The same day loan you get from a store is not the same as an online payday loan, although they are both fast loans that can be applied for and received on the same day. There are several differences between the two. Same day loans have stricter qualification criteria than online payday loans, and you have to apply for them in-person at the store and not online.
Owen Wilcox, co-founder of US Installment Loans, said that “The approval procedure for a same day loan is faster than for online payday loans, and you do not need to worry about credit checks. Online payday loans are usually from online lenders who require a credit check. The interest rate is usually higher for online payday loans.”
Same day loans usually come with a fairly high interest rate and are for short-term use, for a maximum of 12 months. Online payday loans can come with a lower interest rate and last even longer. If you have used a same day loan, you might have noticed that it is pretty similar to the traditional payday loan.
However, there are some differences. For example, the application process is a bit different. You don’t need to go to a store, wait in line, or fax a bunch of documents. You could complete the application form online, on your smartphone, or with the help of a loan specialist.
But the most important difference is that there is no need to wait for your payday to get the money. Of course, this does not mean that you get more money with a same day loan. The limit is still the same. The only difference is that you are not required to wait for your next paycheck.
What are the benefits of a same day loan?
One of the reasons that a same day loan is a good option for many people is that it is easy to apply for and can be approved on the same day. Moreover, the borrower can get the money as fast as one business day.
The main benefit of a same day loan is the time-saving advantage it brings to the borrower. Check here for more details regarding same day loans. Most people need some money, and they need it fast, so if the borrower doesn’t want to wait for days or weeks, they might consider a same day loan.
A same day loan gives the borrower the money they need, but it is important to remember that a loan is a loan, and even though it is easy to apply for, the borrower still has to pay it back. The advantages of getting the loan can be:
- You can receive the loan without sending any documents.
- You can get money without having to wait for days for it.
- You can get money even if you have bad credit.
- You can get money even if you have no credit and have no credit history.
- You can get money even if you have refused credit before.
- You can get money even if you have been denied credit before.