A same day loan is a short term personal loan that helps you access funds instantly in the same day of your application. It is an Unsecured Loan and offers you small amounts. Same day loans are very essential in situations when you need cash instantly. Given that life is full of uncertainties and you don't know when you will need immediate cash to fulfill urgent requirements, same day loans can be your real savior. A regular personal loan normally takes longer time to get approved. So, it is not possible for you to wait for such funding during emergency situations. That's why many borrowers prefer to opt for same day loans when it comes to emergency. Even a customer having a bad credit history can also apply for this loan and receive cash. Normally, there is no credit check applicable for this loan. However, it depends on your lender. Certain lenders may be interested in checking your past credit history. There is a very thin difference between same day cash loans and payday loans. Payday loans are also short term personal loans and can be received in a single day. With instant approval and immediate cash in your account, same day loans can help you solve all your financial problems.
However, before applying for a same day loan, you need to be familiar with the concept of a loan and how it works. A loan refers to a sum of money that you borrow from a particular lender or bank and return the same to you lender within a predetermined time decided by the lender. A loan has a principal and interest component. While repaying your loan, you not only repay the principal amount, you also pay off the interest amount. There are different types of loans available in the Indian financial market which include personal loan, car loan, mortgage loan, home loan etc. Same day loan is kind of personal loan which you can take for funding your diversified personal needs such as car repairing, paying medical bills etc. Same day loans are sanctioned for a relatively short period of time and they charge comparatively higher rates of interest.
A same day loan is ideal for those individuals who-
You need to fulfill the following eligibility conditions if you want to apply for a same day payday loan:
Normally, banks ask for very minimum documents to process and approve your same day loan application. Also, it depends on your relationship with the bank. Mentioned below is a number of documents you need to submit when applying for a same day loan:
Unemployed individuals can also apply for same day loans to cover their urgent financial requirements. Any unemployed person who is not earning currently and in need of some urgent cash can seek financial assistance to resolve his/her unpredictable financial requirements. Many banks offer different deals on Personal Loans to help unemployed individuals. Thus, a same day payday loan can reduce the financial worries experienced by unemployed individuals during emergency situations. Being unsecured in nature, same day loans are offered to unemployed individuals for a short period of time.
Same day loans offered for a short period of time normally do not require a credit check. Instead of looking at your past credit history, banks mainly focus on your ability to repay the amount. A same day no credit check loan is a perfect option to borrow cash as and when you need to make up your financial shortage.
With a same day loan, you don't have to worry about your past credit history. Even if you have a bad credit history, bank will not reject your same day cash loan application. Although it is important to maintain a good credit history, a low credit history will not affect your loan application. An individual may have a bad or low credit when she/he fails to make timely payment of debts. Normally, your credit score reveals what type of credit history you carry with you. If it is a bad credit, lenders are not willing to lend you fearing that you will not be able to repay the amount in future. But, if it is a same day loan, it does not matter whether you have good or bad credit history, or no credit history at all. You are still eligible to apply for a same day loan and enjoy the benefits offered by it.
Same day loans normally charge higher rates of interest on your borrowings. That's why it is always advisable to pay off your loan on time, so that you can avoid paying extra interest on your principal amount. Make sure you understand your loan repayment schedule. Don't take a same day loan if you think that you will not be able to pay it back on a predetermined date scheduled by your lender. If you fail to make agreed-upon payments, you will be charged additional fees. However, interest rates on same day loans may vary based on different banks. Also, it is subject to change from time to time. Normally, you need to repay after two weeks along with the interest on your principal amount. These loans tend to be more expensive than the regular loans. Same day loan is a kind of personal loan, and Personal Loan Interest rates in India range from 12% to nearly 20%.
Applying for a same day loan is very simple. You can get your loan sanctioned by submitting very nominal documents. The application process is very fast. You can apply for it online or via phone. If you are applying online, what you have to do first is to put your personal information such as name, email id and phone number in the online application form. Immediately after submission of your personal details and contact information, you will receive approval in 1 hour. After that, your will receive your fund on your checking account within 24 hours. Now, you can utilize that fund for any purposes you have. However, how much amount you are eligible to receive will be determined by your bank based on a combination of its policies, local regulations, your income and capacity for repayment. Thus, applying for a same day loan is very easy provided you have a valid employment id, checking account and you are capable of repay the amount on a predetermined date.
Same day loans are offered in India by banks like HDFC. HDFC Bank, being the second largest private sector bank in India, captures 50% of the personal loan market by pushing personal loans in a massive and innovative way. Recently, the bank launched a new personal loan product to help customers get personal loans approved in 10 seconds. The bank has received an overwhelming response to this new same day personal loan product and disbursed personal loans of an average size of Rs. 3 lakh in a minute. Currently, this 10 second personal loans are available for salaried employees only. Also, they need to be existing customers of HDFC Bank. It becomes easy for the bank to pass a loan in 10 seconds for existing customers as the bank already has a record of these customers' transaction history, income and expenditure. Citibank of India also offers instant personal loans. But, it takes normally 48 hours to approve and make the fund available to customers. You can avail funds up to Rs.30 lakh in just 48 hours with Citibank.
With a same day loan, you can now face any unpredictable situations in life. It enables you to raise fund instantly with no hassle and very minimal paperwork.