Same Day Payday Loans-Is It Really Possible To Get The Money On Very Same Day?

Is it actually possible to get a same day payday loan? Yes it is but only if you consider a day to be the full length of its 24 hours. It is very difficult to get a same day payday loan that pays the same morning, afternoon or evening as the day you ordered it on. Usually you have to wait the full twenty-four hours before the money is deposited into your account by the lender through same day payday loans.

How do so many payday loan companies, both online and offline, get away with this type of false advertising? The key is that technically 24 hours is how we do legally define a full day.

When you apply for a same day payday loan the bulk of your day is often spent waiting by a fax machine or by your telephone for the loan to be approved. No loan goes forward without approval, no matter how much in a hurry you are to get the money and no matter what a payday loan website's advertising copy promises you.

Sometimes the approval of the loan itself can be very time consuming. It means sending a void check plus your ID through a fax machine to the payday loan company. This often means xeroxing your ID first which can mean a trip out of your home. In this case you might as well just go to the payday loan place that is at the closest proximity to you if the point is to save time by not leaving your home!

Same day pay day loans cash may still ask to phone your employer to see if you have a job. This is their way of confirming that you do have a job and that your paycheck will cover the amount of money that you are eligible to be advanced by the company.

Compare Payday Loans-Three Factors Help You Choose The Best Loan Lender

To compare payday loans, you can have a look at the factors given below:

Look At Rates

The first point to compare amongst payday loan lenders is interest rates. While payday loans are short-term loans, usually only lasting two weeks, the Truth In Lending laws require payday loans and cash advance loans to be posted by APR. You can find this information on payday loan lenders' websites under categories like APR Disclosure, FAQ, or Loan Information. You can also email the lender requesting the current APR.

Ask About Fees

Fees besides the interest charge also add to the cost of the loan. Some payday loan lenders simply have a flat financing charge, while others include a processing fee. Fess should be disclosed along with financing fees, so you can quickly compare the loans true cost.

Compare Terms

Ideally you will pay back your cash advance on your next payday, but financial emergencies happen. You can be prepared for this by researching the terms of repayment of the different payday loan lenders. Most lenders allow you to make a minimum payment of just that period's interest charges, but it is best to have it in writing. Also, research the fees you will accrue with delayed payments.

It is quite important to compare payday loans to find the best loan lender in the market.

Compare Payday Loans And Get the Best Terms At Lowest Rates

It is wise to compare payday loans online to guarantee that you will find the lowest rates and best terms. Payday lenders are required by law to post their rates and terms, so making comparisons is just a matter of a few clicks of the mouse.

Look At Rates

The first point to compare amongst payday loan lenders is interest rates. While payday loans are short-term loans, usually only lasting two weeks, the Truth In Lending laws require payday loans and cash advance loans to be posted by APR. You can find this information on payday loan lenders' websites under categories like APR Disclosure, FAQ, or Loan Information. You can also email the lender requesting the current APR.

Ask About Fees

Fees besides the interest charge also add to the cost of the loan. Some payday loan lenders simply have a flat financing charge, while others include a processing fee. Fess should be disclosed along with financing fees, so you can quickly compare the loans true cost.

Compare Terms

Ideally you will pay back your cash advance on your next payday, but financial emergencies happen. You can be prepared for this by researching the terms of repayment of the different payday loan lenders. Most lenders allow you to make a minimum payment of just that period's interest charges, but it is best to have it in writing. Also, research the fees you will accrue with delayed payments.

Obviously, if you compare payday loans online considering the above three aspects then you will definitely get the best possible deal.