Almost everyone has financial difficulties at some point in their life. Not everyone comes from generational wealth and has to work their way up to success. However, the expenses of daily life can often swiftly add up, and an emergency such as a medical emergency or repairs to our homes can put a dent in our already limited budgets. In this scenario, most people reach out for loans or financial assistance.
Despite there being a number of lenders and financial institutions in the market today, people are often reluctant to lend money to those who need it the most! This is even more so the case when the potential borrower has a poor credit history. In such circumstances, people often feel the pressure and burden of their financial situations and feel helpless. However, same day loans from slick cash loan can help tide over any sort of financial trouble that you may face, easily and without too much hassle.
What is a same day cash loan and how will it help me improve my financial situation?
A same-day cash loan, or an instant cash loan, as the name suggests, is a loan that helps you get money quickly, usually in a day. This is also the case for individuals with poor credit histories. This is usually considered an ideal solution for those who need a bit of liquidity to quickly tide over a crisis, especially for those situations such as home repairs, medical emergencies, or other contingencies that have not been factored into your budget.
Same-day cash loans are ideal for low-income borrowers and those with poor credit history because they offer a cash-flow solution when money is tight. For example, per the data released by California’s Department of Financial Protection and Innovation, most people who apply for same-day cash loans are those who have a low annual income, often less than $30,000, annually.
While a lot of people are under the misconception that instant cash loans or same-day cash loans are extremely high in terms of interest rates, it is more to do with the company that you are choosing to avail of the loan from. Therefore, if you are planning to opt for a same-day cash loan, it is important to choose the right lender and read the terms of the loan properly prior to availing it.
Same-day cash loan – a primer for the uninitiated
As mentioned above, a same-day cash loan as the name suggests is usually granted within a short period of time and for small amounts. The interest rates typically tend to be slightly higher than traditional loans, but that is because instant cash loans are available to those who have bad credit histories as well. Here are some types of same-day cash loans that are commonplace in the market today:
- Payday-related loans: Sometimes, we completely run out of money before our salaries can be credited into our accounts, and this makes life complicated. We may get delayed on payment of rent, we may be unable to afford groceries, or even pay for fuel. In such circumstances, a payday loan – which, as the name suggests, helps you hold on till you get paid is an ideal solution.
- Pawned loans: If you have some article which you think is of good value, another loan that you can consider is a pawn-shop loan. You can pawn the article and borrow some money.
- Loans for those with bad credit history: A lot of people find it challenging to avail of loans when they have bad credit histories. Lenders look at them as unreliable borrowers and therefore refuse to offer financial assistance. However, the very idea of same day cash loans is for people with poor credit histories. Therefore, if you find yourself needing funds on a short-term basis, same-day cash loans are the ideal choice.
How exactly do same-day cash loans work?
In the United States of America, same-day cash loans are a very popular option, with millions of adults choosing to opt for them. They are usually for small sums of money, ranging from very small denominations up to about $500, typically. While most people think that the interest is high, they are usually shown as a percentage value of the total sum borrowed. The interest rate varies depending on which lender you plan to avail of the instant loan from.
Fees and interest for same-day cash loans in the United States vary depending on which state you are located in.
What is the process for me to avail of an instant same-day cash loan?
Here are some of the factors that you need to take into consideration and keep in mind while opting for a same-day cash loan.
First and foremost, you will have to submit an application for a same-day cash loan. While these loans do not typically require good credit histories or a credit check, you will need to provide typical documentation requirements such as an ID card, social security details, proof of income and proof of address.
Some lenders in the USA may also require you to provide a post-dated cheque or an automated clearing house authorisation for your account, in the event that you are borrowing money. Once you have completed the requisite formalities that your lender requires you to finish, you will receive the funds in your bank account. The best thing about a same-day cash loan is that the processing time required to transmit the funds into your bank account is extremely short, and therefore you will have access to the funds swiftly without undue delay.
Should I opt for a same-day cash loan?
Each person must determine what sort of loan is ideal for their situation. However, if you are someone who earns a limited amount of money, does not have emergency savings, or needs some funds urgently to tide over a crisis, then a same day cash loan is an ideal option. Further, for those with poor credit histories, a same-day cash loan can be extremely beneficial because these loans, as mentioned above, do not typically require any security and do not require running credit checks either.