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How to Decide Whether Same Day Loans are for You
When you are looking for a way to bridge the gap between your paydays, it is likely that you are considering same day loans; these can offer an excellent chance as long as you look into all of the myths that surround them.
The problem with same day loans is that there are a lot of myths. The main one is that they will do a lot of damage to your credit rating. There is some truth in this but not as much as you would think. Simply taking out the loan will not do any damage; it could actually improve your rating. It is when you will pay it back that does the damage. If you keep hold of the loan longer than you should – which is 31 days – you will find that a black mark is put against the loan. You will look irresponsible when it comes to finances because you could not even handle one month of a loan.
The next myth that is popularly spread is that the fees are extremely high. While it is true that the same day loans have APRs in the 1000s of percents, that does not mean that the fees are high for the one month that you take them out. The fees are usually lower than those you would pay for your overdraft or over the credit limit charges. However, the fees may be higher than those you would pay for a late payment, which is something that you will need to look into. Different companies have different fees, so it is worth shopping around for the best same day payday loans for you.
A third myth surrounding same day loans is the fact that you will have to pay more if you repay the money early. Unlike many personal loans and bank loans, you will not have to pay a resettlement fee by paying off the loan earlier. The lenders are already putting themselves at risk by not doing credit checks into the applicants for the same day loans so they will lower the amount of fees that you need to pay if you do pay the money back early. This does not happen across all same day loans providers but you will definitely not need to pay more.
A final myth that surrounds same day loans is that you will need to supply proof of your income and identity. This is true for some of the companies that offer same day loans but not all of them. There are many companies that can now do the checks online rather than asking you to fax your details; after all, not so many people have fax machines anymore.
There are many more myths surrounding same day loans and it is worth looking into them before you decide to discard the idea. Same day loans can really help you when you are in a tight squeeze as long as you are sensible with your lending and only take out the money that you know you will be able to afford the next month.