What You Need to Know About Getting a Same Day Loan Online
What is an Online Same Day Loan?
A same day loan online is a type of credit requested in the morning and approved before the end of the day. The funds will be available to the borrower on the same day, before 6:00 pm.
What is the timeline of a same day online payday loan?
The time when a borrower applies for a same day online payday loan is very important. The online loan request should be submitted before 11:30 am. After sending your loan application form, the online lender checks your eligibility for the loan.
Is there a credit check for a same day loan online?
Most online lenders only perform a soft credit inquiry on their borrowers. Once your credit history is verified, you can expect to receive the funds you requested in your bank account on the same day. There may be some exceptions, so it is important to remember that a same day loan may not be completely processed on the day the credit was applied for if the lender is not available.
Do lenders perform hard credit inquiries for same day loans?
Traditional lenders and banks will pull up your credit record when you ask them for a loan. Your credit score is an important factor to be approved for a loan. When your credit score falls below 620, you have to apply for a bad credit loan. Individuals with bad credit are seen as high-risk borrowers and most banks will not accommodate your loan request. You will not be eligible for a same day loan or even a regular loan. This is the time when you should look for an online loan provider who offers same day payday loans.
Same Day Lenders
Obtaining a same day loan through brokers
It is possible to take out a same day loan through a broker. Aside from a direct lender, a loan broker distributes your loan request to different lenders so that you can get the best deal and several options to choose from.
Obtaining a same day loan through direct lenders
A direct lender may offer you a better loan deal compared to loan brokers. The drawback, however, in applying a loan from a direct lender is that you are only applying to one loan provider. This poses a problem if the direct lender refuses to give you a loan. If you are sure your qualifications will make you eligible for a loan, you should consider getting a same day loan from a direct lender.
What happens if I submit my same day loan application after 12 noon?
Same day loan providers have cut offs that they strictly implement. If you submit your loan application after 12:00 pm, your loan will be processed the next day. In general. These are the schedules that you should be aware of when applying for a same day online loan.
- Monday to Friday before 11:30 am – same day loan possible
- Saturday and Sunday – same day loan will be granted Monday afternoon
- Public holidays – same day loan will be accepted on the next business day
What are the Benefits of Same Day Loans?
- Quick access to cash
- Easy to obtain since there is no hard credit check involved
- Use the funds for any purpose
- You can apply even if you have bad, poor, or zero credit
Understanding the Same Day Loan Process
- The first step, obviously, is to accomplish an online application form. The application form usually requires very basic information from you, including:
- Full name
- Contact details
- Work information
- Salary details
- Bank account information
- To be eligible for a same day loan online, you must be over 18 year old. You should be allowed to obtain a loan in the United States.
- Your lender may pull up your credit records to perform a soft inquiry. No need to worry since your credit score will not be the basis of their loan approval or rejection. Borrowers, whether with good or bad credit, can enjoy a same day loan online.
- The lender will take your work and salary information into consideration. Most alternative lenders think that it is unfair to deny credit to someone with bad credit since these may be the result of bad financial decisions or the borrower may just have been down on his luck. Online loan providers will assess your current financial status if you are capable of handling a financial obligation.
- Once the lender approves your loan request, you can receive the funds in an instant. An online lender will immediately let you know that status of your loan request. With banks and traditional loan providers, you have to wait for several days just to know if you are eligible to obtain credit.
- The lender will send you a loan contract that you need to sign. The loan contract states all terms and conditions of your loan. Depending on the time you submit your loan request, you can receive the funds in your bank account on the same day, or the next working day.
How Much is the Interest Rate for an Online Same Day Loan?
Online same day interest rates will vary depending on the lender. The interest rate depends on the risk of the lender in lending money to the borrower. If the loan applicant has bad credit or low income, the lender carries a higher risk in giving credit to such borrowers.
A borrower with good credit enjoys a lower annual percentage rate than a borrower with poor credit. Before you agree to a loan contract, the lender will discuss to you the applicable interest rates. Reputable online lenders are honest with the details of their loan products.
Up to What Amount Can I Obtain with an Online Same Day Loan?
Lenders offer same day loan borrowers an amount starting at $100 up to $1,000. The amount granted to you will vary depending on your request and your ability to pay back the loan.
The amount that a lender offers you will be based on your creditworthiness. If you are not eligible for the amount you are requesting for, the lender may offer a loan with a lower amount.
How will I Repay My Same Day Loan?
There are different options to take when repaying a same day loan. Some borrowers pay through check while others set up automatic payments from their bank account. Another option is to directly deposit the payment to the bank account of the lender. Automatic payment is the most convenient method of payment. With automatic payments, you don’t have to worry about forgetting your due date.
Ensure sufficient funds in your account for your same day loan payments
If you chose to set up automatic payments for your same day loan repayments, you must ensure that your account has enough funds when the due date is near. If you don’t have enough funds to cover you loan repayments, you will pay a fee for late or non-payment. Although some direct lenders do not charge borrowers late fees, some will only give you extra time to pay before they charge you with penalties.
What are the Roll Over Fees of Same Day Loans?
Aside from paying on time to avoid penalties for late payments, paying on time helps the lender trust you more. When you are in good standing with a lender, you can access better loan deals when you need one in the future.
Avoid Defaulting on Your Personal Loan
There are consequences when you fail to pay back your same day personal loan. Lenders can report your behavior to the credit reporting agencies and send your account to collection agencies. It is important to maintain a good credit score so that you can gain access to better loan products and deals next time you need it.
Managing Your Same Day Payday Loan
Obtaining a same day loan is now easier and hassle-free through online lenders. Make sure to shop for different loan options before signing a loan agreement. Here are the things to remember to manage your same day loan effectively:
- Always look for a lender who only perform soft credit inquiries. A soft credit inquiry will leave a mark on your credit score.
- Compare loan amounts, rates and duration of the loan. Different lenders have different loan deals to offer you.
- Only apply if you can pay for it. Do not take out more than what you can pay for.
- Short-term loans such as same day loans must be settled on your next pay schedule. If you are considering a larger loan amount with longer terms, you should take out an installment loan instead.