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Same Day Loan A same day loan is a good solution if you are short on cash but you have to purchase or pay for something that cannot wait. Before you can be eligible for this type of payday loan, you have to meet a few qualifications. First, you should be employed. A recent paycheck or an employment certificate can be used to verify that you are currently working. Next, you have to submit your income statement for the last three months, and you must have a personal checking account with good standing. You have to provide the lender certain information such as your account number which will be used in depositing the amount and withdrawing the payment when the due date arrives. With regard to its specifications and conditions, this loan is available in amounts which can be as little as $50 and can usually reach up to $1000. You can repay the loan in the form of an automatic deduction of the borrowed amount from your checking account on the specified due date, or you can provide the payment through a check that is drawn in favor of your lender. In addition, the interest rate of a typical same day loan is significantly higher than other kinds of lending services. It ranges from approximately 9 to 20 percent of the loaned amount. Lastly, a same day cash advance loan is offered for a short period of 2 to 4 weeks. Lenders impose the said conditions on their customers as a form of precautionary measure for the risk of lending on such a short notice. |
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