A Comprehensive Guide to Securing a Same Day Payday Loan
What is a same day payday loan? As the name reveals, it is a payday loan that gives you access to funds on the same day. It meets an emergency financial need for a short period. You can pay back the lender on your next salary date. How to get these types of loans? Here are the most essential things you must know about sameday payday loan.
Fundamental Requirements
All Canadian citizens who are 20 years of age or older can apply for these loans. At the same time, you must have a consistent monthly income. This income should be stable at least for the past three months. Reputed payday loan lenders approve the applications of Canadian people with a net monthly income of at least $1000. Further, you must receive your salary by direct deposit. These are the fundamental qualifications required for applicants.
Loan Amount and Tenure
Generally speaking, licensed payday loan lenders offer loan amounts between $100 and $1500. The automated system decides the eligible amount based on the documents submitted. The loan tenure is 14 days.
Application Process
You can submit your application for a sameday payday loan online. The documents can also be uploaded online. Trusted lenders use an automated system to check the eligibility and process the application.
Approval and Fund Disbursal
You don’t have to wait several hours to get a response. A decision will be made within 30 minutes or sooner. If the lender accepts your application, you must sign a loan contract. It should be sent back to the lender online. Once it is done, the cash will be deposited into your bank account on the same day.
Repayment Method
Trustworthy payday loan lenders use the auto-debit method for repayment. In other words, the due amount will be withdrawn automatically from your bank account on the payment day.
Use Sameday Payday Loans Wisely
Sameday payday loans can be used to settle an unexpected hospital bill or a car repair expense. Many people also use these funds for immediate travel expenses or paying off home repair bills. These loans are beneficial options if you use them to meet unavoidable financial needs for a short period.
The interest rates of these loans are higher than conventional loan products. Late or missed repayments lead to exorbitant interest rates and put you into a vicious debt circle. So, you must apply for them only if you can repay on time. Further, use them wisely to handle a financial emergency. These loans provide immediate relief for a short period.