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Sometimes life can put us in a situation when we need an immediate, but small, burst of cash. Life is unpredictable and sometimes things happen that we haven’t anticipated or budgeted for. If your washing machine brakes for example 3 weeks from pay day, and you only have enough clothes for two weeks. You may need to buy a new washing machine before your next payday.
Same day payday loans are a way in which you can do that. They allow you to borrow a small amount of money, resolve the pressing issue that’s happening (in this case such as buying a new washing machine), then pay that money back a few weeks later down the line once you’ve been paid again.
Many people have savings or a credit card to handle these situations, but not everybody does. Some of us live payday to payday and if something goes wrong then we may need a little help. Same day payday loans give these people somewhere to turn to if the worst happens. A safety net that will enable them to get back on their feet and start the road to financial recovery. This is especially important for those with bad credit who are in need of a loan.
As the name implies same day payday loans can be applied for, approved and paid into your account all in one day. Sometimes this can happen in a matter of hours or even minutes. Most lenders give a timescale of up to 24 hours.
This is just in case the loan request comes through at night or out of operational office hours. Meaning nobody would be there to consider and approve it. It can also depend on how busy the lender is on any given day too. But most direct lenders pride themselves in their loans being approved and paid in a matter of hours.
A cash advance is another way to describe payday loan. They work the same way and can be applied for online like a typical payday loan. The term advance simply means cash being provided with the expectation of being paid back at a later date.
All lenders conduct a credit check before approving a loan. Technically, there is no such thing as a no credit check loan’. However, most brokers do offer an application/quote system that allows a customer to test the water and apply without a credit check. If they are denied, then there is no risk or record on their file. But if they are approved, they can then go on and formally apply. Comfortable in the knowledge that they will likely be approved.
This is providing all the information they provided was accurate. The lender will always check, and if not, that could cause the loan to be denied and the customer to fail a credit check. But this provisional approach means the customer can find out if they are eligible without needing to risk a credit check before they apply.
When approved by the provisional check by a trusted broker, this also helps the likelihood of approval too. As the broker is someone the lender trusts to gather accurate information and approve customers. This means the lender is likely to too.
But this works both ways, the brokers, like us, only work with lenders who we trust. They need to be approved by the State, trading ethically and come highly recommended in order to make it onto our panel of lenders. Brokers like ourselves don’t just let any old lender into our circle of trust. They need to have a proven track record of helping customers. This means saying no to customers whom it wouldn’t be ethical to approve.
But also agreeing to help those who have been turned down for a loan by traditional lenders such as banks and credit card companies. After all, those with bad credit need somewhere to turn too in order to build their credit rating back up. We want to work with lenders who understand this balance and do everything they can to help customers and not just pursue profit from high interest rates.
All the lenders we work with are regulated by the government as well as audited by them every year to make sure they are trading fairly. We will not work with any lenders who don’t meet our high standards. Because of this any quotes we provide you are always come from legitimate lenders. We’ll also encourage you to visit their website and if you like, to read online reviews from previous customers to verify their reputation.
All the information you provide to us on your application is kept safe, secure and private. We do not sell or pass your data on to third party companies. If you decide not to complete your loan, then it will be like it never happened.
If however you agree to one of our quotes then at this stage we will need to pass your information to that lender so you can complete your application with them. This is only once you approve the loan and want to apply for it directly. If you then decide not to proceed, then once again your data will be kept private and secure.
One of the biggest benefits to payday loans, especially Same Day Loans are the speed and ease at which they can be obtained. Unlike traditional loans, the customer doesn’t need to make an appointment with their bank and plead their case. They can get a decision online, there and then. At least within a short space of time without leaving the house or their couch!
They also give the customer plenty of flexibility about how much they borrow. For example, a bank loan may require the customer to borrow a minimum of $1000 dollars to be approved. And pay it back over the next 32 to 48 months. The customer may not want this but accepts it because the need the money now. They may only need a few hundred dollars, then pay it back once they get paid. A payday loan gives this flexibility. They may get to pay it back over multiple paydays if they choose.
In order to apply a customer will need to fill out our online application form. But do so as accurately as possible. False information can lead to a rejection later on in the process. This process takes under 10 minutes.
Once the application form is filled in and submitted, we will then use our software to search the market and see what loans and lenders suit you. If none do, we will let you know, this may mean that you don’t match any lending criteria and may need to try again in a few months.
But most of the time, we will be able to find a lender (or several) who can offer you a loan. Even if you have had bad credit in the past. In fact, this is what many of the lenders we work with specialize in. They understand that they may be a lifeline for those with bad credit and therefore are more lenient than traditional lenders.
Once we have picked the best loan for you (based on the information you provided to us), we’ll then display it for you to read the details and see if you want to take it or not. We may have provided a selection and they may differ in terms of lending criteria. Always pick the one that you feel is most affordable and beneficial to you. One that you’ll be able to realistically pay back. If you decide none of the quotes are what you’re looking for, then you can reject them. You’re never under no obligation to go through with the loan if you don’t like the offer.
Once we provide you with a list of lenders, you can then review each one and see which suits you best. Once you decide on a loan you’d like to take you can click on the information provided and be redirected to that lender’s website. Here you can complete the application formally.
The lender may require some additional information but not always. Remember the lender has the final say on whether or not your loan is approved, but if all the information you provided was accurate you should be just fine. The lender will then get back to you within 24 hours and confirm your next steps, such as repayment.
To qualify for a payday loan, you will need to: