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Do same-day loans really exist? Know about same-day payday loans :PaydayLV

For many of you, the idea of a same-day loan can seem like something good to be true. We usually associate loans with standing in a long queue and figuring out which papers to submit with our application, and usually, all these steps can take up to a week. So what is a same-day loan, and is it really true or just a sugar-coated myth. Let’s find out, shall we?

Everything you need to know about same-day payday loans.

What are same-day loans?

Same-day loans are typically associated with loans that get approved in under one day after applying. Payday lenders usually offer them, and the whole process is done virtually, saving valuable time.

Same-day loans, also known as payday loans, are short-term loans that are easy to apply for and get approved for as they require no credit check. An online loan requires no credit check, and anyone with a bad credit score can get a loan approved. They also do not require to pledge any collateral making it one of the safest loans out there.

These loans are meant for short-term use and often have a very low barrier to applying, meaning anyone with some basic requirements can apply for the same-day loan. For starters, you need to have a source of fixed income. This is important as your loans will not be approved unless your employments can be verified. Next, you will also need to be an American citizen and over the age of 18 to be eligible to apply for the same-day loan. And finally, you will also need to have a checking account to send the money directly to you. That’s it, with this simple requirement, anyone can apply for a same-day payday loan.

What are same-day loans used for?

Life is uncertain, and you do not know when an emergency can come up. Whether it’s an urgent medical issue and needs quick intervention or simply a long-awaited trip that you really want to go on, the same-day loan can be used for any emergency. Many traditional banks have strict policies, and you are only allowed to spend money on certain things. But here, in payday loans, you are not restricted from spending your own money as long as it is legal.

But the real use case of same-day loans comes with its ability to get quick cash during a situation that can potentially save you money. A quick example is credit card dues or any due for that matter. Not paying off a credit card due can potentially charge you a significant amount in late fees; in addition to that, you will also lose your credit score, making any future loans difficult to get approved for.

Another interesting use for same-day loans can be to invest in something that will potentially save you in the long run. A classic example that I personally employed is getting a coffee machine to cut off my daily expenses on coffee. This has potentially saved me quite a significant amount of money in the long run. Now, you may not necessarily have the same use case, but the idea is that same-day loans allow you access to money you need so urgently for something that will add value to your life. I once bought a PlayStation with a payday loan as I really wanted to have it; please don’t judge.

Interest and fees

Let’s talk business now. Many speculations are circulating the internet on the interest rates and fees associated with same-day loans. Many assume that as same-day loans offer so much value, they must have insanely high-interest rates. But in reality, many people fail to understand the main plot for these loans. Same-day loans are only meant for short-term use. When you take a small loan for $100 for two weeks, you may be subjected to $15- $20 as interest. If you calculate the interest rates over a year, you will have an insanely huge figure, but that is not how it works. These loans are meant for an urgent quick cash crunch, not for a long-term money problem. Think of it as giving a treat to your friend who had helped you during the time of crisis. Will it be too much to buy your friend a $20 meal, I do not think so.

 What if I can not pay off my loan?

Not being able to pay off your loan is never a good place to be in. Most lenders will not give you multiple short-term loans. But all is not lost, you can apply for a loan extension, and most reputed lenders will give you a loan extension. If you even cant pay off the loan in that time, you must look elsewhere to pay off the outstanding loan. But do note that there are regulations on how much a payday lender can charge you, so although you have to pay additional fees, you do not need to worry about losing a fortune. 

Do same-day loans affect credit scores?

In most cases, lenders report your credit status, meaning that paying off same-day loans will positively improve your credit score. Many people think that taking a same-day loan can be regarded as a serious financial constrain, and their credit score might be affected negatively by this. This is absolutely not true; taking the same-day loan has no different than taking any other bank loan, and there will be no adverse effect on your credit score if you pay off the loan in due time.

To sum up

Same-day loans are an excellent convenience that technology has allowed us to have. Through online, anyone can apply for a quick loan even with a bad credit score. These loans have helped thousands of people during the pandemic by providing them with quick cash during financial needs. Although the interest rates are a tad higher than traditional loans, the convenience same-day loans provide makes up for it. To apply for the same-day loan or to know in-depth about fees and interest rates, visit our website at paydayLV.