Rainy day lending

Rainy day lending

What would you do if your month's pay is exhausted and you have some urgent need of cash? A bank overdraft is an option but that comes with a fee. Here is one option which is cheaper than a bank overdraft. It is called a same day loan.

A same day loan offers an easy loan option to individuals who are in urgent need of extra cash. A same day loan can be alternately called as a pay day loan or a cash advance. A typical characteristic of these loans is that a fixed finance charge is associated with these loans and there is no interest if payments are made in time.

Advantages of same day loans:

If we take a look at the uses into which the same day loans are put into, we can easily make out how valuable the service is. Imagine a sudden large expenditure comes up at your home during a particular month and you exhaust your month's salary in the 2nd week of the month. A credit card bill follows or a rental payment is to be made out. In case of a credit card if you don't make the payments then there is a chance of delinquency which would involve a large financial charge along with the interest charges. In case of a rental payment the goodwill of the owner is lost if payments are not made in time.