These short term loans fall under the category of unsecured loans that means you get to avail the loans without pledging collateral. The loans are equipped to provide quick funds and are mainly aimed towards the salaried individuals. Just like the name refers, the loan amount is sanctioned within the same day i.e. in less than 24 hours.
In order to avail these loans, there are some eligibility criteria that need to be fulfilled. For instance, only those who are employed with a fixed source of monthly income are considered eligible for the loans. Along with it, the applicants age should be more than 18 years and that he/she should possess a valid and active checking account. Once the verification is complete, the approval comes instantly. In fact, the amount will be automatically transferred in to your bank account.
Through these loans, one can derive amount in the range of ?100-?1500, which then has to be repaid after a period of 14- 31 days. As these are short term loans, interest rate pertaining to the loans is slightly higher. But a determined research over both the traditional as well as online market will help you to get the loans at affordable rates.
These loans are also open to applicants with a history of bad credit, as the amount is advanced by the lender without any credit check.
Same day cash loans can be best availed through the online. Online application is completely hassle free and you get the best deals. Besides, on ensuring timely repayment of the borrowed amount, you will be able to improve the credit score.
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