How to Get Same Day Cash Loans – How Do They Work?

Posted on February 19, 2018 | By Isobel Moore

Getting a same day cash loan could be the answer to all your money problems… or it could end you in serious financial difficulty if you’re not careful. It’s all about finding a reliable lender, using that cash wisely and repaying it sensibly!

In this short article, we’re going to cover all that you could possibly need to know about same day cash loans, so you can manage money like a pro.

What are same day cash loans?

A same day cash loan is a loan that arrives in your Bank account the same day that you apply for it.

In other words, it’s an instant loan that deposits the money into your account without all the waiting, paper forms and interviews you’d face at the bank.

Generally, same day cash loans in Kenya are small amounts (see what kind of emergencies they can cover in Same day cash loans can save the day! below) that can be secured against your salary, assets (like a car) or savings.

Like nearly all loans, you’ll have a set period to pay it back in with interest and there may be penalties and fees for not paying it back in time.

How to find the best same day cash loans

Finding the best same day cash loan for you really depends on your circumstances. Here are some of the things you need to think about before getting a cash loan:

  • How much you realistically need.
  • How long it will take you to pay it back.
  • If you can pay it back early or in a lump sum.
  • If the money isn’t for an emergency, is the loan really worth it or can you save up the money yourself?

Once you know that, all you need to do is find a reputable lender who has a loan that meets your requirements.

What you need to apply for same day cash loans

Requirements will vary from lender to lender, but most lenders need to see proof of identity, either from driving license, passport or national ID. Some may also need to see your recent bank account statements and others may run a credit check on you.

Online and mobile lenders, like us at Mombo, can do all of this via an app or over the telephone. We want to make same day cash loans as quick as possible, so once you’ve applied with us we can have the money in your Bank account in as little as 10 minutes with the Insta Loans service.

We can deposit money into your bank account or M-Pesa account, whichever is more convenient.

Same day cash loans can save the day!

Here are some examples of how a same day cash loan can really save the day:

  • Emergency car repairs if you break down and need to travel to work.
  • Health care if you or a relative is in an accident.
  • Home repairs if the boiler or electrics break.
  • You need to pay a deposit on a holiday or other item and need to pay it quick before it’s gone!

What could you do with an instant loan? These same day cash loans are small amounts of money that can really save you in an emergency. But if you need some cash for non-emergencies (like your wedding day, a new TV, redecorating the house) you will be better off with a different kind of loan. One that offers you more money and easier repayment terms.

3 tips for repaying same day cash loans

  • Write on the calendar or in the diary when each repayment needs to be made – the last thing you want to do is forget. Late payments can have hefty fees. Our app will notify you if you’ve got a Mombo loan that needs repaying.
  • Work out how much the interest is going to cost you so that you always have enough money to make each repayment and keep the lender happy. Ideally, you should never take a loan that’s difficult for you to pay back without cutting down on living expenses (e.g. food, fuel etc.).
  • Finally, try and balance repaying loans with savings. Some people may tell you that repaying the debt should be ALL that you’re doing, but here at Mombo we really believe that repaying same day cash loans doesn’t mean you shouldn’t be able to save money too! You can read more about debts vs savings in this article.

Same day cash loans are a great way to get instant cash when handled sensibly! Keep checking back to our blog for more great tips and articles on managing your money.