Same day cash loans are a source of cash for urgency when you need it in the same day without any hassles. These types of cash loans are usually approved for employed people and the loan amount is wired within 24 hours in your bank chequing account.

These loans are typically provided in the same day as its approval comes without credit checks and other hassles for the borrowers. This loan makes for a hassle free approach as you are not required to fax any documents to the money-lender. This saves time, energy and effort. However, while filling an online loan application form you have to provide necessary details such as employment status and bank account details.

Same day cash loans are quickly provided within 24 hours in your bank checking account that you should be having for past three months. You can borrow the loan amount ranging from $100 to $1500 for a short duration of two weeks, until your next payday. Money-lenders sanction the loan amount depending upon your repaying ability and current income.

Do I qualify?

In case you are carrying a bad credit history with late payments, defaults and county court judgments, individual voluntary arrangements and missed payments, you can still borrow from the lenders without credit checks. Even your very low credit rating is not a hurdle.

So what’s the catch?

Same day cash loans are highly expensive. This is due to the high APR that goes many times higher than any other loans. Consequently, you should be prepared to make high interest payments to the lenders.

You should borrow the cash only when other options cannot be explored. Make sure you avail this facility only when in dire need of money because these loans carry a high interest rate. You should make comparisons of several lenders online so that you can search competitive offers of same day cash loans.

 
Credits to Angela Alderton for this article.

I immediately go to my local bank for a consultation to see how they can help me. I was looking to consolidate my debt at possibly a lower interest rate. That way I thought, there will only be one payment made every month and it will be easier to keep track of my progress. Now the lady I had my appointment with wasn’t very helpful. She advised that with my current credit rating, job history, and credit history, the best I can hope for was a personal loan at 12.5% and the chances of getting this was very slim. I politely declined and walked away. Most of the interest rates I had for most of my loans were far below 12.5%.

In comes MBNA in my life and I was saved. I was browsing around a popular forum, RedFlagDeals, and found out about a 0% balance transfer promotion when you open a Platinum Plus Mastercard. Being the Money Monkey that I am, I applied online, and followed up on the phone a week after. The approval process was quick and painless and upon approval, the balance transfer was setup over the phone. I had it deposited to my chequing account and used it to pay off one of my higher interest loans (the Mastercard was already paid off at the time I applied for the MBNA card).

What’s the catch?

• The 0% interest rate only applies to balance transfers made in the first month or two
• The 0% interest rate is only in effect for one year starting on the day the card was approved
• There is a balance transfer fee between 1% and 2% of the total amount transferred but the folks at MBNA were able to cut it down to half of that if you ask politely (this was last year, October 2008, so things might have changed)

Now these guys at MBNA are not crazy. They are banking on the fact that most people are not diligent enough to pay the balance off by the time the promotion is due. After a year from approval, the interest kicks in at 18% up to 24% on the entire balance!

Who do you recommend this for?

• Newly grads with high levels of debt from school (assuming these grads have income to pay off the balance by the time the promotion ends)
• Investors
• Anyone who can and will pay off the debt before the promotion ends (use the money to purchase big-ticket items, or earn a return > 1% for one year)

Who is this not for?

• Anyone else who wants the money but can not foresee having enough cash to pay it off before it’s due will be eaten alive by the high interest rate – do not fall in to the trap!

In my case, I used the$10,000 to pay off some loans and as I save up money from my primary income to accumulate $10,000 by the due date (which is this November), I put the funds into an ING savings account that earns me money while it’s parked. I have calculated the total interest saved and total interest earned by using this 0% promotion to be almost $900 for the year. Not too shabby!