Quick — you are out of cash and your pay check isn’t due till next week. You mixed up the days and forgot to refill your prescription. What are you going to do?
Get a loan, of course.
But isn’t this a little extreme?
No! You are probably wondering what this has to do with taking out a loan, but we are not talking about just any loan. When in financial trouble, the answer to your troubles is same day loans.
The name itself tells you how this loan works. You get a loan on the same day you apply for it-no muss, no fuss! Let’s have a look at some of the advantages this loan offers:
Easy to Access
As we said — same day loans are pretty easy to get. Nowadays, you can go online and get a loan within 24 hours, 7 days a week. This type of loan is popular because of its flexible terms.
Low Eligibility Criteria
If you are 18, have a social security number, a consistent source of income and a bank account, then you are eligible for this loan. The most important qualification criterion for the same day loan is steady income. Lenders need to know that you have the means to pay back the loan and there’s a reason for it. This brings us to our next advantage:
If you are not able to pay the loan on time, you don’t need to worry about the lender seizing your property. Same day loans don’t require collateral, which is why they are also known as unsecured loans. You don’t have to put up anything in exchange for the loan. However, in some cases, lenders ask for access to your bank account. This way, if the repayment date passes and the loan aren’t paid, the lender seizes the cash in your account.
Credit Score Doesn’t Matter
Did you know that the same day loan is called a “bad credit loan”? It’s because lenders don’t fixate on your credit score. Their main concern is income. It tells them how quickly you will be able to pay back the loan. It also allows them to set the terms in the contract. So, if your credit score is below 500, then don’t worry because you won’t be turned away from the same day loan.
High and Low Amounts
Perhaps, you just need $300 for the electricity bill and groceries or maybe $1,000 for a medical procedure. Such a low loan amount can only be obtained through same day loan options. The low amount allows you to borrow a certain amount of cash so that you don’t overspend and go into debt.
Think of same day loans as your backbone for being financially independent. You don’t need to borrow money from your friends or family and feel guilty about it. If you find yourself in some kind of trouble and are out of cash, then you can get the same day loan to fix the mess. In fact, if you want cash for recreational purposes, then you can opt for this loan!
Few requirements, flexible terms and instant cash… what more do you need? These advantages are what make the same day loan so special.