Applying for same day loans: how to go about it

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On the streets, it’s commonly referred to by folks as a short term fix. In the financial world, same day loans are also known as cash advance, payday advance or a payday loan. Whatever the name you prefer to call it, what we can’t run away from is the fact that same day loans have indeed shaken the loan industry and made it possible for UK individuals with a poor credit rating to get access to loan facilities within a couple of hours. It is a short-term fix to financial problems. It gets you through to the next payday or simply enables you to meet an emergency financial situation without having to go through the rigorous process of loan application as is common from high street banks.

In essence, same day loans are generally provided by payday loan companies across the UK either through an online application or from brick and mortar premises. Whichever method of application you deem comfortable, it is essential that you approach the whole process with diligence. What am I driving at? Well, with so many same day loan lenders in the market, haphazard decision making or applying for one on impulse without carrying out due diligence might make you miss out on a better deal. So how do you go about it?

Contact every viable payday loan lender in your community

As humans, we have the unattractive habit of making hasty generalisations. We somehow believe, incorrectly so, that all same day loan lenders offer the same services, same interest rates, and even the same loan packages. However, this is not always the truth. When seeking to apply for a same day personal loan, make an effort to contact (you can do this by making a call) each lender offering same day loans in your community. The purpose of your call should be to enquire about the different kinds of same day loan packages they offer, the interest rates they charge and repayment terms of the loans not forgetting fees and penalties applicable.

Inquire about documentation needed

Once you are satisfied with the information provided above and wish to go ahead and apply, it’s instrumental that you ask the lender in question about the documentation required. What documents should you have before you can be considered for the loan? This is instrumental in ensuring the loan application process is smooth.

Apply for the amount of money you need

Most of us tend to apply or ask for more money than we actually need. It is important that you apply for the bare minimum to avert a situation whereby you get yourself into debt because you can’t comfortably repay what you applied for. Considering the fact that these loans attract astronomical interest rates, there is no reason as to why you should apply for more than you need.

Take a moment to read and understand the fine print prior to taking out the loan

Most of us are guilty when it comes to this. We tend to be so excited that our loan has been approved that we give a wide berth to the important duty of reading the fine print. Reading the fine print will help you better understand the terms and conditions, find out if there are any hidden charges and then seek for clarification if there is something you don’t understand. As they always say, it’s better to be safe than sorry.

Endeavour to repay the loan as soon as possible

A same day personal loan is not something you take and then rest on your laurels. On the contrary, your goal should be to repay the loan as soon as possible. With its astronomical rates, you don’t want a prolonged repayment period that further puts constraints on your finances. In any case, same day loans should only be taken during emergencies and not for pleasure purposes!