Having access to cash on the same day you applied for and got approval for your loan is excellent, especially if the borrower had an immediate need for it and urgent matters to handle.
The promise of quick access to loans has made most borrowers fall into the hands of scammers online who will use their information for identity theft or scam unsuspecting people.
However, there are still various types of same-day loans that a borrower can pick when they have an emergency like medical expenses, grocery shopping, being suddenly unemployed, and needing cash till they find a new job, etc.
Before settling on a loan, you must know the type of loan, the lending rates, extra fees in situations where you default, etc.
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Types of this loan
Gaining access to loans on the same day is advantageous based on a borrower’s issue and how quickly they want it solved. Knowing the various options to pick from helps in making an informed decision. These loans are:
1. Little loan
This loan has a restriction on the amount you can get, which is ideal for most borrowers who would want to get more money than they initially need. It ensures borrowers do not get too much money and can repay the loan quickly.
2. Payday Loans
It is popular because of how quick and easy it is to access it, provided you can repay it within the stipulated time and you have met the eligibility requirements.
This loan is ideal for you when you want to sort things out quickly, and waiting till you receive your next salary will not be ideal for you. When you apply early, particularly in the morning, you will get approval and the loan the same day.
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But, if you apply, let’s say in the evening, you will get the cash within 24 hours when you consider that banks take time to process money, which can only be done during working hours.
3. Installment Loans
The appeal of this loan is that repaying is usually spread and can be done in a couple of months or years based on the agreement between a borrower and creditor.
You also get access to this fund on the day you applied and got approval for the loan, which most borrowers need when they need cash.
Access to a good amount of money as a loan makes this a good choice for many borrowers. Reaching out to iPaydayLoans to get the best loan available for you is helpful and stress-free.
4. Title loans
Another loan that makes it easy to access on the day you apply is a title loan. It is a secured form of loan that requires using a vehicle as a form of collateral.
As with all loans, it has a high-interest rate. Here, the value of your vehicle influences how much the creditor can loan you. Inability to repay the loan means that your creditor has a right to possess your asset.
5. Quick loans
This is the fastest method of loan you can get because it takes a few hours to receive the loan you apply for, provided that the bank details you put are correct.
Applying is quick, approval is also fast, and getting the cash you need is done in a relatively short period. This is ideal when you also need a small amount of cash and nothing big. Your credit rating does not affect your ability to get the money.
6. Personal loan
This loan is usually for your personal needs like payment of tuition, medical expenses, repairing things, grocery shopping, etc. They are usually granted to individuals the same day they applied for it.
Most of these loans limit how much you can get or access. For some of them, the repayment duration is quick; for some, it takes a longer time.
Are You Eligible for A Same Day Loan?
As with most loans like iPaydayLoans that can be accessed online quickly and without stress, the eligibility requirements are not strict. Nearly everyone can meet them because of how basic it is.
When you compare the criteria for this loan with other traditional loans from banks or credit unions, you will discover that the criteria are essential.
Firstly, you must be up to 18 years which shows you are legal and old enough to decide and enter into a contract or agreement. An agreement with a minor is usually not binding. So, a creditor doesn’t want to lose money due to such a mistake.
Secondly, proof of identification and residency must be shown. You can show your state-issued identification card, which will suffice. A utility bill can prove your residency, which is essential for creditors. You should ensure that your email and phone number are active and correct because they may need to reach out to you to confirm details.
Thirdly, proof of income is needed since creditors need the assurance that you can repay their loan when it is due. A source of income makes creditors not emphasize your credit rating because the ability to pay back is often their primary focus when loans. So borrowers who have less than stellar rating ratings are turned down when they are seeking a loan they can quickly access.
Lastly, you will need your documents on hand so that when it is requested, you can easily show them as proof online. Lenders have different criteria, but these are usually the basic ones that all creditors need before approving an application.
Not providing truthful and correct information lowers the chance of getting your application approved because creditors verified all information given before giving out their cash to borrowers.
Though you want a loan you can access the same day you applied for, you need to take your time in choosing the best loan option and a reputable lender through a reliable broker. The terms should be good for both parties, and the rates should not be excessive. iPaydayLoans can help you to connect with various creditors through a wide network.