Can You Get a Loan the Same Day You Apply?

If you find yourself having to deal with an unexpected bill or expense that you are unable to pay for, you may need to access quick funding in a hurry to make ends meet. In such situations, the best option to consider is to get payday loans online same day, which is a form of short-term funding that allows you to access funds within the same day that you’re approved for it. 

However, the downside of these loans is that they also tend to be more expensive compared to other forms of borrowing. Moreover, since they come with high-interest rates, it can be easy to find yourself unable to pay back the loan and falling further into debt, thereby worsening an already bad situation. As such, taking out a same-day loan is best done after careful consideration. Otherwise, you could end up risking more than you should. 

Will a Bad Credit Score Prevent Me From Securing a Loan?

Even if you happen to have a bad credit score, another benefit of same-day loans is that you can still qualify for approval, as most direct lenders at US Installment Loans are more interested in your ability to repay the money you borrowed rather than your level of creditworthiness. 

This is in contrast to how most traditional lenders will review a loan application, as you will only need to show proof of income, have a state-issued ID, and have an active bank account to fulfill the basic eligibility requirements. In other words, even if you have no credit history at all, you can still secure the funding you are looking for. However, it is important to note that the lower your credit score is, the more difficult it can be for you to secure competitive interest rates and terms.

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What Is The Eligibility Criteria For Same Day Loans?

The eligibility requirements for this form of lending will typically vary depending on the direct lender that you are looking to borrow from. However, you can secure funding if you are:

  • Over the age of 18
  • Have a government-issued ID 
  • Have an active checking account
  • Are employed or have a business with a steady source of income

You should also keep in mind that some lenders may ask for additional information, even after pre-approving your loan, such as your marital status, employment situation, or even what you intend to use the money for.

What Are The Most Common Types of Same Day Loans?

Payday loan: A payday loan is essentially a short-term unsecured form of financing that is meant to be fully repaid on your next payday. Most payday loans come with same-day funding options, whether it be through direct debit or cash, but the downside is that they come with extremely high APRs that can go as high as 400%, which is why if you intend to apply for this type of funding, you should think very carefully on whether you can afford to make the repayment before submitting your application.

Title loan: A car title loan is another form of short-term lending that involves using your car as security for the debt. And the benefit of this is that you can usually apply for high loan amounts, as they tend to be 25-50% of the car’s value. Furthermore, they also come with low-interest rates because the level of risk to the lender tends to be significantly lower. However, the downside is that if you are unable to repay the loan on time, then the lender will end up seizing your car.

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Pawn shop loan: Taking out a pawn loan involves putting up a valuable asset as collateral and usually receiving 25-60% of its value in return. These types of loans don’t require you to have a stellar credit rating, and you can receive money in the form of cash. However, the APRs tend to go as high as 200%, with the repayment period often set at 30 days.

How to receive approved funds within the same day?

Cash: When applying for a loan, most direct lenders offer up the option of disbursing the borrowed funds in the form of cash, but keep in mind that this may require you to visit the lender in person to receive the funds on the same business day.

Direct debit: If you have a debit card and you apply for a same-day loan online, most direct lenders will provide you with the option of linking your account, which allows you to instantly receive the funds you borrowed, all without having to worry about any fees. However, do keep in mind that this will also allow them to make automatic withdrawals from your account, once the due date arrives.

Bank and wire transfers: Some same-day lenders are willing to send you the approved funds by bank or wire transfer, but the problem with this option is that it can often take several hours for the money to reflect in your account, even after it has already been sent.