Are you running short of money? Or you are worried about your financial conditions? Financial difficulties are an actual reality of modern times and nobody is insured from the unexpected expenses.
There are many people who suffer from poor financial conditions. And these situations can come anytime and to anybody. But now you do not have to worry when same day loans are here.
Same day loans can be considered as a short term personal loan which can help you access funds right away in the same day. These types of loans can be very useful in situations when you need cash instantly. A same day loan is basically an unsecured loan which offers you small amounts.
Before we start out a full-fledged discussion on same day loans, it is very important for you to understand what a loan is, how different types of loans work and support you to handle your financial conditions. A loan is when a person borrows any sum of money with the intention of being repaid. Loan repayments include interest on the full loan amount.
There are different types of loan types available to people from traditional bank loans, mortgages and short term payday loans. Usually, the type of loan a person needs will depend on the amount of money he needs like purchasing a property (house) will require more substantial loan and filling up electricity bills will need small amount.
A normal bank loan takes longer time to get approval by the authorities and they also require a lot of paper work and documentations. But sometimes it is not possible to wait for such a long time during emergency situations. This is a reason that many borrowers opt for same day loans while in emergency situations.
Even those who have bad credit score can easily apply for same day loans & receive cash instantly. There is no requirement of credit check for this type of loan. And it might depend on your lender.
Certain lenders might ask you to check your past credit history. You will see that there is little difference between payday loans and same day loans.
Your eligibility is also a factor while choosing a particular loan. Some lenders take interest in looking at a potential borrower’s credit history to decide whether or not to provide the loan.
Same day loans would be ideal for those who–
- Have a bad credit score that becomes a hurdle in taking regular personal loans.
- Don’t want to borrow money from friends or family members.
- Those who do not want to use a credit card.
- Those who need instant money.
Eligibility for Same day loans
You will have to fulfil the eligibility conditions for applying same day loans as well as pay day loans:
- You should have an operative savings account.
- You must have a steady income for qualifying for same day loans.
- Minimum age should be 18 years.
- You must have valid proofs to show that you are a resident of the country where you are applying the loan.
- A valid Email ID or phone number is a must.
- Unemployed individuals can also apply for same day loans.
What documents would be required for Same Day Loans?
Normally, government authorities or banks ask for very minimum documents for approving same day loans application. Here I have mentioned Mentioned some of the important documents that you need to submit while applying for same day loans:
- You need to submit a valid address proof. Banks accepts telephone bill, electricity bills and driving license for address proof.
- Your identity proof. You can submit documents like PAN card, driving license, passport, employee ID card etc. for the proof of your identity.
- Any type of other document that is required by the lender.
- Proof of income given by your employer.
Same Day Loans with no Credit Check
Loans like Same day loans are offered for short period of time and usually don’t require a credit check. This is so because banks mainly focus on your ability to repay the amount instead of looking at your past credit score. Same day loans are perfect to borrow cash when you need to make up your poor financial conditions.
How can Unemployed people enjoy Same Day Loans?
People who do not work or are unemployed can also apply for same day loans to deal with their urgent financial problems. What more can anybody look for?
Unemployed individuals who are not earning currently & are in great need of urgent cash can easily seek assistance to handle the situation. There will be so many banks out there that offer different deals on such types of loans for helping unemployed individuals.
Therefore, same day loans can be very helpful in removing the financial issues that are experienced by unemployed individuals. But as you know by same day loans are unsecured in nature and therefore they can be offered to unemployed people for shorter time period.
Same Day Loans under Right Circumstances:
Many of us sometimes find ourselves in need of funds when we simply could not arrange and this can be terribly stressful. Whether you are borrowing money from friends or family it becomes a headache. You can rather opt for same day loans and this is easy as well. But how will you get to know that a loan provider is right for you?
If you get help from a reputed lender, you will feel confident. One should always make a research before deciding upon any one. The lenders who provide all the information and process in detail right away without hiding any terms would be reliable. Some even have online portfolios and you can easily search about their services for different types of loans like same day loans, terms and read customer reviews to judge how well they treat their customers.
