Same day loans offer fast cash for urgent expenses, often providing funds within hours. They are popular among individuals with poor credit or immediate financial needs, requiring minimal paperwork and fast approval. However, these loans come with high interest rates and short repayment terms, making them costly if not paid back quickly. Payday loans, a common type, can have APRs over 300%, leading to potential debt cycles. Before applying, borrowers should compare lenders, read terms carefully, and consider alternatives like credit unions or personal loans. While convenient, same-day loans should be used cautiously to avoid financial hardship.