Same Day Payday Loans - How to Get a Same Day Payday Loan Today

Sometimes even the most careful personal finance manager gets in a crunch. A "small" unexpected problem or emergency could pop up at your worst moment. You may need an immediate cash input. During crunch times, a same day payday loan might be just what you need.

What is a same day payday loan? Well, as the name suggests, it is a cash loan that you can apply for and get it on the same day without the usual loan approval hassles. There are no credit checks and you don't need collateral.

The loan is due on your next pay date, though you usually can extend it after making the minimum or partial payment. The minimum payment is usually the interest, with the rest getting rolled over to the next pay day. Payments get withdrawn directly from your bank account therefore you should let the lender know two to three days in advance if you need an extension.

Contrary to what you may have heard, it is not just people with bad credit or low income that get these loans, although they seem to the majority. Even people with good credit who may have exhausted other means and do not want to lose points through a credit check often do get these loans.

You probably already know that payday loans come with extremely high interest rates. Payday loan advertisements do not state this fact. If you have other means of getting the cash you need, it may be wise to steer clear of payday loans.

What do you need to get a same day payday loan? The requirements differ with lender but basically include:

1. You must be at least 18 years old.

2. You must have regular income such as a job or pension. The more lenient lender usually requires at one month with your present employer.

3. A monthly income of at least $1000. Some lenders require slightly more or less. Some companies will not loan to you if you get paid monthly.

4. A social security number (some companies will accept other forms of tax ID such as ITIN).

5. A home address and phone number.

6. An active checking account (or some cases a savings account). Some lenders will not work with you if you have large or multiple overdrafts and a history of bouncing checks.

7. Valid proof of identification.

If you need a same day payday loan, and satisfy the above criteria (there could be other requirements depending on the lending company) accompanied by the necessary documents as proof, chances are that you will get a same day payday loan.

You can apply online or at a payday loan store if they are allowed in your state. The advantage of applying online is that comparison shopping is quicker and more convenient.

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Need a payday loan today? Don't get scammed! Check out reputable no credit check payday loan lending companies and find one that best fits your situation as well as nice first time discounts. David Kamau offers tips on how to repair credit at his site and blog.