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    Same Day Loans

    Same day loans are perfect for unexpected financial requirements. When you realise that you need money suddenly for an emergency requirement, it makes sense to apply for a same day loan as your application will be received instantly and you will get an approval in no time. Usually, financial resources are limited when you need money suddenly. In such cases, same day loans from reliable lenders are the best go-to options.

    What is a Same Day Loan?

    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.

    Perfect Personal Loan Deals for you

    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-

    • Don't want to borrow money from family or friends.
    • Have a bad credit history which prevents him from taking regular personal loans.
    • Those who are in need instant cash.
    • Those who don't want to use a credit card cash advance.

    Same day loan eligibility

    You need to fulfill the following eligibility conditions if you want to apply for a same day payday loan:

    • Unemployed individuals can also apply for a same day loan.
    • You need to have a steady income to qualify for a same day loan.
    • You need to have an operative savings account.
    • Your minimum age needs to be 18 years.
    • A valid phone number or an Email ID is a must.
    • You must be a resident of the country where you have applied for the loan.
    Apply for Personal Loan

    Documents required for Same Day 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:

    • Your proof of identity. You can submit documents like voter card, driving license, PAN card, passport, employee ID card etc. as proof of your identity.
    • You also need to submit proof of your address. Banks normally accept ration card, Aadhaar card, telephone bill, faceelectricity bill, voter card and driving license as address proof.
    • Proof of income issued by your employer.
    • Any alternate documents required by your lender.

    Do’s and don’ts of same day loans

    Same day loans can be availed very easily in India and in other countries. The documentation process for such loans is very minimal and simple. However, you should be extra careful whenever you apply for a same day loan. There are certain do’s and don’ts related to same day loans, which you will need to abide by. If you follow these do’s and don’ts, you will most likely have a smooth borrowing experience.

    Do’s of same day loans

    • You can use a same day loan for the following situations or financial needs:
    • For paying your urgent or sudden medical bills or hospital expenses
    • For emergency vehicle repairs
    • For sudden travel plans due to emergencies
    • For wages that are lost due to injuries or illnesses
    • While moving from one job to another
    • To pay an advance deposit for renting a residential space or for booking an apartment
    • For shifting from one house to another

    Don’ts of same day loans

    • To buy new clothes, jewellery, accessories, or other goods that can be avoided for some time
    • To go partying or for other forms of entertainment
    • To make leisurely travel plans
    • To join a gym or a fitness club
    • To purchase a new car or a new two-wheeler
    • To purchase electronic gadgets or other consumer goods
    • To spend on anything that is not all that crucial and that can wait
    • To start a new business venture or to take care of business expenses

    You should ideally stay away from taking a same day loan for high-value expenditures. If you have been planning to take a loan for renovating your home or for adding rooms in your living space, you should avoid taking a same day loan as you will incur massive expenses when you have to repay it. You can instead take a personal loan, which is also unsecured in nature. Personal loans are available at low rates of interest, which can be utilised for refurbishing your residential or even commercial space.

    Even for buying electronic gadgets or other consumer durable goods, you can take a personal loan instead of a same day loan. If you have been wanting to buy a new automobile or a two-wheeler, a same day loan is not a great idea. You can instead take a car loan for buying a car and a two-wheeler loan or a personal loan for purchasing a bike or a scooter.

    Same Day Loans for Unemployed

    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 with no Credit Check

    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.

    Same Day Loan for Bad Credit

    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 Loan interest rates

    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%.

    Features and benefits of Same Day Loan

    • Same day loans are available without any credit check.
    • You can access funds in the same day you applied for it. You can apply for a same day loan even if you have a bad credit history.
    • Same day loans involve less paperwork and minimum documentation.
    • Interest charged on same day loans tends to be higher than regular cash loans.
    • It is an unsecured personal loan.
    • Same day loans help you meet your emergency financial requirements.
    • Enjoy instant approval on your loan application. Banks take as low as 10 minutes to approve your loan application.
    • Same day loans are suitable for borrowing small amounts.
    • Same day loans normally don't require collateral. But, in certain cases your lender may ask for securities such as jewelry, gold, watches, cars etc.
    • It's safe and secure and maintain complete transparency.
    • You can apply for it online.
    • Both existing and non-existing customers can apply for same day loans with any bank.
    • These are short term loans and last for a few weeks unless you repay the amount.

    Same day loan process

    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.

    Banks offering Same Day Loans in India

    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.

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