What are Same Day Payday Loans?
Payday loan is a short-term type of financing that allows borrowers to cope with a difficult financial situation before payday. Same Day Payday Loans help you get approval and funding within 24 hours after you complete and submit your loan application. This way, you will receive money in your active bank account and will be able to cope with all your difficulties to paycheck.
It is worth remembering that the same day Payday Loan is only a short-term financing option and you must repay your loan debt within 30 days since applying. These loans are popular as they are easy to obtain and more than 80% of applications are approved so your chances are quite high. What's more, the same day Payday Loan is unsecured so you don't need to provide collateral in order for your application to be approved.
Can I get a Payday Loan on the same day I apply?
Your loan application will be approved the same day you applied so you don’t need to worry about it. Typically, you will be able to receive funding within one business day. Also, you can get money even on the day of filing an application if you submit it before the cut off point. Thus, getting a Payday Loan on the same day is more than realistic.
Can I get a Payday Loan same day deposit from a direct lender?
Yes of course. You will often be able to get a Payday Loan same day deposit from a direct online lender. This way, you don't have to worry about overpaying commission or interest to a third party.
Can I get a Payday Loan same day deposit with a bad credit history?
Often, online lenders approve applications even of those borrowers who have a bad credit history. What's more, most of them don't even do a traditional credit check, as income is the main factor affecting approval. This way you can get approval and funding even with bad credit.
Note, however, that borrowers with bad credit who apply for a Payday Loan same day deposit receive less favorable interest rates and loan terms. Thus it is less risky for the lender to provide a loan to those borrowers who have a good or excellent credit history.
How do Payday Loans with same day deposit work?
It is, of course, important to study how a same day deposit Payday Loan works before applying. Often, you just need to follow three simple steps to get the funding you need:
- Submit your online application. First of all, compare the offers of different lenders and choose the one that offers the most favorable interest rates and credit terms. After that, visit his website and click the "apply online" button on the main page. Often times, you will be asked to provide some information such as name, residential address, income information, email and phone number and so on. After filling out the application and checking that all the data is correct, send it.
- Wait for approval. Often, applications for a Payday Loans are approved on the same day. Thus, the lender will contact you to discuss the terms of the loan and its repayment.
- If you are satisfied with the loan offer, you can sign a contract and receive money. The amount will be transferred to your bank account within 24 hours.
Will I need to go through a credit check in order to get approved for my same day Payday Loan?
Often, payday lenders do not do a credit check as the most important factor in approval is a regular monthly source of income. Thus, if you can confirm that you are receiving payments and meet the requirements of the lender, you can get approval.
Some payday lenders do a soft credit check, but it doesn't affect your credit score, unlike a hard check. This way, your credit score will not be damaged in any case.
What is the difference between a same day Payday Loan and same day Personal Loan?
Payday Loan is a short-term financing option that is recommended for use only in emergency situations. As a rule, you must repay the debt within 30 days. Also Payday Loans offer small amounts up to $ 1000. Also, Payday Loans have fairly large fees.
A Personal Loan is a loan that you can get to cover any personal needs. Also, Personal Loans often have better interest rates. With a Personal Loan, you can get up to $ 5,000. The repayment terms and credit conditions for both types of loans vary from state to state.
How to qualify for a Same Day Payday Loan?
As you know, each lender has its own eligibility criteria that must be met in order for your application to be approved. Of course, these criteria can also vary from state to state, but the main ones remain the same.
- You must be a US citizen or legal resident who is 18 years of age or older.
- Government identification is also required.
- Proof of income is the main factor affecting the approval of your application.
- The lender will also ask for proof of residential address and contact details such as phone and email.
Can I get guaranteed approval for a same day Payday Loan?
First of all, before applying for a same day deposit Payday Loan, you must understand that there is no such thing as a guaranteed loan. This name was only made to attract customers. In fact, no lender will offer you a guaranteed approval loan as it is too risky for them. In order to provide a loan, the lender checks your income, personal details and other information to make sure that you can repay the loan. So, if you see a loan with guaranteed approval, they are most likely scammers.
However, you should be aware that over 80% of applications for a same day deposit Payday Loan are approved, so your chances of being approved and getting funding are still great.