When urgency has knocked at your door, it has to be met the same day. You may be in need of money for avoiding any late payments or some medical bills are to be met without delay. Any such a situation may demand a help that must come instantly. Instead of rushing to your relatives or friends, it would be better if such an instant loan comes from your own job. Same day loans are such instant monetary help that one can avail within 24 hours. The lender will wire the loan amount the same day in your bank account.
You can borrow anything above £100 and less than £1500 under same day loans. These are also called same day payday loans. The lender provides a loan amount that matches with your monthly salary. You are required to write a post dated cheque with lender's fee included. The lender will then wire the loan amount to your bank account minus the fee.
The loan is approved for 14 days only so that you can repay it when getting next paycheque. But you have roll over option as well under which you can extend the loan for two more weeks on paying lender's fee for extended duration.
But there is lenders' very high fee involved in same day loans. On every 100 or less borrowed amount the lender will charge a fee. So be prepared to pay high amount of fee on whole of the loan. This is one reason that these loans should only be opted for in case of urgency only.
Borrowers with bad credit history are usually given same day loans without credit checks. So do not worry about payment mistakes you made in the past. These are easier loans to get. In turn it means that as you pay back the loan in time your credit rating improves soon.
Instead of taking same day loans from payday loan stores, better opt for online lenders if you want a loan with lower fee of the lenders. you must be having an active checking account in a bank and must be at least 18 years of age, getting fixed monthly salary to qualify for the loan.
source: ezinearticles.com
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