Many times come in your life when you have to meet your financial need with emergency funds. It can be sudden job loss, underprepared medical emergency, or urgent travel.
Even in small businesses, sometimes you require instant money to meet your business needs and maintain the cash flow. In these situations, it is difficult to collect instant funds in less time.
If you are aware of the same day loans online you should avail of this loan in emergencies. Today, it is easier for people to avail of this loan while sitting at home.
What are the same day loans?
Same day loans are called instant personal loans. It is the best funding solution available for those people who require urgent funds in a short time. Same day loans are the type of unsecured personal loans.
The best thing is that the same day loan process is completely digital, and borrowers can get the loan amount in their account within the same hours of loan approval.
Also, this same day online loan does not need the collateral to get approval. But the lender will possess the high-interest rates on same day loans than the other loans.
Interest rates on same day loans
As we tell you, the interest rates applicable on same day loans are generally higher than the other secured loans.
- As the interest rate applicable on a home loan is 7 to 8%, but the interest rates on same day loans are 10.5 % to 24%
- Also, the cost that you pay with the loan amount in monthly installments is changed with the loan amount that you take under the same day loans.
- However, the interest rate on the same day loan is fixed for the entire loan period.
- So, it is suggested to spend some time and explore the best loan offers at the best rates to save your money.
- For this, you must find two or more lenders and then compare the loan terms and offers provided by the lender to choose the best option.
Repayment period of same day loans
The repayment period is the time in which you have to repay the loan amount completely with interest. The tenure period of the same day loan online is 1 to 5 years. It means the borrower has to repay the loan amount in full with interest in 5 years. A smaller tenure period of a loan means higher EMIs.
So, there is a huge need to check the repayments tenure before taking the same day loan online.