Convenience can come at a hefty cost if you’re not careful, but many lenders do offer or claim to provide same day loans. This usually entails filling out the necessary paperwork, and if approved, the lender will usually give you cash that very day. A great example of this process are personal loans that are run through an automated clearing house or ACH. However, the process of running your paperwork may take anywhere from one to three actual business days, therefore, the money isn’t always as timely as you would hope.
Many refer to same day loans by a number of tags such as payday or emergency loans. These types of loans are ideal when an emergency situation strikes and you need money right away to pay for an unexpected expense.
Do You Need A Good Credit Score?
Certain online title loans, secured loans, and payday loans are still willing to work with you if you have poor or limited credit history available. On the off chance that you don’t have any established credit history, no credit check loans provide the best option for you.
In most instances, however, you will need at least a decent credit score in order to get approved. For example, a 600 or above is a necessity in order to get financed for personal loans. These loans are dealt with through the bank and the borrowing term is around 2 to 5 years with an APR of 6% to 36%.
Payday lenders, on the other hand, rarely base their loan decisions on your credit history. Rather, whether you get approved solely depends on your proof of income and having a current bank account. These lenders will loan you a smaller amount of money but based only on your income.
Same Day Loan Types Available
-Payday loans are the most common same day loans and they are often synonymous with that term. This process is fairly quick and requires proof of income, a state ID, and active bank account along with a signed loan agreement. Usually, these loans are given to you the same day you are approved via cash or deposit. Unfortunately, the high up to 400% APR makes it a short-term option.
-Possible loans are another option for a mobile-only platform. This lender can help you build your credit history by allowing you to pay back the loan in smaller installments. The APR is around 150-200% which is cheaper than the national average.
-Pawn shop loans are always a possibility, though no longer the most popular option. Usually, you need to leave an item of value behind as collateral at the pawn shop, and you can take out a loan for the value of the item at around 25-60% of resale value. These loans are for 30 days, and in order to receive your item back you need to pay back the loan amount plus interest as well as applicable fees.
-Pink slip or car title loans are an option where you have to use your car as collateral to get a loan and the lender seizes your car if you don’t pay. These loans are about a month or less, and you receive a fraction of what your car is worth.
Same Day Loans Overview
Make sure you have no other loan options available to you and can’t borrow from friends or family. Same day loans carry large interest rates that may land you in further debt if you aren’t careful, but under most circumstances, you will never lose your house or car if you default.
These loans are also ideal in case of an emergency as they allow you to receive funds the same or following business day upon approval. Plus, these loans are easier to apply for and usually mean a surefire way to get cash on short notice.
