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Same Day Loans: Requirements & Application
Sometimes, we’re strapped for cash and need emergency funds right away.
A traditional bank loan or credit union application may not be for you during these times. They can take weeks to get through processing.
Instead, you can look into getting a same-day loan.
Let’s discuss what a same-day loan is, how it compares to other loans, and how you can get one even with bad credit!
A same-day loan falls under the following categories:
- A personal loan
- A short-term loan
- Approved or deposited on the same day
- It is subject to a high-interest rate
- Covers up to $1500
If you need emergency cash, same-day loans may be your BEST option! These personal loans are also known as title loans, installments, payday, or bad credit loans.
Why? It’s simple. These loans are meant to carry you over until your next paycheck.
These loans are good for emergencies, so payday lenders have a high chance of getting you approved even if you have bad credit.
Is It Possible to Apply for a Same-Day Loan With Bad Credit?
Your credit history is always taken into account by any lender.
Credit scores are still considered with same-day loans. However, it won’t prevent you from getting the cash that you need.
So, don’t worry if your lender will perform a credit check!
Let’s look at some of the best same-day loaning options you can apply for and see which one best suits your needs.
Payday loans are short-term loans with interest rates based on your income.
There are two types of payday loans: secured loans and unsecured ones.
With unsecured loans, your pay stub that shows your monthly payments is enough. For secured loans, you have to give collateral on top of your proof of income.
As your income is a basis, you need to provide identification and proof of income. You should also have a valid checking account.
A bank statement or certificate of earnings will do if you don’t have proof of income.
A loan offer from a payday loan can range from $100 to $5000. You have to pay it back in a lump sum.
For online installment loans, you can avail of lower interest rates and don’t need collateral.
Unlike payday loans, installment loans are more long-term. With an installment loan, you have to be able to make monthly payments to your online lender.
Title loans require collateral: your vehicle. The loan amounts of a title loan are based on your car’s make, model, and condition.
The loan term, rates, and origination fees vary from state to state and from lender to lender. Each state can have a cap on how much a loan offer can cost.
Like a payday and installment loan, title loans also offer same-day approval. You have the chance to apply online, and your credit issues won’t get in the way!
- Legal age -You must be at least 18 years old to qualify for same-day payday loans.
- Have a stable source of income -At the very least, you need your monthly pay stub to get same-day loan offers. However, there are cases (such as title loans) where you can supplement proof of income with a bank account statement or certificate of earnings.
- Have the right identification -Make sure you have government-issued IDs, passports, or a driver’s license to confirm your age and other documents. It can be helpful to have at least two.
- Have a valid checking account -An account is a must to pre-qualify! Make sure you have one before your lender does a credit check or to make sure you repay the loan.
We all want to have cash advance loans. Here’s how you can get same-day payday loans or cash advance, too:
- Prepare documents ahead of time – Make sure you have all the requirements. Prepare at least two copies of your IDs, proof of income, and bank details.
- Apply early -Your best chance to get a same-day cash advance or payday loan is to be there early. Be there by opening business hours to increase your chances!
- Use a loan-matching service -It’s best to use a loan-matching service for a more efficient and safer way to contact a lender. That way, you don’t have to shop around for long.
Many people would say YES to this type of loan. Here are a few reasons why.
If you have an active bank account, you know that getting a loan can take a long time.
However, that’s not the case for same-day loan options. The definition is in the name itself – you can get your cash on the SAME DAY.
This kind of loan agreement makes it perfect for emergencies. If you’re strapped for cash and need a loan early, a same-day loan will save you!
Unlike pawning off your vehicle, jewelry, or gadgets, you don’t have anything to lose with a same-day loan.
All online lenders consider is your ability to pay back the loan. They will also look into your bank account and perform a credit check.
Speaking of credit scores, let’s get into the next benefit:
Your credit score is always considered with most loans.
If you have a good credit score, the state of your bank account probably won’t deter you from applying for a same-day loan.
However, you may be discouraged if you have a bad credit score.
We advise you not to worry too much! You may encounter credit difficulties, but your credit report won’t block you from accessing short-term loans.
Simply put, nothing will really prevent you from getting into same-day payday loans.
You have to think about the possible credit check that lenders will do. A hard credit check can have an impact on your score.
You can ask if the lenders will do credit checks or if a credit check is necessary for your situation.
Short-term loans offer a lot to a borrower. Don’t think a same-day cash loan doesn’t come with any risks!
You have to consider the following before going forward with a personal loan.
For starters, same-day funding isn’t always a guarantee with your loan application.
Yes, same-day funding is always a probability, but a payday lender may or may not give this opportunity to you. Make sure you can get cash advances first.
Additionally, these loans can put you in DEBT.
As an emergency loan, it’s only meant for short-term situations. This is not a long-term solution and can possibly put you in debt if you’re not prepared for the loan amount.
Finding a good lender may be challenging, but we’re here to help you.
First, let’s identify what best direct lenders offer:
- Good reviews -Real user reviews and recommended lenders can be trusted.
- Additional perks -Seek credit counseling regarding what additional perks you may get from a direct lender and their loan terms. Many lenders offer benefits and easy approval.
- Flexible repayment terms – Before you sign off on a loan agreement, you should look into how you’ll be able to repay the loan. A flexible repayment term will make it easier for you.
- Interest rates and fees -Always consider other possible fees. Penalties, contracts, and early repayments are all fees that you may need to look into with financial emergencies.
- Annual percentage rate – Look for loan options with low APR. Sometimes, the APR for a quick loan can go as high as 1000%. Make sure you get a lender with the APR that works best for you.
Be careful when looking for a lender and consider these factors to prevent scams or problems!
You can refer to the following section if you have more questions about the process.
With poor credit, all same-day loans are quite easy to get.
However, payday loans must be the easiest; they’re quite short-term, can be done on the same business day, and don’t require any collateral.
Go for same-day payday loans!
They’re as close to “instant” as you can get. If you don’t like the rates that come with it, consider getting an installment or title loan.
All of them are quite easy! It will mainly depend on your circumstances.
- Do you want something instant but limited to your income?
- Would you be more willing to pay monthly?
- Or do you have a car title or other collateral?
It’s all up to you. These loans will go through the usual processing, like credit checks.
A payday loan is one of the best ways to get money quickly. If you need a cash advance, look into these loans to get your funding faster.
You don’t have to worry about their considerations, like credit checks and proof of income.
The lender will look it over, but it won’t prevent you from applying, unlike banks and credit unions.
We wish you the best of luck with your search for same-day funding!
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