FAQ

• What are same day cash loans?
• What are the requirements for a payday loan?
• How long do I have to pay back the loan?
• How do I receive my cash?
• How quickly will I get my money?
• Do I need to fax anything in?
• What happens if I have bad credit history?

 

What exactly are same day cash loans?

A same day cash loan is the perfect way to secure cash immediately to help you through an unexpected financial crisis. These loans are typically small, unsecured loans that are to be repaid at the borrower’s next payday. Essentially, the basic idea is that you are writing out a check to the lender for the advanced loan amount plus some fee that is to be held until your next payday.

Same day cash loans are also known as payday loans due to the very nature that they are tied to your payday. These loans can also be known as a cash advance, fast cash loan, short term loan, payday advance and a multitude of other names. Regardless of what you call it, they all work the same way and are meant to help you through your financial emergency.

Rather than pay steep credit card late fees or pawn your merchandise, same day cash loans are a fantastic way to cover yourself when you need cash immediately.

 

What are the requirements for a payday loan?

The minimum requirements to ensure that you get accepted for a cash loan are:

• You have to be at least of 18 years of age
• Either have a job or some other steady income source
• You must have a checking account that has been active for the past three months

When you apply for a loan, the lending company will look at your application and evaluate it to determine if you are eligible based on its set of criteria. Typically if you meet the above requirements then you can be approved, however factors such as income, state of residence and past cash loan history may make an impact on how much money will be made available to you for the loan.

Sometimes your lender will contact you if they need additional information to approve your application. Each lending company uses their own proprietary criteria to determine the eligibility of an applicant and will approve you so long as you meet their criteria.

To ensure your best chances of getting approved, you should make sure to fill out the application honestly. For example, if you enter your cell phone number for your home number, it might make it more difficult to verify your information. If your cell phone is your only line and is used as your home line, then make sure to include notes to let the lending company know.

How long do I have to pay back the loan?

Typically you’ll be asked to pay back your cash loan on your next payday, however the majority of lenders will allow you to extend this period if necessary by assessing an additional fee.

Once approved by a lender, you will be directed to their terms of agreement where you can find specific directions as to when your loan is due and what happens if you need additional time to repay.

How do I receive my cash?

The loan is directly wired into your checking account by the lender.

How quickly can I get my money?

Your loan request typically gets processed within minutes so that the funds can be made available to you by the following business day once approved.

Do I need to fax any information?

During the application process you will not be asked to fax anything in.

What happens if I have bad credit history?

Your credit history doesn’t make any impact on your approval process, even if you’ve had to declare bankruptcy in the past. Rest assured that no matter what your credit currently is, if you meet the requirements discussed above, you can be approved.