Same Day Payday Loans

A same payday loan is basically what it says it is.  It is a short term loan that is used for emergencies.  They are usually used to hold the borrower over until their next paycheck.  You won’t always get the money the same day.  Sometimes it is possible if you apply and are accepted early enough but occasionally, you will need to wait until the next day.
Peyton received a ticket a few months before.  She put it in a drawer and forgot all about it.  When she went in the drawer again to find a pen, she also found the ticket.  She looked at the date and she had two days to pay it.  If she did not, she would end up losing her licence.  She panicked.  The ticket was for $150 and she had only $35 in her bank account.  She didn’t want to bother her friends or family with the problem so she went to the computer.  She had seen commercials on television and decided to try to get a same day payday loan.  She thought it would take all day to work on getting so she took the day off work.  She had no idea that it would take ten minutes.

What are the Requirements of a Same Day Payday Loan?

The requirements of a same day payday loan are rather simple.  They are no where near as complicated as a bank loan.  The first requirement of a same day payday loan is that the borrower is at least eighteen years old or over.  That was fine for Peyton, she was thirty-three.  Another important requirement is that the borrower have a source of income.  Most companies require that the borrower make at least $800 per month, but some require $1000.  

There are several different sources of income that are acceptable.  Wages from a job, unemployment, child support, temporary disability insurance name a few.  There are also a few different sources that are not accepted.  Social Security in a child’s name or someone elses name and state welfare are a few.  Whatever your source of income, you are required to have the income direct deposited into your bank account.  A bank account is required and it must have been open for at least ninety days.  Peyton met all of these requirements so she was able to move on.

How Does the Same Day Payday Loan Work?

The same day payday loan is rather simple.  First Peyton has to choose a loan amount.  Most companies offer between $100 and $1000.  Once she chose her loan amount she checked the table to see what her loan fee was.  The loan fee is the charge for taking out the loan.  The fees are usually close in cost from company to company.  The standard rate is $18 to $20 for a $100 loan and $180 to $200 for a $1000 loan.  Once she did that, Peyton had to decide how long to keep the loan out for.  Most companies offer the same loan lengths.  She could choose from either 7 to 14 days or 14 to 21 days.  Since she was only borrowing $100, she chose the 7 to 14 day option. 

If the money was not in the bank when the loan was due, she would have to take out and extension.  With an extension, she would be given an extra week to repay the loan.  She would, however, be charged another loan fee.  She read on and found out that if after three extensions, she would have to pay a penalty.  The penalty amount depends on the amount of the loan.  If the loan is for up to $599, the penalty fee would be up to $50 plus another loan fee.  If the loan were $600 or more, the penalty would be $100 plus another bank fee.  Each week after that, if the money was not in the account, the borrower would continue getting penalized and pay the loan fee.  Basically if the loans weren’t paid back on time, it would cost Peyton a lot more than she could afford.

How Do I Apply for the Same Day Payday Loan?

Applying for the same day payday loan is not as difficult as Peyton thought.  She could have gone to work and applied during her lunch break, that’s how simple it was.  On the first page, she filled out her  personal information such as her name, address, telephone number and social security number and source of income.  She also had to enter all of her banking information.  On the second page she was required to choose her loan type and length of the loan. 

After she entered all of her information, she had to wait thirty seconds while the system computed all of her information.  Soon, a box popped up on the screen telling her that she was accepted for the loan and that she should print out the next two pages.  The first page was the terms of the loan and everything else that she read before applying.  Also, the first page gave a fax number requesting that she fax over her most recent bank statement and a voided check.  It also stated that she should sign the second page which was a loan agreement and fax that as well. 

When will I get my Same Day Payday Loan?

Although it is called a same day payday loan, very seldom does one go through on the same day.  Occasionally they do.  If not, as long as the application is submitted and the papers are faxed by 7:00pm EST or 4:00pm PST, the funds will be in your account the next day.

How do I repay my Same Day Payday Loan?

It is not necessary for the borrower to do much to repay the loan.  All Peyton had to do was make sure that the money was in her account on the due date.  The lender would electronically withdraw the money.