subject: Same Day Payday Loans - Advantageous For All Your Financial Needs [print this page] Same day payday loans can help someone get money in their pocket on the same day when every other option has been exhausted. With unexpected illnesses, missing work or family emergencies, or a bill that is higher than usual, a loan of this type can support anyone from falling behind.
Same day payday loans are short-term advances that usually last no longer then four weeks. One can apply for them through the Internet or nearby loan store. Approval is comparatively easy, since there is not a credit check in most cases, and most lender gives approval in less than one day. Some of these loan companies transfers the funds to the requesters bank account overnight.
If an individual is a week or two away from his salary day and is in need of cash, same day payday loans can be helpful. This credit is short term and unsecured, and borrower has to repay back funds on next pay day. If the borrower is unable to pay back the borrowed amount on time due to unexpected circumstance, it is possible to extend to extend the repayment period of the credit. But for that he has to pay high interest fee usually doubled on the second time.
There are many loan companies that will allow their clients to extend payments more than once, but usually no more than five times. The annual percentage rates for same day payday loans are much higher than conventional financial institutions. This is due to the fact that these credits are so fast and convenient and do not require a credit check or any type of collateral. If an individual does acquire this loan, the Annual Percentage Rate will likely be anywhere from 400 to 1000 percent.
If used ideally, same day payday loans can help someone avoid bouncing checks or keep them from feeling embarrassed by asking for money from family or friends. If the loan is paid back immediately, the high interest charges can be avoided, and the borrower will not get caught up in the refinancing circle.
by: David Warner
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