There is that one phase between your paychecks when you have used up all your cash but there’s still a week or so left to go. At most times, you might be able to make it to your next check without having to incur anything extra expense. But it is also possible that you would need money for some unplanned reason- like your car breaking down, for instance. You did not know that was going to happen but you do know you have to get it repaired fast so that your daily routine can go on smoothly. That is when you can think about the uses that a same day payday loan can bring you.

Same day payday loans are small cash advance that you can get on the day of your application. Their main purpose is to provide you fast service so that urgent crisis of the type cited above can be handled effectively. Maintenance repair bills, bounced check fees, medical bills, etc. are some of the emergencies for which people rely on these loans.

For a same day payday loan, you don’t have to arrange for collateral as they are unsecured. They also do not include the process of credit checking. It does not matter if you have bad credit. However, the following criteria do need to be fulfilled for you to be able to get this loan:

• You are 18 years old or above
• You are fully employed
• Your monthly salary is above £1000
• You have a checking account which has been valid since three months at least.

Same day payday loans are approved for amounts in the range of £100-£1500. They are meant to be repaid on your next payday so the term is short- 2-4 weeks from the date of loan approval. They generally carry high interest rate so you might want to compare loan quotes to select cheaper rates. This can be done by applying for online lenders.

Summary

Same day payday loans are small cash advances meant to be paid back on you next payday. They do not require credit checking or collateral. Any salaried adult can use them for emergencies.