Have you ever heard of the same day loan or a fast cash loan? How about an emergency cash loan? If you only deal with the big banks, then chances are you haven’t. However, there are many lenders in Australia that specialise in offering small same day loans on very competitive terms. The cash can be used for virtually anything you want or need and applying for one is really simple and easy to do.
Let’s take a look at 7 advantages of same day loans and why availing of one makes perfect sense.
#1 – Specialist Lenders Are So Much Easier To Deal With
While banks have their place, dealing with them can be downright painful. They make you go through all sorts of cross-questioning to get a loan, and when you think you’ve finally satisfied all their criteria, at the last moment, they’ll ask for something more.
It’s so much easier when you go through a smaller, independent lender; a company like Sunshine Loans, as an example. These lenders don’t have you juggling and jumping around like a circus performer to get a loan. Everything is designed to be fast, efficient and stress-free.
#2 – When You Need Money Fast
Unless you have a credit card, there’s no way you’ll get the same day loan from a major bank. That option doesn’t exist. There are too many procedures in play for it to be possible to apply, be approved and have the money in your account on the same day.
It’s a different story with specialist fast money lenders, though. Their entire business and competitive advantage revolve around fast approvals and same day loans. Provided you make your online application early in the day, then chances are high you’ll have the money in your account that day following approval.
#3 – No Need To Leave Your House To Apply
That’s right. With most lenders, the entire application and approval process happens all online. So long as you have the internet, you’re good to go. Although many banks also allow you to apply online for loans and credit, usually you’ll have to visit a branch at some stage throughout the process. Same day loans from independent lenders are designed to be more efficient. Otherwise, there would be no chance of receiving the money on the same day.
#4 – Transparent Terms, Interest Rates and No Hidden Fees
Because these lenders want your business, they’re very open and transparent about any fees, interest rates or additional charges. Nothing is hidden. All costs are displayed on the website in plain view. At a glance, you can work out exactly what a small same day loan is going to cost you and how long you’ll have to pay it back.
#5 – You Can Borrow Really Small Amounts
The beauty of these loans is you can borrow really small amounts, just enough to get you by. Borrow anywhere from a few hundred dollars and up to $2000 with most same day lenders. Be sure to check the details of each lender by perusing their websites for the amounts they’ll actually lend, as it can vary from lender to lender.
#6 – Fair Lending Criteria
As loan amounts of this nature are quite small, lending criteria is definitely more relaxed. As an example, you’ll only need to fulfil the following criteria:
- Be at least 18 years old
- Earn a minimum of $300 per week
- Earn a regular income
Apart from that, you’ll need to be able to prove your identity and nominate the bank account where you wish your funds transferred upon approval. It’s really as easy as that and takes very little time to apply.
#7 – A Small Same Day Loan Can Get You Out Of Trouble
If an emergency crops up or you have got a bill to arrive in the mail that you hadn’t counted on or budgeted for, then having the option to avail of a small same day loan can save the day. It enables you to cover your immediate expenses without getting into major debt in the process. It’s all about helping you manage your cash flow until your finances improve.
