There is always an ongoing debate as to whether the instant cash loans are truly of any help to the people or is it a means to extract money from them by the lenders in the form of repayment. Obviously there is no denial of the fact that the interest levied on the same day payday loans are much higher than the regular loans but there are many advantages of these loans which make them popular. The features of these loans are:
- These loans are very convenient as well as hassle free
- The loan amount reaches the borrower on the same day
- These loans are taken only for a short period of a week or two
- The loan amount sanctioned under this loan facility is not more than USD 1500
Due to all the above reasons, same day payday loans are gaining popularity by the day in US. You need not even get up from your bed while applying for a cash loan and your loan amount gets transferred to your account directly. As stated earlier, there is a heavy interest attached to instant cash loans. Therefore, we should think before we apply for the same day payday loans. You could opt for such a loan under the following circumstances:
Sudden Need: Even after planning your financials well, it happens sometimes that you face a sudden money requirement. This could be due to some medical problem, some immediate repair work that is required for your home or vehicle or it could also be paying of some bills that come after you have allocated your salary to all your expenditure segments. In such a scenario, opting for a regular loan process takes a lot of time and is not feasible all the time. The banks follow a certain procedure before sanctioning the loan and cannot expedite it under any circumstances. So, if you need money immediately, you have to opt for same day payday loans.
A bad credit History: If you have ever been a defaulter when taken a loan from any bank, you are termed as a defaulter. This stops you from taking any loans in the future. Therefore, even if you have time and you can wait for the bank processes to be over for you to get the loan, you are blacklisted and the banks, after checking your credit history deny from offering you any kind of loans. Therefore, for bad debtors, the only option left is to borrow from such financial institutions that do not do a credit check and give loans instantly.
Loan Requirement for a small period: It is said that the lending companies attach a high interest rate on their loans but if you do a thorough check, you will find out that these interest rates are mostly the annual rates. Therefore for those who need money for a short time, say till their next payday, can freely avail this same day payday loans facility and repay it on their next payday. If you are prompt in repaying your loan, it proves to be a very convenient help.
If you have any such reason to take a same day payday loan, do not hesitate to use this help and get rid of your financial crisis.
The article is a courtesy of Martha Beck who is an experienced writer in the financial niche. Her main focus is to provide knowledge to people on same day payday loans, budget, economy and related topic. She targets to provide valuable information to people and help them with her knowledge.