Unexpected expenses, bills, and emergency situations can happen to anybody at any time. When these things happen, and you do not have an emergency fund to access, turning to same day loans is a simple, effective way to get the cash needed.
There is a lot of information on the typical checking account balances for those with bank accounts in Florida, but there is limited information that includes the population without these accounts. Tapping into checking or savings accounts to pay for medical emergencies, unexpected bills or vehicle repairs can be a hardship for many of these account holders.
A safe, effective and immediate way to get the money needed for these types of expenses is to consider same day loans. These are not designed as long-term loans and allow the borrower to choose a loan amount of $500 or less, depending on income and loan requirements, which is paid back with the next paycheck.
How They Work
All same day loans in the state are regulated by law, which provides protection to the borrower as well as to the lender. The borrower’s current employment status, government-issued identification, and a valid checking account is all that is needed for the loan application. There is no need for collateral, and no credit check required.
The applicant for same day loans cannot have another payday loan active as required by law. Additionally, the lender must clearly and fully disclose all fees on the loan, and the fees are based on the total amount requested.
The borrower provides a pre-dated check for the next pay period drawn on his or her checking account. This time period can be as short as one or two weeks, or it can be longer, but it cannot exceed 31 days.
As there is no lengthy application process and no need for credit checks or collateral, these loans can move from application to approval in just a few minutes. Borrowers have the cash in hand they request when the leave the lender’s office, making this a simple way to cover emergency funding requirements in Florida.