It’s the middle of the month, and the bills are piling up. The rent is yet to be paid, and you still need some money handy for groceries and food. Unfortunately, you are low on cash reserves, and you still need to wait for the end of the month for your next salary. Here’s where the same day loans come to your rescue.
Did you know that at least 1.77 million Australian households took out payday loans in the past few years? In fact, they have taken a loan of more than $4.7 million. You can take out up to $2000 loans within an hour with this facility. However, they come with strings. So, ensure you know everything about the loan before you take it.
Why take the same day loan?
You can take the same day loan if you have an emergency or crisis and are strapped for cash. For instance, if your payday is a few weeks away, but if you have a medical emergency, then you might need a payday loan to cover some bills.
Here are some reasons why you might want to find the same day loan:
- Due to a medical crisis
- Depleted cash reserves
- To get money in hand within 24 hours
- In case you have bad credit
- Plausible flexible repayment options
- Simple process for applying for the loan
How do you know if you are eligible?
While getting the same day loan is easy, you might want to ensure you meet the eligibility criteria. Most lenders will have a flexible criterion. However, here are some of the standard eligibility criteria for applying for a payday loan:
- You must be above 18 years of age
- Be a citizen of Australia or a permanent resident
- Ensure you have a regular income
- Have handy your employment details
- Ensure you have a valid bank account at a reliable bank
Loan fees and rates
Generally, payday loans do not have any interest rates. However, they have exorbitant fees and enforcement rates if you don’t repay the loan. For instance, you may incur a 20% fee on the amount loaned or a monthly account keeping fee of 4% of the amount loaned.
There is a chance you might be charged 200% of the total loan amount for defaulting the loan.
Things to bear in mind before taking a payday loan
Before you apply for a payday loan, consider the following:
- Do you really need the loan right now?
- Can you repay the loan when it is due?
- Are there better alternatives?
- Can you advance your salary instead?
Before applying for the same-day loan, these are big picture questions to think about to protect your interests.
Summing up
Sometimes it might be impossible to wait for months to get approved for a loan. That’s why same day loans are here to your rescue.
All you need to do is ensure you are above 18 and have a regular income. Additionally, you should have a bank account and provide your credit details honestly. While these loans are easy to come by, even if you have bad credit, their fees can be hefty. So, beware and double check with your lender regarding repayment policies and fees.
All in all, you can apply for these loans quickly and combat your crisis to repay the loan later when you get access to money.
