Same Day Cash Loans
If you need a same day cash loan, there a number of considerations to take into account. Is a short term cash loan really what you need? The fees on same day loans are very high and could put you under more financial pressure. If you have bills that are overdue you may be able to work on a repayment plan or seek an advance from Centrelink.
Same Day Payday Loan
There are certainly many lenders in the market who advertise that they can process, approve and send transfer the money all on the same day. This definitely isn't a guaranteed outcome because payday loan providers sometimes need to request more information or documentation from you to verify that you can afford to pay back the loan. In such cases the enquiries as to whether you can afford the loan will take longer than one day.
Another common delay that people face is that the lender does not have the facility to transfer money to their bank on the same day. Most inter-bank transfers take 1 to 2 days for the money to appear in your account. The way around this is for the lender to have bank accounts with many institutions. They can then do an internal transfer from their bank account to yours - but because it's the same bank it can often happen on the same day. As long as the payment isn't processed too late in the day!
Before applying you may want to ask a short term lender which banks they support for same day transfer of funds. Just keep in mind that their website may advertise same day funding but it may not happen so quickly.
Same Day Cash Loan Providers
If you want to look closer at some products and providers who advertise same day cash loans, you can see many different them on our Payday Loan page. We don't list every provider in the market or every product so just keep that in mind when you are comparing.
You will generally need to submit an online application in order to get a loan with a quicker turnaround time. An online application doesn't eliminate the need for providing supporting identification documents or paperwork like bank statements. Some of these services are now also able to be done online, but to avoid additional delays you should get all the required paperwork together and submitted to the lender. This may mean you will need access to a fax machine or a scanner and email account.
Just because a product is advertised as being a same day loan, you might want to have a back up plan in case your loan isn't approved or the money isn't transferred to you as quickly as you'd like.