If you are in the middle of a financial crisis or urgency, don’t worry, it has a solution. You are not the first or the last person who needs some cash ASAP. For this reason, many lenders or financial institutions have been creating Same Day Funding Loans, with which you can get the money you need the same day you ask for it.
Getting approved for one of these loans is easy enough, but not everything is as good as it sounds – interest rates can be very high. That is why before embarking on this decision you should consider everything that implies requesting a same-day funding loan, as well as its benefits. Only then can you make the right decision.
In this article, we explain everything you need to know about it, and we will also give you our selection of lenders so you can choose the best one for you.
The term “Same Day Loan” has become quite common, and is used to qualify any personal loan or instant funding installment loans that are deposited the same day that it is requested and approved.
It’s known that these types of loans are ideal to cover financial emergencies, and they usually don’t offer too high amounts, most are usually up to only $ 1500.
The good news: it’s easy to get one online. The bad: It has a high-interest rate and fees.
Types of Same Day Funding Loans
Within the same day loans we can also find various modalities:
Mini-credits or payday loans
They are the ones that offer the lowest amounts, below $ 1,000, and very short terms that can range from a few days to one or two months at most. The requirements are minimal, you may not even have to justify regular income or have a high credit score.
“Payday loans”, comes from the fact that at the beginning these loans were linked to the day of collection of the borrower’s salary, so the amount borrowed plus the fees were automatically deducted from the payroll.
Nowadays, however, there are many lenders who no longer carry out this practice and it is the money applicant who must worry about making the payment manually or directing it to their checking account or their debit or credit card.
Quick installment loans
In case you need more money and a longer-term to pay it back, we can find installment money loans. It is an intermediate version between payday loans and personal bank loans.
The amounts that you can get with this type of urgent credit can exceed $10,000 and the terms can even reach 5 years.
Its requirements are a bit stricter than with mini-credits and the application process can take a little longer, although it is usual to have the money in 24 or 48 hours, if there are no holidays in between.
Car Title Loans
Your car can serve as collateral to get a quick loan under quite favorable conditions. Through these credits, for your car, you can obtain financing for whatever you want without having to stop driving your vehicle.
With this modality you can have larger amounts of money, always depending on the value of your car and its age. You can usually get this loan if your car does not exceed 5 or 6 years since it was registered.
Bad Credit Loans
Within this type of financing, you can find loans of any of the previous types. In this case, it’s about loans that are permissive with your credit score, being able to apply for them even if you still do not have a credit history, or even if you have it but your score is low.
Of course, to obtain this type of loan, you will surely have to provide some additional guarantee or pay higher fees, such as interest and commissions.
The advantage of these quick bad credit loans is that you can start or improve your credit score to access other loans with less interest rates and fees.
- Oxford funding: It offers quick approval (the same day you apply), transparency on the process, and support in case you need it.
- Safeloan: You will not need to meet many requirements to apply for a loan, nor will you need good credit. In fact, you can apply even with no credit score at all.
- Discover personal loans: You’ll have no fees as long as you pay on time, and quick response and support if you need it.
- Loans Angel: fast online loans from almost every state in the country, with very few requirements and being able to get money even with a bad credit score.
- GreenLightCash: It is an intermediary between clients and lenders, offering you the opportunity to apply to a wide variety of credit institutions with which you can get online money loans of up to $ 5,000 in a few minutes
- Be over 18 years of age: The law prohibits the commercialization of financial products to minors under 18 years of age.
- Legally reside in the US: Only if you have US nationality or if you have a valid residence permit can you access the legal financing mechanisms.
- Have a valid official identity document: Like a car driver’s license, state ID, or military ID.
- SSN or ITIN: Have a social security number or a personal taxpayer identification number.
These are the basic requirements that all financial companies will ask you to be able to have a quick money loan.
Below you can see others that, depending on the entity, may or may not request you:
- Have income: You must justify that you have a salary, a pension, or that you have a regular income of another type.
Have a credit history: You must have previously ordered financial products that have generated notes in your history. Some entities will not ask you for this requirement.