l If you are facing a major cash crisis, you need money and you need it fast. Many companies claim to offer what they call a "same day payday loan" or "one day payday loan," but do these payday loans really live up to their names?
Technically, most lenders do actually offer a same day loan, but when they say same day, they are referring to a full 24 hour long stretch. So, most lenders won't actually pay you the day you apply, but within 24 hours from the time you submitted your payday loan application. If you apply one morning expecting to be paid that same day, more than likely you will be waiting until the next day.
Is this false advertising on behalf of payday loan companies? It may be misleading form of advertising, but it is not actually illegal. The legal definition of a day is 24 hours, so payday lenders who advertise these types of cash advance loans are abiding by the law.
It may seem like a long time to wait until tomorrow to have your loan amount deposited into your checking account, but it really is not. Compared to traditional bank loans, waiting 24 hours before you have your money is incredibly fast. Traditional bank loans usually take weeks to process, before money is paid out. Not to mention the fact that the loan application process is far more extensive and requires a lot of time just to fill out an application.
The majority of the payday loan process is spent by the lender processing and verifying your loan application. It only takes a matter of minutes to apply, and once you have submitted your application, it is now just a matter of sitting back and waiting for the payday loan to be approved.
The requirements for a same day payday advance loan are fairly minimal, as most applicants are approved. You should be a legal citizen of the US, 18 years of age or older, and make over $1000 of monthly income. Assuming you meet these qualifications, your payday loan application should be approved. Remember that you will not likely receive your money on that same day, but you should have it first thing tomorrow.
