There are many different ways for consumers who have bad credit to get some money quickly. If you find yourself in need of some money urgently, there are many options out there for you.
Lots of payday loan companies allow you to apply for loans online, offering you same day approval. This means that you will get your money on the day of the application.
There are some downsides to using these sites, and the loan can become quite expensive.
This article will explore the different ways in which you can get a same day cash advance loan online, and whether this is a good option for you. Read on to find out!
Companies That Offer Same Day Cash Advance Loans
There are many different companies that offer these types of loans. In order to take out one of these loans you will need to be 18 years and over with a sufficient income.
You will also need to be a US citizen and have an active bank account, phone number and email address.
MoneyMutual is an example of a payday lender. This company has very good approval ratings for lots of different reasons. With this company, you will not suffer from having bad credit.
In order to qualify for this loan you will need to have a job or benefits that provide you with an income of at least $800 per month.
CreditLoan will get you money very quickly. With this lender, you will be able to qualify for a loan without your credit history coming into play at all.
When this is done, you will then be connected to a lender who will help you to complete the process. You will then have access to CreditLoan funds very quickly.
When it comes to CashUSA, there are lots of different lenders that they work with across the country.
You will be able to get an unsecured personal loan from this company that has a short term loan agreement.
You will need to earn at least $1000 a month in order to qualify for this loan. If you earn this much then you will not have to prove that you have good credit.
Bills Happen is another site that will allow you to take out a loan and receive the cash on the same day. The repayment period for these loans is often around 3 months.
With this company you will be able to instantly prequalify for a loan without having a credit check.
You will be able to be approved on the same day by a lender and receive the money in your account the next day.
Bad Credit Loans
Bad Credit Loans is another way for you to get a same day cash advance loan online.
This site is specifically for those with bad credit. If you prequalify for this loan then you will be able to get the money almost immediately.
This is one of the companies that offer you reliable same day cash advance loans.
Pros And Cons Of Same Day Loaning
When it comes to same day loans, there are many different pros and cons.
Lots of people see these loans as very predatory as there are very few laws protecting the people who need the money quickly. Barack Obama clamped down on these rules to support people.
They Are Unsecured
When it comes to certain loans, you will need to secure them with something that you own. This is known as collateral and it will usually include something like your house or car.
If you fail to pay your loan repayments on time then you can have these things taken away to you.
One great advantage of payday loans is that they do not require collateral, making them unsecured loans.
No Credit Checks
Another pro of same day loans is that you won’t require a credit check. In order to be accepted for most other loans you will need to have a good credit score.
This is not the case for payday loans. If you have bad credit then this can be a good solution for you as it may be the only way for you to get a loan.
There are very few things that you need to show to the company in order to prove that you can repay the loan. You will only need some ID and a SSN.
You will also be required to earn a regular income and have a bank account.
Same-day loans are very expensive. If you are looking to take out a loan like this, then you should expect to pay a lot in comparison to other loans.
This is because they have the biggest interest rate which can rise if you miss any payments.
You should only choose to opt for one of these loans if you have no other option and you know that you can repay this loan from the next salary.
It is very common that people get stuck in a cycle when it comes to same day cash advance loans.
Often, you struggle to pay off the loans because of the high interest rates, forcing you to take out another loan in order to pay back the previous one.
Access Your Bank Account
The lender is permitted access to your bank account when you take the loan out.
This means that they can take the money directly from your account when you have received the paycheck that you are waiting for.
When this happens, you will also often be charged very expensive fees.
Can I Get A Same Day Loan On The Day I Apply?
You can get a same day loan on the day that you apply as long as the lender can process it in time. This can be done if you apply for it first thing in the morning.
In most cases, though, you will receive next day funding rather than same day funding.
If it is an emergency and you need the money immediately it is a good idea to go into a store in order to take out the loan as this may happen more quickly.
Ensure you talk to the lender about your situation so that they can help you the best they can.
The lenders will try to get the money to you as soon as possible but they need to ensure that they follow all of the rules and check all of the paperwork before they do this.
When this has been done, you will usually see the money in your bank account very quickly.
There are lots of different ways to get same-day loans.
This article has gone into detail about some of these options and it has also explored the pros and cons of taking out these loans.
It is a good idea to use these loans as an absolute last resort as it can be dangerous to take out these loans.
Often, if you take out these loans, you will struggle to pay them back because of the large fees and the short payback period.