Have you ever applied for a bank loan with poor credit? There are chances that the process wasn’t as straightforward as you thought it would be. It is almost impossible to get approved for a conventional loan if you have poor credit or no credit history.
For those who are lucky enough to qualify, it can take weeks or even months before the bank credits these funds to your bank account. But if you have bad credit, it doesn’t mean that you are out of options when it comes to instant loans. You can still qualify for an online loan and receive the funds within one business day.
Such loans can be useful if you need to take care of a pressing financial issue. Among the online loans that are easy to qualify for our same day loans.
What are same day loans?
As the same suggests, same day loans are approved on the same day once the lender reviews your loan application. Unlike bank loans, same day loan lenders do not require collateral when applying for the loan. The application process is completed online, making it fast and convenient.
You can even fill out the application at the comfort of your own home. It can take as little as 5 minutes to apply for the loan. For first time applicants, the maximum loan amount can range from $200 to $1000. If you record a good repayment history, your loan amount increases.
When applying for an online same day loan, always ensure that you only borrow what you are comfortable to pay back. This is because the loans are short term in nature and if you do not back the debt before the due date, the amount can be rolled over. This increases the total cost of the loan making it difficult to pay.
What are the different types of same day loans?
There are different types of same day loans that you can apply for. While there are higher chances that you will qualify for the funds, you should also understand the interest rate as well as other fee charges that come with the short term loan. Most same day loan lenders charge high interest and fees. Here are the different types of same day loans that you can apply for;
These are short term loans, usually offered in smaller amounts that need to be paid back on your next paycheck. With this funding option, the lender does not review your credit history. You can, therefore, qualify even when your credit scores are wanting. This, however, comes at a price;
According to the consumer financial protection bureau, same day payday loans have an APR of up to 400%. So as much as payday loans do not have a credit check, the loans can be costly in the long run. When you do not pay on time and the loan is rolled over, you will be charged additional fees and you may also put your credit score at risk.
Title loans also offer same day approval. With this type of loan, your car title is used as collateral for the borrowed funds. You will get back the title once your loan is paid in full. Some auto lending companies can still give you the loan even when you have an outstanding auto loan. The average loan amount is $700 and they also have a high APR of about 300%.
This is also another way you can use to get same day cash. So what exactly are pawnshop loans?
Pawnshop loans are the type of funding option that is provided using your personal property as collateral. This can be your laptop, fridge, phone, television or any other tangible asset that you have at home. If you repay the loan on time, together with interest, you get your property back. If not, the asset is liquidated the lender gets his funds back. Most pawnshop loans have an APR of up to 240%.
Finding the best same day online loans
The best same day loan that you can apply online depends on your circumstance. Here is how to find the best same day loan online;
- Determine the amount you need
- Determine how long it will take to pay the funds back
- Consider if the loan requires payment in installments or a lump sum payment
- If the loan is not intended for emergency use, is it really worth it or can you wait for your next paycheck?
Once you get to know these important details, ensure that you find a reputable lender and only apply for the loan once you meet all the requirements.
Always go through the loan agreement
Most consumers who apply for loans online do not read each line of the loan agreement. Well, it is actually easier to brush over those small words, sign and have the money you need. But just like any other agreement, going through the loan terms and conditions of the loan can save you a great deal of money. Ensure that you are aware of the total amount to pay back and when the money needs to be paid. You should also pay attention to the origination fee, the APR and other additional fee charges.
Same day loans can be lifesaving, but they also come with their share of drawbacks. With the right preparation, which includes a little bit of research, you can get the funds you need with flexible terms and conditions. Once you meet all the requirements, it will be much easier to qualify for the emergency cash and get the funds as soon as you need it.
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