What are the Benefits of a Same Day Loan?

The main benefit of a same day loan is speed. Banks and certain other lending companies leave you waiting days or weeks for approval after submitting your application. This means you’ll also have to wait a long time for receipt of the cash you need. Same day loans however, give you that extra money quickly. Some of the other advantages of this particular payday loan option include:

• Lower Credit Requirements: In most cases, short term lenders offering loans for less substantial financial amounts allow borrowers a little more leeway where credit is concerned. Having a less-than-perfect credit score won’t necessarily disqualify you from securing a loan with a same day lender.

• Unsecured credit: Same day loans are unsecured, which means you don’t have to put up collateral before being granted the cash you need.

• Shorter Repayment Terms: Though having to pay back your same day loan over the course of three pay periods or less may sound somewhat overwhelming, many customers say the short term nature of the loan is actually a positive. You know you won’t spend the next several years paying for a single small-scale financial hardship. Also , if you feel you can’t afford to repay the cash on your coming paydays, or whenever the approved repayment dates are, this is a sign you shouldn’t be taking out the loan.

• Smaller Paybacks: With Moneyboat you’ll be borrowing no more than £800, or slightly more if you’ve established yourself with us. Therefore you know you won’t be paying back thousands like you could be if you’d taken out a larger loan.

• Flexibility: Whether you’re using the money for back-to-school shopping, unexpected car repairs or catching up with appliance replacement bills, you’re free to spend your loan as needed from a list of many options.