Financial emergencies can knock on your door anytime and anywhere. Whether you\'re driving peacefully and your car breaks down, or if there\'s a medical emergency and you need cash as soon as possible, any situation requiring money can put you under stress. You get help from same day loans as they can be the best option to get you out of a similar financial crisis as mentioned above.
What is a same day loan?
A same day loan is a type of emergency loan which gets dispersed the same day you apply for it. However, these loans are more expensive than other types of loans but are the best in cases when you need money urgently. The fee of a same day loan is calculated in percentage, and such loans can have an annual percentage rate of more than 400%. If you have at least a week to manage the finances, you must skip this option, but if the case is very urgent, you should know more about short-term loans and their types.
When to use same day loans?
• When you need some cash very urgently
• If your car or your home needs urgent repair work, but you don\'t have cash for it
• When there\'s a medical emergency
• When your family and friends are not able to help you in your financial matters
• When you don\'t want to use your credit card
Types of same day loans:
Payday loans
Payday loans are short-term loans designed to help people cover expenses until their next paycheck. You can apply for a payday loan online or at a storefront, and you usually borrow a small sum that, in most cases, is less than $500. The lender may ask for a blank check or bank account details at the application, and the loan amount plus fees are due a short time later. Sometimes, the amount may be taken directly from your bank account.
Title loans
With the help of title loans, you keep your car or any other vehicle collateral and get cash from the lender. The lender will hold the car title and lend you some cash. You can use your car as there\'s no need to keep your vehicle with them. Keep using your car and pay the borrowed cash loan, but if you fail to repay the loan, you\'ll lose your vehicle. The financing fee is 20-25% per month, resulting in an annual processing rate of 300%.
Pawnshop loans
They are a specific type of loan where you offer any of your valuable items and get cash in return. For example, you can exchange expensive jewelry or electronic items and get cash. There\'s a time limit within it you have to pay back the loan. If you fail, you lose your personal item.
Conclusion
If you want short-term loans or rent and bond loans, you can consult swiftloans.com.au. It is a 100% online loan provider that offers quick and hassle-free loans at the required nominal percentage rate. Consider them the best when you easily need a $100 to $10,000 loan.