An online loan can assist people when they have an emergency. The issue with bank loans is that they can take some time to be deposited into your bank account.
Lenders need to asses your financial situation before distributing a loan. They will look at your salary, address, credit score to determine whether you are worth lending to or not.
This procedure lasts anywhere from a few hours to a week or more and is not ideal when you need quick cash.
Luckily there are plenty of same-day loan online loans that you can use to obtain money when you are in a bind and need fast cash.
Consumers should be aware that many of these same day payday loans could be harmful to your financial health. The loan could end up being a long term problem that borrowers have to deal with if they are not careful.
In this article we will attempt to show how same day loans are processed and what to be mindful of when submitting a loan application. We will also explain how to use our form to contact a payday lender in order to get the best loan.
So What is a Same Day Loan?
A same day loan indicated that once applied for the loan amount will be deposited in your account the same day. Same day loans do not have many obstacles to their distribution which can be a lifeline to those who are in need of urgent cash.
The loan is not anchored to one type of product like a mortgage or car so borrowers can use the money for anything they like. From a broken boiler at home to paying the rent there are a myriad of ways to spend a same day loan.
Same day loans can be applied for in minutes and the lenders software assesses your request in seconds. The money is available quite often the same day or following business day.
The downsides to this convenience is the high interest rates or charges. The terms and condition should be studied carefully before committing to the loan.
What are same day loans also know as?
What Is The Same Day Loans Process?
A couple of same day loans variants are available : payday loans ( same day cash advances) and installment loans. How you obtain the money will depend up on the sort of loan you choose.
Payday loans are short-term loans that can be obtained on the same day as the borrower request them. There are many different offers when it comes to payday advances, the Consumer Financial Protection Bureau warns consumers against taking them due to their high cost.
As the name suggests a “payday loan” is taken out in the month and should be paid when your next payday becomes due.
How do you get a Payday loan?
The initial step is looking online or for a store that does short-term loans. Banks and other institutions do not do payday loans. They perform hard credit checks and shy away from bad credit.
Once you have submitted your information to your lender they will do a soft credit check on you to see your eligibility.
The borrower lets the lender know how much is need for the cash loan. The lender then checks the clients eligibility and will make a contract for them to sign. You should be over 18 years of age and have a permanent address at minimum.
In general payday loans are for between 14-21 days, because of their short term nature high interest rates and fees will be applied so the lender can make a profit. It also covers their risk in case of default.
After studying the loan details, the lender will receive a check for the amount you have borrowed and it becomes due at the end of the loan term
The lender deposits the cash into your account and keeps the check in case you do not repay the loan on time. If successfully repaid the check will be destroyed in your presence or will be given back to you.
Are same day loans expensive?
Payday loans have had a lot of negative press because of their expense. Applying for a payday loan can be expensive in the range of 200 to 600 percent APR. There could also be additional late fees and rollover fees which has landed many consumers in trouble.
The CFPB studies have indicated that those who take out a payday loan have up to a 30% chance of not making the repayments.
When considering a same day loan consumers should be aware of the downsides when it comes to payday loans
You may be able to get an installment loan on the same day that you apply
An installment loan is an unsecured loan that is distributed in the same manner as a payday loan. They are for a longer duration and can be used for any purchase the customer likes. The interest is less than payday cash loans but still a lot more than a personal loan.
With installment loans you can borrow up to $5000 or more. The time range is from 1 month to 1 year but the rates can still be high up to 200% APR or more.
Are There Any Same Day Loan Alternatives?
There is no need to rush in if you need money fast. As there are decent alternatives to payday and installment loans. Below we will outline some same day loan alternatives.
If you have an emergency there is a goo likelihood you will be looking for a a same day loan.You should seek out a lender that has a transparent website and is clear about rates and fees . Same day loan offers are numerous online and they should have rates on their web pages by law.
Fast Loan Approval & Deposits
Like fats cash lenders you will seek out a lender who offers cash the same day and offers instant loan decisions. Getting cash quickly will assist in helping relieve your financial emergency.
Low Interest Fees
High interest and charges can create difficulty when it comes to repaying your loan. Seek out a lender that has reasonable fees and interest so you do not get into trouble.
Look out for lower APR
High-interest rates are a hindrance when it comes to repaying your loan. Payday loan lender often rely on a large percentage of borrowers rolling over their loans which turns into a cycle of paying additional interest and fees. By choosing a lender that is honest a lot of hardship can be avoided at a later date.
A Same Day Loan Alternative: Seekcash from Greeenday
Do you need quick cash? Seekcash from Greenday can get you a cash advance loan before your next payday. Our lenders offer great interest rates and fees. Receive up to a maximum $1000 in Seekcash fast as soon as the same day. The money will be there quickly once the lenders have established you are eligible.
Greenday SeekCash is availble 24/7
If you are sure and ready for a same day loan then start now by applying with the form above. It only takes 5 minutes to apply and get an instant approval decision.
How much cash can I get?
You can choose any amount you like between $100 and $1000. The lenders may gives you less or offer you more depending on your financial situation and income.
When will the cash be deposited?
If you apply early enough the cash can be deposited the same day but borrowers should allow up to one business day to get the money. On weekends you should wait for the following business day.
What fees for same day loans?
The fees are dependent on your lender. All the lenders on Greenday have been vetted for their transparency and reliability when it comes to short term lending. The lender will tell you all fees by law and will be forthright in their documentation when it comes to repayment periods and APR.