Taking out a loan for major needs or projects is something that can be described as pretty common. There are however times when the need is so urgent that delaying for a few days can be disastrous. In such situations, regular loans will not suffice. Your best bet will be going for a same day loan.
Whether you apply for a consumer loan with or without collateral, you will surely want to get the money as soon as possible. Though there is no guarantee that you can get the money the same day of applying, there are several factors that can help speed up the process.
In this article, we will discuss some loans you can get on the same day of applying as well as some helpful tips that can help you speed up the process so you get a cheap same day loan on the day of applying for it.
Consumer Loans You Can Get on the Day
There are several loan options that fund your account almost as soon as you apply. The following are some examples of such loans:
Payday Loans
These are short-term loans that you can get on the same day you apply for them. You can get this loan from both online lenders and other traditional lenders. The approved funds are either electronically deposited in your bank or you can get it as cash or check. You are required to repay this debt in one single payment at the end of the month.
Due to its short duration, payday loans tend to be expensive and you can easily fall into debt if you do not repay within the stipulated repayment term. However, this will depend on the lender you choose so it’s important to understand what it entails before taking one. If you would like to read more about it, read this article.
Credit Union Advances
This is a cheap consumer loan option to go for if you belong to a federal credit union. The application process is usually easy and the interest rate pretty low. As stated above, for you to qualify, you will need to be a member of the credit union for a few months or as stipulated by the union. You can get the advance the same day or 48 hours after applying.
Car Title Loan
This is a short-term secured consumer loan. You use your car registration or title as collateral to get money from the financial service provider. You will only repossess your vehicle’s title when you repay the debt. Failure to repay on time can mean that the lender will take possession of your car.
Pawn Shop Credit
This is another loan you can get on the same day of applying. A pawn shop is an old means of borrowing money. You offer a valuable item to the pawn shop and receive money in return. The repayment terms for credit received from pawn shops vary from one place to the other. In all cases, you will have to repay your debt before reclaiming your collateral.
Other Ways to Get Consumer Loans on the Day
The following are other ways you can borrow money quickly:
Getting a Co-signer
If you are finding it difficult to get a loan yourself or you know that your credit score is poor and will slow down the application process, you can get someone with better credit than you to cosign a loan for you. This co-signer can be your parent, spouse or any other qualified person. This individual will use his or her credit score to borrow money on your behalf. If you fail to repay on time, the co-signer will be held accountable too.
Salary Advances
You can also get advance from your paycheck. Some organizations provide this to their employees. They might ask you to fill out some documents and give you the money on the same day. If you currently have a job, ask HR if the company offers this service to employees.
Borrow From Family and Friends
Another way to get money quickly is to borrow from your trusted family and friends. They will be willing to assist you if you ask them. However, it is wise not to ruin your relationship with them because of the loan. It is important that you treat this as you would do any loan. You can write an agreement with them and stick with the repayment terms.
A Credit Card
A now popular way to get money quickly is to use a credit card. You can use this card to pay off emergency expenses on time. If you repay the balance on time, you might not pay interest.
Helpful Tips to Follow for the Cheapest Same Day Loans
If you want to receive the funds as soon as possible, here are some helpful tips that can help you:
Ask Your Commercial Bank
If you already have a relationship with a commercial bank, it is wise to ask them if they offer credit facilities. Most banks are favorably disposed to giving loyal customers the best offers available. They will also approve the credit on time and send the money to you.
Take Steps to Improve Your Credit Score
Before you get a loan, many lenders will ensure that they carry out a credit check on you. This is part of the important things that make you qualify for the loan. If you have a score above 670, your chances of being approved on time and getting a cheap consumer loan with affordable rates will be high. A poor score of less than 500 will however meet with some rejections from lenders.
You can check your credit score yourself before applying for the money. If you have a poor score, take steps to improve this. One of the ways we can do this is by paying off our debts and terminating old credit card agreements. Doing these will increase your score. An increased score will increase your chances of getting a cheap consumer loan on the day (på dagen) you apply for it.
Consider Funding Speed
If you want to receive your borrowed funds quickly, you need to choose a lender that is known for this. You need to compare different financial service providers based on the speed of application approval and cash disbursement. Choose the one that best meets your needs.
Keep Interest Rates in Mind
The interest rates offered can affect the overall cost of a loan. Make sure you compare the interest rates from different lenders before making a choice. Many financial service providers will publish the range of their rates online. Use this information to make good decisions.
Check Repayment Terms of Different Lenders
Another tip that can help you get a cheap loan quickly is to consider the repayment terms of different lenders. The longer the term, the lower the monthly payment will be. Though you may be paying more as an overall cost, the ease of making small payments as your monthly payment can make up for this increased cost.
Keep the Reputation of the Lender in Mind
Do not go for a non-reputable financial service provider. Instead, take your time and understand the reputation of the lender. You can ask your trusted friends and relatives that have borrowed money in the past for recommendations. Ask them about the approval and disbursement speed of the firm.
Also, you can read online reviews for this information. See what former and current borrowers feel about the lender’s application process and customer service. This will help you choose a reputable organization.
Check for License and Certifications
Choosing a licensed and certified firm gives you confidence and peace of mind that the lender is trustworthy and should offer good services. Regulatory organizations like FINRA and SEC enforce rules and regulations that make it mandatory for financial service providers to meet minimum services standards. You must ensure that you confirm the license and certification of any firm you choose before applying for a loan.
Go through the Fine Print
Another way to get cheap consumer credit quickly approved is to go through the agreement documents carefully. By reading meticulously through the fine print, you can notice mistakes that may slow down the approval process and bring it to the notice of the lender. Also, you can confirm if the interest rate and repayment terms you agreed on are the same in the agreement documents.
Have the Necessary Documents
Before you apply for any consumer loan, make sure you have the necessary documents ready. Although these documents will vary from one lender to the other, some of the common documents you will be asked to provide include:
- Valid ID cards
- Proof of address
- Proof of employment
Make sure you provide the needed information on time. This information includes your full name, your home address, your employer’s name, and your account number. If you give the wrong information, you will slow down the application process.
Apply in the Morning
If you apply early in the morning, you are more likely to receive the funds in the evening. If you already have important documents ready and a good credit score, most reputable lenders will approve the loan for you quickly.
