Same Day Payday Loans: Look Beyond The Rate
Same day payday loans may look an expensive way to cover your short-term cashflow issues. But if you look beyond the headline charges it’s easy to see the flexibility, convenience and peace of mind that same day payday loans offer.
Many high street banks and other loan providers offer what looks like very cheap loans. But looking beyond what they advertise can often show that their offer is too good to be true and bears little relation to the actual costs.
Most advertised charges for loans from high street banks are reserved for borrowers with the highest credit ratings – a small minority. Everyone else is offered a far higher rate.
And same day payday loans can actually work out less expensive than a high street bank loan in the long run.
How Same Day Payday Loans Could Save You Money
If a bill is due out of your bank but there’s not enough money in there to cover it, same day payday loans can give you a much-needed buffer.
With most same day payday loans, the headline charge will be something like £25 when you borrow £100. So you get £100 today, and pay back £125 when you get paid.
Consider the potential alternative: the standing order is due for this month’s rent and you’re £100 short. You don’t get paid for another 14 days.
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If your payment bounces, your bank could charge you more than £25 for the privilege of not paying your standing order. And you’ve still got to find £100 – which could cost you even more if you withdraw it as cash on your credit card
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Or, if your bank does pay your standing order, they could charge you £2 a day or more for the 14 days your account is over your overdraft limit – £28 in total
Either way, the total cost could be more than the £25 charge of your same day payday loan. The extra charges incurred make same day payday loans the cheaper option in both cases.
Same Day Payday Loans Are Quick And Simple
With same day payday loans you’re buying flexibility, convenience and peace of mind.
Why worry about that bill when you can sort it out today? Same day payday loans can be set up quickly and easily, so you can stop worrying about bank charges straight away.
To speak to someone today about same day payday loans, contact us now or request a callback.