Daily Loan

A daily loan is a short-term loan, often with daily repayment installments, designed for individuals and businesses needing quick access to funds. It can be a type of payday loan, or a business loan with daily repayments. The key features are its short term and daily repayment structure, making it suitable for managing daily expenses or short-term cash flow needs.

Here's a more detailed breakdown:

1. Daily Payment Loans (for Businesses):
   • These are short-term business loans where repayments are made daily.
   • They are designed for businesses needing quick access to funds, such as for hiring, purchasing equipment, or taking advantage of discounts.
   • Repayments are often automatically debited from the business's bank account.
   • They can be a good option for businesses that need fast approval and flexible repayment terms.
2. Daily Loan Schemes (for Individuals):
   • These schemes offer daily repayment options to borrowers, typically individuals earning daily income.
   • The loan amount and repayment period can vary, but they often involve smaller loan amounts and shorter terms (e.g., 90 to 180 days).
   • The loan is repaid through daily installments, making it accessible for those with daily income.
3. Daily Interest Loans:
   • This refers to loans where interest accrues (adds up) daily.
   • It's a common feature in some student loans and other types of loans.
4. Day Loans (also called Clearance Loans or Morning Loans):
   • These are bank loans that mature within a single day.
   • They are typically unsecured promissory notes and are used for short-term financing needs, often related to securities transactions.

In essence, "daily loan" can refer to:

• A short-term loan with daily repayments (for businesses or individuals).
• A loan where interest accrues daily.
• A very short-term loan (maturing within a day) used for specific financial transactions.