Apply for Same Day Loans Even When Away from Home
We never get to know that when we might get in emergency situation and need some cash. This type of situation can be hectic enough when we are in our own home, but what if you are away from your home? This situation can be much worse.
If you get approval, you can easily get your same day loans virtually anywhere. The authorities will deposit the cash directly into your bank account within very short interval of time.
Same Day Loans for Bad Credit Score
Basically an individual have a low or bad credit when he fails to repay the payment of debts timely. Your credit score shows that what type of credit history you have.
Although it is mandatory to maintain good credit history, but a low credit history also not affect your loan application while in case of same day loans. With same day loans, nobody has to worry about past credit history. Bank will not reject your same day cash loan application even if you have a poor or bad credit score.
So in normal traditional loans, if you have a bad credit, lenders will not lend you money easily as they might think that you will not be able to repay the amount on time. But, in case of same day loans, it does not matter whether you have bad or good credit history or even no credit history at all. You are always eligible to apply same day loans & enjoy the benefits.
Features & benefits of Same Day Loans
- You can access the funds in same day you apply for it.
- You do not have to show your credit score in same day loans.
- You can apply same day loans with a bad credit history.
- Same day loans will let you do less paperwork & documentation.
- It is a type of unsecured personal loan.
- Interest charged on same day loans would be higher than regular traditional loans.
- Same day loans let you meet any kind of emergency financial requirement.
- Instant approval on your loan application (as low as 10 minutes for getting approval for your loan application).
- Same day loans are suitable only for borrowing small amount of cash.
- It is safe & secure; maintain complete transparency.
- Same day loans normally do not require guarantee. But, in some specific cases your lender might ask you for securities such as gold, jewellery, cars, watches, etc.
- Unemployed people can also apply for same day loans.
- One can apply for it online.
- These are short term loans & last for a few weeks.
The Interest Rates in Same Day Loans
Same day loans charge higher rates of interest on the amount of money you borrowed. This is a reason it is always advisable to pay off your loan timely to avoid paying extra interest on the borrowed sum.
Never take same day loans if you think you will not be able to pay it on a fixed date scheduled. Make sure to understand the loan repayment schedule. In case you fail to make timely payments, you can be charged additional fees.
The interest rates on same day loans may vary based on different lenders and banks. It changes from time to time. These loans sometimes can be expensive than the regular ones. Same day loans are similar to personal loans & personal loan interest rates can usually range from 13% to 20%. The normal time period to repay the amount is after 2 weeks along with interest on the principal amount.
The process of same day loans
Applying for same day loans is very easy for anybody. People can get their loan sanctioned by submitting nominal documentations and proofs. Application process for the same day loans would be very fast.
One can also apply it online or through phone. While applying same day loans online you have to first put your personal information such as your full name, valid email id & phone number in application form. After submission of all the details, you will get approval in nearly one hour. And after getting the approval you will receive your fund on your account within 24 hours approximately.
Applying for same day loans will be easy provided that you have a valid employment id & you are capable of repay the money on fixed date. You can utilize the fund for any purposes you need to. The amount of money you are eligible to receive is determined by your bank which depends upon the combination of its local regulations, policies, your capacity for repayment and income.
How Do I Get Same Day Loans?
I know that understanding any of the processes can be difficult. But this article is to help individuals who want to know everything about same day loans.
So how do you get same day loans? Answer to this question depends on some of the factors. For smaller amounts, a short term loan will be the best option to consider, whereas for a larger amount you may require a longer term loan – traditional loans.
In same day loans, you do not have to worry about whether you’ll receive the funds on the same day or no as your application will depend on the lender than the loan type. Determining what kind of loan will be best suited for your situation is very important aspect.
Once you decide the category of loan, you can assess whether or not there is a same day option available. When you don’t have any other alternative, same day loans essentially provide cash advance which you can use to pay off your urgent needs. Same day loans are meant to help you out of the tight financial situations. These types of loans can be lifesavers.
But remember same day loans are not meant to be used to enjoy luxuries like to finance cars. Such loans are used in poor financial conditions to fulfil the needs. Generally, same day loans amounts will be less than $500.