The answer is straightforward enough and, as their popularity increases, they have been used by millions in the UK alone as a short term cash advance, more often than not for when that unexpected expense has cropped up, seemingly from nowhere. With finances stretched so tightly these days in households across the country, payday loans have been the saviour of many before month end on tens of thousands of occasions.
Online payday loans are cash advances transferred into your nominated bank account usually on the same day that you request them – many online loan providers offer the service within the hour, some as swiftly as fifteen minutes! – but then do not have to be paid back until the date you advise the lender that you receive your salary.
You do, of course, have the option to stretch the repayment date beyond your payday, but that would only incur further interest by deploying this tactic. To get the best value payday loan to suit your circumstances, always be as honest and up front as possible with your information. The vast majority of the online providers are extremely understanding of individual’s circumstances and want to help their customers out. Quite simply, if they provide the best service, let the customer know exactly what they are getting and fulfil all of the promises they make, there is the likelihood that that lender will come back if they’re ever in need of a quick cash advance again in the future.
For many potential customers, however, it’s the thought process behind taking out a payday loan that is the big step. The considerations alone that either someone else will be aware of your circumstances as a result of you making that call or that you have to admit to a lender that you’ve come up a few days short this month often deters many who would otherwise jump at the opportunity of a financial leg up. Well neither need be a concern.
There are no phone calls; all of the transactions take place onlline. There is no danger whatsoever of anyone overhearing you or questioning your actions during work time as the whole process can usually be completed within a lunch hour. Certainly the application process and approval pieces of the payday loan jigsaw are swift to transact, even if the money may not actually enter your bank account until a little time later. Some lenders may ask you to prove your age and salary, too, but again, simple scanned documents often suffice without the need to raise co-workers suspicions,
Also worth noting is that, in the majority of cases, it is often not necessary to prove what you want the money for, simply provide the lender with the amount you want to borrow, any proofs they may ask for, the bank account details of where your salary is paid into (that is where they will both deposit the funds and collect the repayment) and the day you intend to have the money ready for said repayment in your account and that is suffice.
The ability to provide quick payday loans has helped many individuals and families who would otherwise not think of approaching a lender. It may be the British way to accept one’s circumstances, go into unauthorised lending on the overdraft and incur charges of up to £10 per day, sometimes more. It needn’t be that way – that’s what payday loans are here for.
Indeed, many people see a high APR interest rate and are scared off by that alone. What the borrower must remember is that those interest rates by law have to be quoted as an equivalent to an annual percentage rate. In the absolute majority of instances, tests have proven conclusive that payday loans, when focusing on the actual amount of cash incurred as interest, not any perceived interest rate, are cheaper than unauthorised lending, or, in layman’s terms, going over your overdraft limit. That does obviously depend upon the amount borrowed and the duration of the loan.
In summary then, when you ask what same day online payday loans are, they are swift, paperless solutions to temporary or unforeseen cash-flow issues, transacted on the same day as application, usually without credit checks and human interaction, payable back on the day you receive your salary, in some cases under the proviso that you can supply proof of age and employment status and/or recent salary history.
If that profile sounds like you, whether Billy needs knew football boots, Ruby wants that trip to France ‘coz everyone else is going’ or that annual bill simply slipped your mind and has got to be paid, apply for your same day online payday loan now. Quick cash, instant results, problem solved.