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    Urgent Money Online: What is the Real Price of Same Day Loans

    By BAUCE MEDIA PARTNERApril 27, 20226 Mins Read
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    Have you ever applied for a same-day loan? Wait, do you know what the same-day loan is? If not, don’t worry. I’ve got your back. If you do know what it is, it’s still important to know the truth about them. Don’t be enticed by the cool promotional messages and advertisements which leave out the essential truths about these loans.

    What are Same-Day Loans?

    Same-day loans are types of loans that are awarded the same day you applied for them. They are short-term and are known to have relatively higher interests than the other loan types. But, if you are looking for help to get 100 dollar loan or up to $1000 it is the best variant.

    What to Know about Same-Day Loans?

    These are short-term loans that help you cover small expenses. They are applied online through various lenders through an app or on the lender’s website.

    Advantages of Getting a Same-Day Loans

    1. Have fast approval

    That is why they are called same-day loans. After application, you’ll get the response in just a few minutes of whether the loan has been approved or not. If your loan application is approved, you’ll get money in few minutes.

    2. No collateral is needed

    Payday loans are unsecured. That means they do not need to be backed by collateral or a valuable item like a house or a car.

    3. Convenient

    They are applied online meaning you don’t have to walk or drive to a physical location to get them. You can apply for them anywhere you are whether at home, in an office, or on a vacation.

    4. Have 24/7 accessibility

    Since payday loans are applied online, you can access them during the day and night times. This also includes during national holidays when other lending institutions are closed.

    5. They are safe

    Trusted lenders have encrypted their loan apps making it hard for fraudsters to access them. It is however important to note that not all payday loan apps are safe. Some people pretend to be loan lenders to con you.

    Hence, it’s important to check a lender’s customer ratings, registration, and site encryption to see if they are legit. Applying for a payday loan is free. Never pay for anything before getting a loan.

    Disadvantages of Same-Day Loans

    1. Interest rates are insanely high

    Payday loans are known to have a very high-interest rate. Their APR rate range from 200% to 500%. That means you’ll be paying a daily interest of between 0.5% to 15% per day. To get deeper into the calculations, it means that for every $100 you borrow, you’ll be paying between $15 to $30 more.

    2. Ruthless actions are taken if you fail to pay the loan

    If you fail to pay back the loan, expect to get constant calls and SMS from the lenders demanding loan payment and threatening to take you to the police if you fail to pay them. If you fail to respond, they’ll start calling your friends and family letting them know about your debt. They’ll even call your boss if they have his number.

    If you gave them your physical location, they’ll come to your house to demand payments. All these actions are however illegal but they usually don’t mind.

    3. Lowers your credit score

    Every missed payment you get is reported to the credit bureau. Once a negative mark has been recorded in your credit history, it’s going to take a lot of effort and time to increase your credit score.

    Credit Cards: Same-Day Money

    Credit cards have become a common phenomenon nowadays. This is contributed to the fact that once you apply for them, there is no need to apply again. Although credit cards are known to cover purchase expenses, you can still get a cash loan through the credit card advance.

    Advantages of Credit Cards

    1. They have a low introductory rate

    When you apply for a credit card, you get a 0% introductory rate for 6 months. That means you won’t incur any interest on your purchases for 6 months.

    2. No interests are incurred if you pay the full amount

    Once the 6-month introductory period is over, you’ll start incurring some interests if you carry your balances over time. However, if you pay the debts in full before the due date, you won’t incur any interest.

    3. There are possible rewards when used

    Some card issuers give out rewards in form of cash, gift cards, mile, free travel, and more when you use their cards. The more the usage, the more the rewards.

    4. Are secure

    If your card was stolen and you notified the card issuer immediately before the card was used, you won’t incur any costs because of the zero-liability policies. However, if the card was used before notifying the card issuer, you’ll be liable to pay a maximum of $50 for the fraudulent transactions.

    Disadvantages of Credit Cards

    1. Creditworthiness is checked

    Before applying for a credit card, the card issuer will check your credit report to gauge your creditworthiness. If you have a low credit score, your chances of being approved are much lower.

    2. High-Interest rates when the amounts are not paid in full

    The card issuer will charge an interest rate of 3% to 5% per month If you fail to pay the debts in full by the due date, they’ll amount to between 36% to 60% interests rate per year.

    3. Encourages impulsive buying

    Having a credit card means you have access to a wide variety of purchases. It’s like walking with money wherever you go. When you pass through a shopping mall or a market, the chances of buying unwanted items are high leading to overspending. This can leave you in a huge debt cycle.

    4. Lower your credit score

    Like any other loan, failing to pay the loan in time will create a negative mark on your credit report lowering your score.

    Other types of same day loans include:

    •  Pawnshop loans
    •  Title loans
    •  Personal loans

    Conclusion

    It’s always advisable to have a look at each same-day loan type to know their benefits and drawbacks before applying to any of them. Learning the truths about them will help make better decisions.

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    BAUCE MEDIA PARTNER

    This content was produced via a paid partnership with BAUCE Magazine.

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