If you have ever applied for a loan, whether it is a personal loan, auto loan, home loan or business loan, you know how impatient it can be to wait for the loan. As an alternative, we now have same day loans, also known as instant loans. Wouldn’t it be great if you can get approved and get the cash on the same day you applied for the loan? If you need money urgently, it can be extremely frustrating to wait for a loan to get processed, which sometimes takes up to two weeks. The concept of instant loans hasn’t really spread much, but people are slowly becoming aware of this service. You should have a good credit rating to get approved for this type of loan. Even though it is an instant loan, there is a small approval process, which is done instantly.
Getting loan on same day
A same day loan is basically where you apply for a loan, and once approved, you are given the money on hand. Unlike loans with collateral, an instant loan is unsecured. When we say unsecured, we mean that there is no need for collateral. In terms of the lender, this type of loan is very risky, but they offer it dependent on the borrower’s credit rating. The application process is very simple as it will only ask you for some personal information and employment information. You need to be employed at the time of applying for the loan, as the lender needs to know you have some sort of income coming in. You may need to bring with you some prior pay stubs for proof of income. Since this loan is an unsecured loan, the interest rate will be high. However, this is only a small give-away for the quick loan process.
In order to pass the approval process for your same day loan, you need to have four things. You will need a stable job, an account with a financial institution, prior credit history and a good credit score. The legal age for applying for any loan is eighteen years of age. In this technologically advanced world, everything is processed online. As a result you can apply for a same day loan online. You will submit all the required details through the online form, and you would provide your bank account information. The status of your application can be checked on the portal, but that is not needed, since the money will be deposited to your account shortly. The payment will be made to your account right away if possible. In some instances, the payments are queued in order as they come in, so it can take a few hours, but not too long. In essence, if you have a short term financial struggle, applying for an instant loan is the best option. It is quick and efficient in terms of all aspects. Always remember to make your payments on time to avoid any additional fees or charges.