Have you ever been in an emergency where you needed cash almost immediately, and you couldn’t rely on regular loans? If you have, you’ll understand fully the need for loans that can be available in an instant. Typical loan offers usually take a few business days after approval to show up in your bank account.
However, with same-day loans, you can rest assured that you’ll receive funding as fast as hours after approval. Do you wonder how these same-day loans work and how you can receive some of them? Here is a comprehensive analysis of same-day loans and their application process at top brokerage platforms like WeLoans.
An Overview of Same-Day Loans
Simply put, same-day loans are a type of funding that you can receive on the exact day that you apply for the loan. They are commonly referred to as emergency loans because they are suitable for people who need quick funding for emergency situations. Most times, because they are used for emergency situations, they tend to be available for only a short time and provide limited loan amounts. You can find same day loans with WeLoans for all kinds of emergencies.
Same-day loans are highly flexible yet predictable. However, not all same-day loans may arrive as quickly as you expect in your bank account. Sometimes, it may take the next business day to receive funding, especially if your lender uses an ACH transfer or depending on your preferred payment method. Either way, they are faster than many other loan options that are available to customers.
Common Types of Same-Day Loans
Hardly does any lender tag a specific loan as a same-day loan. Instead, these types of funding come in the form of regular loans. The only difference is that the lender pays the fund into your account as quickly as within the same day of your application. That said, here are some common forms of same-day loans.
Pawnshop Loans
You can easily get emergency or same-day loans if you have a valuable item that you can pawn in exchange for cash. All you have to do is surrender your valuable item, such as jewelry or a gadget, temporarily. The pawnshop will give you a large percentage of the item’s cash value as a loan and keep your valuables until you can repay. This type of loan is processed within hours and you can expect to receive cash or a bank payment on the same day when you apply.
Credit Cash Advance
One of the best ways to receive funding quickly and without the long process of applying is through credit card cash advances. Every credit card has a limit, but you can get fast emergency funding by going over the limit. You can do this by drawing cash at the bank or using an ATM. Mind you, there is a fee and this loan attracts a higher APR than regular purchases.
Title Loans
Title loans allow you to use your car or motorcycle as collateral for a quick loan. This type of funding is available only if you have full ownership of the vehicle and there is no pending lien. Lenders will collect the car title and, in return, give you cash worth a percentage of the car’s title. Many borrowers prefer car titles because they can maintain possession of the vehicle and receive funding very swiftly.
Payday Loans
Online lenders like WeLoans can offer you payday loans as quickly as the same day that you apply. You have to repay this loan using your next paycheck. One of the main reasons why payday loans support fast funding is that they do not always require a hard credit check. The loan amount is also small, usually below $1,000 and repayable within a month.
What Can You Spend Same-Day Loans On?
There are hardly any restrictions on what you may use your same-day loans to get. However, some lenders who offer some specific type of loans may limit what they may be spent on. For instance, you may not use title loans to purchase another car. You may also not be allowed to spend a loan on school-related costs or investments.
That said, here are the most common uses of same-day loans.
- Debt consolidation
- Health emergencies or medical bills
- Home improvements
- Settling off other loan amounts
- Wedding, birthday or funeral costs
- Vacation
- Vehicle repairs
- Large home or personal purchases
Where to Get Same-Day Loans?
With different loan options at your disposal, you similarly have a variety of places, both online and offline, to apply for them. Below are the major places to get same-day loans.
Direct Online Lenders
These are non-bank companies that receive loan applications and provide you with funding directly. You can consider them to be online platforms offering financial services, including loan financing.
Brokers
Unlike direct lenders, brokers are institutions that connect borrowers to lenders. You can apply to these brokers, and they will forward your details to lenders who then provide you with loan offers. If you’re new to how brokers work, you can check out WeLoans. You can find financial experts like Anna Baluch of WeLoans for more information about the possible loan options available in your situation.
Credit Unions
Credit unions are non-profit financial organizations that cater to the funding needs of their members. They allow you to make deposits, receive loans and provide additional financial services.
Pawnshops
These are physical stores where you can exchange your valuables for a loan. Your items are kept securely by the pawnbroker pending your full repayment of the loan. You can find a list of pawnshops close to you on WeLoans by simply searching for stores in your city.
How to Apply for a Same-Day Loan at Online Brokers
Requesting same-day loans at trustworthy online brokers like WeLoans is pretty simple. Follow this three-step process to receive funding as quickly as within 24 hours.
- Complete the Application Form Online: Fill out your details on the online form provided. Select the amount you wish to receive as well as your account number.
- Browse Through Offers: Go through potential offers from direct lenders and choose one with favorable terms and conditions.
- Receive Quick Funding: Your funds should land in the bank account you provided as early as the same day.
Factors to Consider Before Applying for Same-Day Loans
While it’s advisable to get same-day loans in emergency situations, there are many factors to put in mind before making an application. Check out some of them before requesting a same-day loan.
- Interest Rates: The quick funding that you enjoy with same-day loans come at a cost. They attract higher interest rates than usual. So, you may want to consider if it’s a price you’re willing to pay.
- Repayment Terms: Most same-day loans are short-term funding and may be due for repayment within a month. If you need more time to repay, it may be advisable to opt for other funding options.
- Emergency Usage: It may be necessary to consider if you need to use the funds for an emergency purpose. If it is not urgent, you may choose other funding types.
After taking into consideration all these factors and you’re convinced that a same-day loan is good for your needs, you can go ahead to apply. Get started and find same-day loans with WeLoans when you visit the broker’s official website.
Conclusion
Same-day loans are a fast way to get funding and settle emergency bills as quickly as possible. The type of funding has its pros and cons. Albeit, you should be careful of the hidden fees and terms that come with the type of loan. For the best terms and offers, you can trust WeLoans to connect you with the best lenders.
What Are the Pros of Cons of a Title Loan?
What Can Same-Day Loans Be Used For?