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Cash loans are loans processed and deposited to the debtors account the same day or at best the next day that the application is made. Very often the application and processing is done online and the debtor and the creditor do not meet face to face during the entire application process or the duration of the loan.
Cash loans become extremely useful in cases of exigencies that require immediate payment of cash. Such emergencies may be medical bills outside of insurance, lawyer fees, the need to repay bank overdrafts or credit card dues immediately, due rentals or utility bills, emergency house repairs or anything else. Same day loans also become handy to take advantage of some good deals such as discounts or bargains that require immediate cash payment. Most creditor institutions do not consider the reason for which the amount is required when approving the loan.
Cash loans are usually for a short duration, two to four weeks on an average. In that sense, it works as a bridge loan to tide over temporary cash crunch situations.
Banks and financial institutions take time to approve conventional loan application as they have to determine applicant credit worthiness and ability to repay. With same day loans, the creditor cannot apply the same due diligence as they would do in cases of conventional loans. As such, this loan is convenient for people with low credit scores, default history or even bankruptcy.
Same day cash loans are highly risky for the creditor and as such the interest would invariably be higher than those for conventional loans. Some creditor institutions may charge a processing fee but many creditors offer no fee same day loans.
To mitigate the risk, the creditor usually limits the pay out of the same day loan. The maximum amount of loan depends on applicant payroll. Such payroll linked same day loans fall under payday loans. Some same day loans may also be available to those without a current payslip, such as those out of work. In such cases the creditor institution may require a guarantor or some other security for repayment. Very often another person would have to pledge his payroll as a guarantee.
Many creditor institutions offer different types of same day loans depending on the special circumstance of the applicant. Some examples in this regard include “no credit check same day loans,” “same day loans for unemployed” and more.