Saturday, June 19, 2010

Is It Better to Go Through a Same Day Loan Broker for Quicker Loans?

There aren't many quicker or easier ways to access cash these days than applying for a same day loan. As the name suggests, you will be able to get the money you need within the same day, sometimes within an hour. Therefore, if you really need to bolster your funds for the rest of the month and you don't have the luxury of time on your side, there are very few quicker alternatives out there today.
However, just because it may be the quickest option, it doesn't necessarily mean that it is the best. For some people, particularly those who are struggling financially, the costly nature of short-term borrowing might prove to be beyond them. This could mean that they accrue more debt and get into further difficulties as a result of taking out a loan.
Same day loans can be remarkably unforgiving, especially in instances where the borrower defaults and the loan is rolled-over. With an extra month's interest being applied automatically in most instances, you can quickly double the cost of borrowing, which may already be up to 25%. Brokers can help you to find a better deal though and should ensure that you stand a much better chance of being accepted, purely due to the number of lenders on their books.
As mentioned, brokers help to facilitate a far quicker loan application process, particularly for those who might struggle to get accepted elsewhere. By having a wide range of lenders available, each with their own borrowing requirements, consumers from all backgrounds can usually get accepted. Only in extreme circumstances, such as where an applicant doesn't earn enough to fulfil the minimum required, will problems usually arise.
The application process itself is often extremely quick too. All you'll need to do is pass on a few personal details, including your employment information, and a decision will be made there and then. In most cases, payday loan brokers won't even ask you to fax further documents. A phone call may be required, but this is often on for first-time applicants and will only usually be a very quick discussion to clarify certain details.
When you choose to use a single lender, your options are always going to be limited to what they can offer. Brokers on the other hand will let you plug into a network of different companies, all with their own unique lending policies. As mentioned previously, this can help you to find a better deal, especially if you are widely accepted during the application process. Equally, if you've had problems securing credit in the past, this may prove to be a good way to find same day lenders who are better able to help in your situation.
So as with any borrowing solution, you'll have to consider your situation carefully and make a choice based on these factors. However, if you do choose to use a same day loan broker, it may well prove to be the quickest and most hassle free option currently available.

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