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What is Overnight Payday Loans?

There are times when each of us comes across a situation when we are in urgent need of some funds. Such a scenario can be sudden medical bills, unforeseen home appliance repair, car damage, etc. In such instances you may require the funds in quick time to take care of the situation.

Banks and other traditional lenders typically take their time when checking a loan application and approving it. Hence, they cannot be a good source of emergency funds. Out of all the different kinds of loans that are available in the market, payday loans are the simplest, easiest, and fastest method of getting overnight cash in your account.

Borrowers can visit the websites of payday loan lenders from anywhere and fill out the application form. The lenders will check the form and disburse the loan within a few hours. Online payday loan lenders only have a few eligibility criteria that they look at and ask for in the application. A borrower has to be a US citizen, over 18 years old, should have a regular source of income, and should have a bank account where the funds can be transferred. Some lenders may also ask for direct repayment of the loan via the bank account. Once these qualifications are met, the payday loan is sanctioned and the money is deposited into the account at the earliest.

Payday loan lenders will then send a digital copy of the loan agreement and you have to digitally sign it. This digital loan contract will have all the terms and conditions, the term of the loan, the repayment amount, the due date, related fees and charges, and other minor details of the loan. It is important for borrowers to fully read and comprehend the terms mentioned in the loan agreement before they sign it.

Borrowers also need to remember that they have to apply for payday loans on working days so as to be able to get overnight transfer of the funds. Money transfer cannot occur on weekends, non-working days, or bank holidays.

Overnight Payday Loan

Another major distinction between traditional lenders like banks, credit unions, etc., and online overnight payday loan lenders is the fact that the latter do not carry out a credit check during the loan approval process. Since the term of repayment is quite short, often 2 to 4 weeks, the lenders do not feel the need to perform a credit check. In fact most online lenders offer overnight payday loans ranging from $250 to $1500 or more to individuals with bad credit.

Borrowers will also be happy to know that even an unemployed/jobless status of an individual does not act as a hindrance to getting an overnight payday loan. Unemployed people can get approved for a short-term payday loan if they regularly get disability benefits, insurance payments, pension, or any other income source that can be verified.

As compared to traditional loans, overnight payday loans are hassle free. Since you apply online, there is no excessive paperwork and you do not have to travel to the office thereby saving on time and gas money. The easy application process with minimal qualification criteria and the quick approval make online payday loans the perfect source for overnight emergency funds.

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He worked as an attorney practicing insurance defense and commercial litigation. He covers lenders, bank accounts, mortgage rates, refinance rates, and borrowing and savings tips. You can reach Chris Miller at chris.miller@siloans.com.