Same Day Cash
If you need same day cash you have a few options for borrowing the money today. In this Hub, I'll take you through the most common ones so you can figure out which gels with your situation. There are lots of different ways to get paid today and at the end of this post you'll see some links to other Hubs that I've written on the topic if a loan isn't what you want.
When you're broke it's really easy to make a bad decision that you'll regret later, so spend the time to lean what options are available for same day cash. The last thing you want to do is something that you'll have to pay for years to come. Needing money now shouldn't screw you over later, so make the right decision now, not the first one that you see.
Same Day Cash Loans
There are two very common types of same day cash loans that don't require a credit check. These loans are payday loans and title loans. Skipping the credit check is important in the speed of the loan since it makes the approval almost instant. When you get a loan from a bank they require all sorts of paperwork and fees to even apply, and these loans require none of that. You apply, get a response, then get paid.
The downside of this speed is that these loans are much more expensive than their long term counterparts. This is because of the much higher risk and short lending terms that the lender faces. The loans are higher risk because of the lack of a credit check and there being no real way of them determining the likelihood of the loan being repaid. Short terms mean that a low interest rate isn't going to make them any money. Paying an interest rate of 10% or 15% on a $500 loan over two weeks will only make the lender a few dollars in interest, not a good business model!
Payday loans are loans that get you paid based on how much money you make at your job. The basic requirements for these loans are that you've been at your current job for more than six months, make over $1000 a month, and have a checking account. It certainly isn't tough to get approved, but each lender will have their own specific requirements. Finding a lender can be tough to do online, so if you're stuck in this position check out this list of lenders to get you on your way.
How much do these loans cost? The average payday loan will cost $25 for each $100 borrowed, so a $400 loan costs $500, on average. It's expensive, but how many other places are you almost guaranteed to walk in broke and an hour later have a good amount of cash in your pocket?
The loans are paid back in a few different ways. At a payday loan store you'll probably write a check for the day that the loan is to be repaid for the total amount due, and they'll cash it then. If you get a loan online, they'll just automatically withdraw the money from your checking account.
If you meet the requirements for a payday loan and won't be put into a worse position after the loan is to be paid back, it's a smart decision. If you're going to be broke again after your next payday, it's probably better to seek something else.
Title loans are another common same day cash loan. These loans are secured, like a home loan, and use your paid off car as collateral. That means that you're able to borrow money based on the value of your car, and if you fail to pay it back they take your car and sell it. These loans are very high risk, so use with caution!
To be approved for a title loan you'll need a car that has been completely paid off, the title, an extra key, and proof of who you are. Some, but not all, title lenders require that you provide proof of income.
You can usually borrow up to 50% of the value of your car, which can be a lot of cash. Be sure that you only borrow what you can afford to pay back, title lenders are notorious for lending more than the borrower has a shot at affording to repay.
These loans have a longer term than payday loans, usually 30 days. After the term is up the loan is to be repaid in full, and you'll get your title back.
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