The first day of the month is the day when I feel like the queen of the world. For one week I usually don’t have to stand in a store and think maybe I should not buy that. However, as this first week passes away so does my title of queen and the ability to splurge. I am sure all of you must have been in this situation, especially at the start of your careers.
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These minor financial hurdles usually do not want you to take loans and are actually a learning experience from which you can learn how to spend smartly and manage your finances. However, when you are short of cash and some emergency arises then what do you do? Emergencies can be of any type serious like something medical which is not covered under insurance or even something like a boss throwing a party for which you need to buy a present.
The first thing that will occur to you at this time is to borrow the cash you need. Borrow from family or friends and either listen to a long lecture about how you should save better or face judgment from them for a never-ending time. Trust me when I say this, you have another option which you can opt for without even telling anyone. This option is called a payday loan.
To put it in simple word as same day payday loan is a loan which special financial institutions offer to folks in need and expect them to pay it back as soon you get your next paycheck. The rules and regulations can be different for each lender, however, these are regulated in almost all the states of the United States. These regulations are provided to protect the consumer as these loans have a high rate of interest and if you borrow from an unauthorized lender you may end up in a loan trap.
Some basic things you need to know before going for this loan:
- Amount – The amount offered in a payday loan is usually small. It will most likely be a percentage of your monthly income.
- Tenure – Two to four weeks generally, however, the lender may extend it further as per state laws.
- Interest Rate – Interest rate is high and if you extend the loan or go for a higher tenure, you will end up paying more interest than what you have borrowed.
- Documentation – This is the best part of these loans. They have minimal paperwork and most lenders only need your identity information and how much monthly salary you have.
Based on this information you can look for a lender and apply for a loan. The best part of these loans is that they are now available online, and you do not even need to move from your couch to get the money. All you need to do is find an online lender, fill a form and hit apply. They will ask you to upload some basic information regarding your identity and monthly income.
Most of these lenders will process your loan within the same business day, and before the day ends you can get the money you need in your account. The time of processing will depend on how much amount of loan you have asked for and also how long your bank takes to process such loans.
However, in most cases, you can get the money on the same day through online payday loans. With so much flexibility they are definitely a great financial tool we have these days to solve our short-term and small financial issues.