Same Day Loans

Same Day Loans

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Want to borrow more than $5,000? Click here!

Representative Example: Borrow $1,200 for up to 75 days - Interest rate 0.34% per day (124% p.a., variable) Representative: 49.7% APR (variable)

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What Is the Same Day Loan and How Does It Work?

A same day loan is a type of loan that the borrower gets money as fast as on the same day, after they have applied and the lender has verified their details and income. Moreover, You can apply for the same day loan if your credit is not good. However, the interest rate on these loans will be higher.

What Is the Same Day Loan and How Does It Work?

What Loans Can Be Offered At The Same Day of Request?

“Same day loans” are fast and easy personal loans that are facilitated online. Follow the list below to learn what kind of loans can be offered on the same day of the application submission.

Personal Loans

Personal Loans

Personal loans are a type of borrowing, or taking money from a lender or a bank in order to pay for something that you can't afford. It’s borrowed money and is repaid when you have the cash available to pay it back. Moreover, they are usually unsecured, meaning you put up no collateral.

Installment Loans

Same day loans work much like traditional installment loans, where you get the money in a lump sum and then pay it back over time with regular monthly payments.

Installment Loans
Short-Term Loans

Short-Term Loans

Short term loans are basically short-period credit that you can use to obtain a certain amount of cash that you could quickly repay with little to no interest.

Payday Loans

A Payday Loan is an unsecured loan that is intended to be repaid in full with the borrower’s next paycheck. This kind of loan is often used by people who need money fast and urgently.

Payday Loans

What Are the Eligibility Criteria For Same Day Loans?

When you're looking to apply for the same day loan, there are five requirements to follow. They are as follows:

  • A stable income source is necessary to be eligible.
  • You must be of legal age in the state you are currently residing in.
  • You must possess a photo ID.
  • An active bank account is required.
  • You should have a phone number and an email address.
What Is Bad Credit Exactly?
What Are Usually The Rates of Short-Term Loans?

What Are Usually The Rates of Short-Term Loans?

If you are looking for a same day loan, you can get it even if you have a bad credit history(credit score below 600). Each lender has its criteria, and you must be sure that you fit their criteria.

Still, the amount of cash you will get will be less than what you will get if you apply with a good credit score. However, the important thing is to be able to pay off the bad credit as soon as you can, which generally improves your overall credit score.

Same Day Loan Alternatives

It’s important to note that there are multiple options out there apart from same day loans if you need money in a hurry. Some alternatives are as follows:

  • Cash Advance

    Cash Advance

    A cash advance is a transaction that allows you to borrow funds against your credit card's available balance. It typically comes with a processing fee and carries an annual interest of 20% and 25%.

  • Payday Alternative Loans

    Payday Alternative Loans

    The Payday alternative loans are short-term small personal loans that must be made by federally insured banks or credit unions, with interest rates within 28%, a $20 processing fee, and amounts usually ranging from $200 to $1000.

  • Credit Card

    Credit Card

    You can use your existing credit card as a loan alternative. The interest rate is reasonable, and the process is secure.

Frequently Asked Questions

  • 1. Are Same Day Loans Easy to Apply For?

    Yes, same day loans are easy to apply as the entire process is online-based. Moreover, the approval rate is high, and you can get the loan as quickly as 24 hours.

  • 2. Is there any hard check for same day loans?

    The credit check depends on the lender. However, there are some entities that only perform a soft credit check against your online application.

  • 3. How Much Cash Can I Get For a Same Day Loan?

    The same day loans can range from $200 to $5000.

  • 4. Are there any risks to using these loans?

    These loans are generally expensive, not a permanent solution to get you out of a financial crisis, and sometimes difficult to get approved if you have a bad credit score.