Same day cash loans are the latest and the fastest variety in the burgeoning payday loan fold. It is usually given to salaried people, especially those in the lower rung of salary hierarchy who often find themselves facing unexpected mid-month financial crisis. These amounts are given for a short span of time, either two weeks or one month. The specialty of this kind of loans is that it is processed in ultra quick time and the money gets sanctioned the very same day. The interest rate is generally higher: normally $25 per $100 or an annual percentage rate (APR) of 650%.
How To Get?
There are several financial companies functioning in USA that provide same day cash loans. One can easily find such companies on the internet through a simple search using Google. Some of these companies allow people to apply online through the website, if they are unable to submit the application directly in person. While in the case of some other companies, the applicant is required to submit the application via fax. The loam application should contain name and address, job details supported by salary slip, social security number and bank account number. Some companies demand the submission of post-dated checks too.
The companies that provide same day cash loans have adopted efficient methods to process the loan application and transfer the money into the applicant's bank account. That is if the loan is sanctioned on the same day of receiving the application. Some companies perform a telephonic verification of data provided by the applicant. Some other companies have access to certain online databases that store the details of financial activities of most of the people. Usually people who avail such loans have exhausted all other borrowing options. So collecting their details is relatively easy.
Pros And Cons
The first and foremost advantage of same day cash loans is that one can lay hands on the money within hours of submitting the loan application. Also, it is without any cumbersome procedures. But the disadvantage of this loan obviously is its interest rates. They vary from a minimum of $15 per $100 to a maximum of $30 per $100. When one translates these short-term figures into annual interest rates, we get an average APR of 650%, and the default interest is even higher.