When A Same Day Payday Loan Isn't A Sameday Payday Loan
Everywhere you go online payday lenders all promise the same thing: a same day transfer of funds
. However, its important to be aware of all the variables that exist in actually managing to qualify for a same day transfer. Despite the fact that some lenders promise this service, a number of them can caveat it from within their terms and conditions. For example, a lender may promise a 15 minute transfer of cash, however this depends on how quickly it takes them to process and actually approve your application. It also depends on whether they need further information to validate your application and whether or not you have the facilities to provide this information to them in a relatively quick fashion.
A same day payday loan is essentially one that is transferred to you on the same working day to which you submitted your application. Quite when you receive your loan however depends on whether the bank at which you hold an account can accept same day transfer payments from the payday lender in question. Same day transfers are a relatively new concept and some smaller banks are as yet not able to accept this form of transfer.
When applying for a same day payday loan its also important to be aware of how much it is likely to cost you to transfer the funds to your bank account the same working day. Some lenders charge an additional fee up to a value of 25 for this service and other lenders may include the charge within the cost of the initial loan always read the terms and conditions prior to applying for a payday loan.
Any request for additional information on the part of the lender can also unnecessarily delay your application many lenders promise that they do not require further information to validate your application however this will vary between applications. Its also important to note that the time at which you make your application can also affect how quickly you qualify for payment if you submit you application late on in the day then it is unlikely that will qualify for a same day transfer and thus you will have to wait until the next working day before you receive your loan.