Just as the name refers, these loans are made available to you within the same day of application. This considerably reduces the burden, thus by providing you great relief, in times of crisis. Moreover, while applying for the loans, you are not supposed to pledge any collateral, since it made available only for a short term period and is not much of a risk for the lender. Further, the tendency of the lenders, in particular to sanction the amount without checking the credit history, paves the way for applicants with disputed credit history to get hold of the funds.
