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

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.

Short on Funds before St Valentine’s Day? Check out Instant Online Loans in Kenya

instant online loans

St Valentine ’s Day is probably the second most expected holiday after Christmas. Why? Because all of us expect love. And when everyone around you is in a romantic mood, you can’t help expecting this day to be very special for you too. Maybe you have a person you’ve got tender feelings for and wait for an opportunity to make a declaration. Or maybe you are looking to refresh romance in your worn-out marriage… Or you just want to hearten your nearest and dearest and say they mean a lot in your life… In any case, feelings are not enough. You’ll need some tangible evidence such as flowers, sweets or jewellery. But what if you are low on funds before the holiday? Financial difficulties don’t mean you must stay outside the celebration of love. Sometimes, it’s not a bad thing to get some extra cash in such unromantic way as taking a loan. We’ll tell you about instant online loans in Kenya that take only a couple of hours to get!

Some St Valentine’s Day stats. How can you stay outside after that?

Do you know that over $13 billion is being spent on the most romantic day of the year? According to StatisticBrain, 180 million Valentine cards are bought to exchange love. And now some food for thought. 14% women decide to send themselves flowers on this day in order to not look unattended. Do you still think your favourite person has to buy flowers for herself? Just asking… Because 53% of women decide to quit the relationship if they don’t receive a gift for the St Valentine’s Day.

The truth is women take this holiday seriously. Even if they tend to behave like they don’t care. They do care.

Maybe you belong to those people who treat this holiday sceptically. Like it will humiliate love if we celebrate it only one day in a year. The idea is really weird. But we cannot change the fact this holiday exists. We can only change the way we spend this day.

This holiday has a great power to impact our relationship in a better way. Why? Because we all are tuned and ready for love weeks before the holiday arrives. Thanks to media, malls’ decorations and global excitement. The scenery is already set. All we need is to step up and take the prize. If you want to start a relationship, there is no better time like the St Valentine’s Day.

Unromantic question: should I apply for a loan to buy a present?

Many guys buy expensive presents just to impress their girlfriends. There is no wise reason you should do the same. Think what would work best in your situation. Think of things (or activities) your beloved one likes most of all. They can be quite inexpensive and plain things. Flowers and chocolates won’t cost you a lot and you won’t have to borrow too much. Looking for something extravagant? Then you can consider dining out in a restaurant or even a romantic escape to a beautiful place.

Tip: Look for instant online loans in Kenya if you want to get a fast approval and enjoy the lowest interest rates.

Where to get a loan online in Kenya?

If you need quick money against your next paycheck, search for payday loans online. With Mombo App, you can quickly borrow up to half of your net salary. All you need to do is to enrol with Mombo using the App and provide your valid chequebook. The requested amount is yours in less than 2 hours, and you can be off shopping for romantic stuff. The interest rate is only 12%, and you can comfortably pay out the loan within 6 months.

What if your romantic scenario requires a more substantial financing? Mombo can lend you the money quickly against your personal assets such as a car.

Where can I get a loan with bad credit?

Conventional brick-and-mortar banks don’t give loans to people with poor credit. But you can always use services of online lenders such as Mombo. Moreover, even win on a much lower interest rate (12%) than that of traditional banks (approx. 20%). With the Mombo App, you can get a loan with bad credit. You just need to provide collateral and honestly explain the reason for your bad credit.

You know people who want to achieve something, look for opportunities. Those who don’t want, look for excuses. We at Mombo work hard to create opportunities to make your boldest romantic dreams come true this St Valentine’s Day!