appreciate this fact, and have set up their systems to be as speedy as possible. Some can offer a same day service because their application forms may typically be short and online, they typically check your identity electronically, they may not do a full, in depth credit check, transfers of money may be electronic.
As you can see, the procedures listed above can be carried out the same day that you make your application. In fact, they may even be carried out within the same hour. If that is the case, your application may be completed, processed and the money transferred within just a few hours. Same day payday loans are a reality, not a gimmick!
What about repayment?
At the outset of the application, the lender’s website should generally tell you how much you will be repaying. Depending on the lender’s policies, there may be an interest charge, a bank transfer fee and an extra fee if the loan has rolled over for another month.
Whilst the annual interest rate may also be displayed on a payday lender’s website, the figure that may be more relevant is the actual amount that you will pay back. Looking at the annual interest rate (often called APR – annual percentage rate) is like calculating the annual cost of staying in a hotel. You only want to be there for a night, so the amount that the room would cost for the whole year is irrelevant.
Given how quick and easy same day payday loans are to apply for, it may not surprise you to learn that they are also typically easy to repay. Usually, the lender – who already has your account and card details from when he transferred the monies to you – will typically withdraw the pre-agreed amount on the agreed day (normally on or around your next payday).