Same day payday loans have become more popular in recent months as they provide a quick, simple and easy way to access cash at short notice.
One of the reasons that the popularity of same day payday loans has grown is that they can be cheaper than arranging a formal overdraft at the bank and offer an alternative line of credit.
Similarly, the charges can be competitive when compared to expensive credit card charges for exceeding limits or letting the borrowing become 'hard core' as part of a rolling balance accruing interest.
Find out what you can borrow and what the charges are for a same day payday loan
Same Day Payday Loans - What they are good for...
Same day payday loans work on the basis of borrowing a relatively small amount of money (typically between £80 and £750) for a few days to help get you through a cash shortage during the month until you next get paid. Many people face unexpected bills or do not want to break into term savings but need cash quickly to tide them through.
Payday loans are usually repaid on your next payday – hence the name. That means that the typical period is less than 31 days (usually around 7 – 10 days) and can be applied for more than once in the year.
Read more about how same day payday loans work Whilst a satisfactory credit history helps speed the application process, even those with some problems in the past can apply as all information is considered as part of the application. All that is needed is a valid debit card on a UK bank and for you to be a resident of the UK to apply for a Same Day Payday Loan.
Same day payday loans can be rolled over if you do not want to pay them back on the scheduled date. Rolling a repayment more than twice may require you to pay off some of the balance but there is always someone to help and provide advice at the end of the telephone.
Funds can be credited to a customers' bank account on the day of application. This depends on when the application is received and the customers' bank clearing process. But all funds should be credited within 48 hours of a successful application. Repayment will be taken from the same account as the funds are credited.
Read more to find out if a payday loan is payday loan is right for you
The application process is straightforward. You only need to confirm your bank details, contact information and information relating to your job and salary. Most same day payday loan companies work on internet or telephone applications to speed up the process and keep costs low.
More information on applying for a same day payday loan
Charges for a same day payday loans can look high in percentage terms when you look soley at the APR, but low as a real amount.
This is due to the short period of the loan and the way that the Annual Percentage Rate calculation has to be shown. This assumes a loan for a year rather than just a few days. A typical charge for a same day payday loan is £20 per £80 borrowed.
In other words, if you borrow £80, you will have to pay back £100 at your next payday. This includes all administration and fund transfer charges as well as a cost of credit charge.
Same day payday loans are a flexible, convenient, easy and fast way to get cash quickly into your account without worrying about bank charges or fees.
Apply for up to £1000 via the Same Day Payday Loans website
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