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Payday Loans Online Same Day for Emergency Cash
One of the best options for getting cash immediately during an emergency is to borrow same day payday loans. They come with very few requirements. You usually receive cash through direct deposits to your bank account. Learn more about this cash option and how to apply for it through RealisticLoans.com.
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your FICO® credit score!
What is the same day loan?
It’s easily defined as a loan you can obtain on the same business day. In the US, traditional working days are Mondays to Fridays from 9:00 am to 5:00 pm.
You’ll need to watch out for the lenders same day cut-off times. The cut-off time is the time at which the lender stops offering same-day loans. If you apply after the cut-off time, you’ll receive money on the next business day. Some common same-day cut-offs times, include 7:30 AM & 11:45 AM.
What are some types of same-day loans?
If you need funds on the same day, you have several options available to you, both online and offline. Forget about working with slow personal loan lenders like banks, credit unions because they have turnaround times of several business days.
Now, some of your options for same-day loans include:
- 1) Pawnshop loans
Do you have valuable items like high-end electronics or jewelry? You can pawn them for cash. The value of your goods will determine the amount you qualify for. That’s because the loan is 20 to 60% of the value of the item.
Pawnshops charge high-interest rates. If you don’t pay the loan by the due date, your valuables are gone. The pawnshop will later sell them to recoup the amount they lost.
- 2) Auto title loans
They are quite different from car purchase loans. You’ll need to have fully paid off your car loan to qualify for auto title loans.
They work like pawnshop loans. That’s because the lender uses your car title as collateral. The loan amount is also a percentage of the car’s value, ranging from 20 to 50%. Failure to repay puts you at risk of losing it. Like pawnshop loans, they have high-interest rates and are equally expensive.
- 3) Card cash advance
A cash advance is offered by credit card companies. You get to withdraw a percentage of your remaining credit as cash at an ATM or over the bank counter. It allows you to pay for emergencies where you can’t charge your card for normal purchases. Nowadays, it is even possible to obtain a small cash advance from mobile apps like Dave, Brigit, etc. The problem with a cash advance is that you get small-dollar amounts.
- 4) Online installment personal loans
With these personal loans, you get to borrow higher amounts than bad credit payday loans. You also get a longer term to repay them. They are very suitable for personal loans since their turnaround time is one day.
How much can you borrow with payday loans online?
It really depends on several factors, including:
- Advertised amount: The lender’s minimum and maximum loan amounts.
- Credit score: Customers with good credit score (680+) receive higher personal loan amounts.
- Income Amount: Your income will influence your loan amount. The lender will ensure that you’re earning enough money to support the repayments on your loan.
- What will be the interest rate?
Customers can know the cost of their personal loans by checking the APR offered by the lender. Bad credit installment loans have rates ranging from 5.99% to 36%. Next day personal loans for bad credit, however, come with higher interest rates mostly above 100%.
- 5) Payday loans
They are your best bet if you are looking for same-day loans for bad credit. If you have never borrowed loans before, here are their characteristics:
| Loan amount | Term | APR | Collateral | Installments | Credit scores |
|---|---|---|---|---|---|
| $50 to $1000 | 2 to 4 weeks | 400% average | No security needed | One lump sum payments of the finance charge + principal | All types |
When is it a good idea to get same day payday loans?
It’s good to opt for a same day payday loan if you:
- only need a small dollar amount;
- can fully repay the loan out of your next paycheck;
- don’t want to be indebted for several months;
- live in a state where payday loans are legal.
Applying does NOT affect
your FICO® credit score!
What are the benefits of same-day loans?
Some of the benefits of taking out same day loans include:
1) Short-term
Repay the loan in under four weeks, and start saving for future rainy days.
2) Easy to qualify for
Avoid getting rejected. Some payday lenders have stated that they approve up to 90% of payday online applications made by borrowers who meet the basic qualification criteria.
3) Few documents
Quick loans same day lenders may even approve your loan without ever asking for any documents to be sent. They use publicly available information from consumer reporting agencies to pre-qualify you. You just need to fill an online application, rest assured most of the lender would not perform a credit check so it doesn’t affect credit score.
4) No credit check
Are you worried that applying for payday loans will ruin your credit scores? Well, payday lenders will not conduct a hard credit check when approving you for the loan. They just run a soft credit check to gather background information and nothing more – so no need to worry about your current credit score.
5) Funding straight to your bank account
Most lenders prefer direct same day deposit to your bank account. It’s a convenient, safe, fast, and cost-free way of receiving the loan funds. Online payday lenders with in-store locations may provide store cash pickups. It makes same-day funding even on weekends possible. A select number of lenders personal loans 5000 & 10000 loan funds through pre-paid cards.
What are the alternatives to same-day loans?
In the place of same day payday loans, you can get cash on the same day from:
- Peer-to-peer lending platforms.
- Mobile apps offering pay advances.
- Mobile apps offering pay advances.
- Alternative payday loans from credit unions (might take several business days).
Can I apply for the same day loan with bad or no credit?
Bad credit means you have low scores. “No credit” means that you have a short history or no history with credit. Therefore, your credit history is insufficient to be scoreable.
You can get your next day loans because payday lenders generally want to see if you:
- Have a stable source of income. Some lenders will check your bank statements to see at least three prior paychecks.
- Have an account at a bank that can receive direct deposits.
What are the requirements to apply for online same day loans?
You must be:
- 18 years or older in most states.
- Earning an income every month.
- Having an account, street address, working phone, and email address.
- Living in a state where payday loans are offered.
What happens if I can’t pay back the same day loan?
If you can’t pay back the same day loan, the lender will sell off the problematic loan to a collections agency. The collections agency will use several methods to collect the due amount. Some even call your workplace. Failure to pay the loan will cause the collections agency to bring a claim against you in a court of law. If they win, you’ll have your wages garnished.
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