If you are looking for same day payday loans or cash advance, you need money and you need it now. The days of heading down to the local hock shop and getting the cash advance you need are gone. No more hunting in the house or garage for some odd tools or CDs that you may not need for a awhile and hauling them down to the pawn shop. Today short term loans are at your finger tips within minutes. You can go online and find many different websites offering same day payday loans, apply online, be approved in minutes, and have the cash advance deposited straight into your bank account in most cases within hours. Sure beats hauling your TV to and from the pawn shop or explaining why you are not wearing any of your jewellery.

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If that all sounds too simple, or too good to be true, you are going to be pleasantly surprised. The online application process really is quick and easy, and most lenders only do a minimum credit check. Basically when you apply for same day payday loans online, the cash advance lender has to pretty much go on the information you have provided. They do not have time to call your employer to see if you really work there and find out how much you make. The lender also has no way of knowing if your pay check is a direct deposit or not, they just go on what you tell them. If you have applied for same day payday loans in the past you will know that lenders favour people with direct deposit, so if you tell them you have it and do not, you better make sure the money is in the bank with no holds when they try to debit your account. This minimum or basically no credit check means people with no or poor credit can also get the money they need easily. If you have really bad credit and have defaulted on these type of loans before, you may be in their Teletrack or Telecheck system and be declined. Previously defaulting on a same day payday loan or cash advance in the past is very often the only thing that will get your new application declined. The good news is that not all cash advance lenders use these systems to check applicant out, but you may have to look around to find one. Obviously this is not something you would want to ask upfront - I am sure you can figure out why.

The cash advance lenders that offer same day payday loans are usually looking for the same things on a credit application. A source of income, usually at least $1000 gross per month, and a checking account where you check is directly deposited. Applicants that do not meet these requirements can still be accepted, although it may not be as quickly and will depend in the amount of the cash advance you require. People who are self employed may have to provide more information also unless their company is a separate entity, such as a limited (LTD.) company, were you are both the owner and an employee. In a case like that there is really no need to disclose any interest you may have in the company, as it would only complicates things and is not required. If you do meet the basic requirements, your cash advance loan will be approved within minutes and deposited into your bank account quite often within hours.

The downside to same day payday loans is the rate of interest charged when they are not repaid promptly. These cash advance loans are meant to be used for a very short term only, and not as an easy substitute for conventional financing. If you are going to need a cash advance for a month or two, it is best to use same day payday loans or cash advance to buy yourself some time to seek out a low interest loan such as a line of credit, low interest credit card, re-mortgage or personal loan. Most short term lenders offering same day payday loans or cash advances will let you pay the money back over time, however, the interest rates are astronomical compared to a bank rate. This does not mean that short term loans should be avoided, it only means they should be used for the purpose they are intended - short term.

The banks always take a while to process loan applications, but you should have the money from them in time to pay off any same day payday loans or cash advance you may have. Always read and understand any loan agreement before you sign it especially if you are going to need more than one pay check to clear off the loan.

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