Same Day Payday Loans Without Hassle

by: Emeka Ezidiegwu


Although there are less requirements and less paperwork than most other loans, there are still some requirements to apply for a same day payday loan. You will need to be at least 18 years old, have a reliable source of income such as a job, unemployment, child support or disability insurance. Your monthly income will generally need to be between $800 and $1,000 and you will need to have a bank account that has been open for some time, usually three months. You may need to supply pay stubs, social security card and driving license to have the loan approved.

Despite the name, you may not receive your money the same day; it depends upon the company's policy as well as the time of day you apply, although generally the money is in your account the same day or the next day. The money you borrow is deposited in your bank account -- usually an amount between $100 and $1,000 --once it is in there, you are free to use the money for any purpose. You are expected to pay back the principle and interest amount the next time you get paid, usually within a couple of weeks.

The biggest disadvantage of a same day payday loan is the cost of getting the money, in the form of the high interest rates. The interest rate on a payday loan can be anything up to 300% -- far higher than any other type of unsecured credit. Typically, you are paying up to $25 for every $100 that you borrow; there may also be penalties if you don't pay it back on time when you get paid. Interest rates are high as most applicants for a same day payday loan are considered high risk by the lender.

Even easier to apply for is a no fax same day payday loans. These are quicker and easier to apply for as you don't need to fax any documents to the company who is lending you the money. The application is approved almost immediately and money is often available much sooner, often the same day. As with a regular cash advance, there is no credit check and you will need to have your bank account details. The interest rate may also be higher with this kind of same day payday advances.

You should only consider taking out a same day payday loan as a last resort. Always check around and compare interest rates; the increased number of companies offering this service has meant that rates are more competitive -- but you are still paying a lot for the convenience.