What is the Same Day Loan?
In general, a Same-day Loan Personal secured and unsecured loans can be deposited within 24hrs of an application being submitted. The same-day payday loans are short-term high interest cash advances that have no collateral and can be deposited as soon as the application is approved.
Some lenders offer same-day deposit options for loan applications that are received within a specific time frame. You should note that lenders may offer same-day funds or deposits but this does not guarantee that the loan applicant will receive the money by the end of the day.
It also depends upon where the money was deposited (to a checking bank or to a debit card) and if the lender has the ability to receive it the same day.
Criteria for Same Day Deposits
Direct payday lenders are not permitted to offer same-day loan. However, the lenders who offer sameday loans do have additional requirements.
These are the criteria you must meet to be eligible in the same-day finance program. No lender can guarantee your money will arrive the same day as you apply.
- First, you will have better chances of being approved for instant financing and approval with your lender.
- This is the first time you apply for a loan. This is your first loan application. Send it in immediately. Online lenders often stop accepting applications after 11 am because they don’t offer sameday deposits.
- You can avoid any potential mistakes in your application by contacting multiple lending institutions simultaneously (you can use the loan matching service).
- You must meet all the eligibility requirements of the lender, including income, legal age and ID.
Are Same Day Payday Lenders Different from Average Payday Lenders?
No. The exact same financial product. It’s basically a short-term unsecured loan.
It does not matter when the loan is received if the loan is dedeposited on the same day. It doesn’t have an impact on the interest rate and overall cost.
Can I get same-day loans even if my credit history is not great?
Even though you might be eligible for a cash advance right away, it is unlikely that you will. However, there are still many ways to get instant approval or immediate funding.
There are other options available if the funds don’t come immediately. Online payday lenders don’t care as much about your credit history as secured loan lender.