I Need a Payday Loan Immediately; Are There Same-Day Payday Loans?
Yes, there are. But you have to know where to look. Because of the many checks run on borrowers to determine their trustworthiness, processing a loan quickly isn’t so easy. But there are lenders who can still do this.
iPaydayLoans can connect you with such lenders who can process a payday loan within the same day. At most, you get the loan as quickly as the following day. However, you must submit your application form as early as possible to increase your chances of getting the loan the same day.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
What Are the Requirements for Same-Day Payday Loans?
To increase your chances of approval, you must meet the following eligibility requirements. Prepare a checklist of these requirements and see which ones you have satisfied and which you can work on. You must:
- Be at least 18 years old.
- Have a government-issued ID.
- Be a permanent resident of the US.
- Have proof of stable income.
- Have an active bank account for deposits.
- Have an active email and phone number.
How to Apply for Payday Loans Online With Same Day Funding?
Payday loans are quite easy to apply for and can be done conveniently from your mobile device. Fill out the application form. You may be asked for your full legal name, income, and contact information. Supply correct answers to these questions and submit.
Your submission will then be forwarded to a panel of willing direct lenders. Each lender reviews your loan request, runs soft credit and affordability checks on your profile, then presents you with an offer. Review the offers from these lenders and close a deal with the lender whose offers you love best.
Sign the offer to make it a contractual agreement and the lender will see to it that your cash is processed quickly. You can expect the loan to be deposited in your account as quickly as the same day or the following business day if there are any delays.
How much would you like?
Which Is the Best Direct Lender for Same-Day Payday Loans?
With the number of salesy direct lender ads you see on social media apps and google searches these days, it’s difficult to know which lender to get a loan from. Everyone promises loads of benefits. But how many of them can deliver these benefits? More so, how many of these benefits are well aligned with what you need. The best direct lender is the one whose loan offers best align with your loan needs.
But going through individual direct lender websites to see their benefits and compare them with what you need can be a hassle. That’s why you need a broker. Broker services like iPaydayLoans connects you with direct lenders whose loan packages are custom-fit for your needs.
What Are the Bright Sides and Dark Sides of Same-Day Payday Loans?
It’s established that payday loans are a good funding source to settle bills that can’t wait till your next paycheck. However, there are a few reservations you may have based on articles and podcasts you have read and listened to about them.
What are the benefits of these loans? What are their cons? Are these cons that I can work around? Do the pros outweigh the cons? Let’s find out.
Pros of payday loans
They are unsecured
Unlike car title, mortgage or bank loans, you do not need collateral to secure a payday loan. What this means is that you do not lose property or asset to the lender because of a default on payment. However, this is not to mean that you are free to miss payment deadlines as you like.
Bad credit considered
People with less-than-stellar credit scores still get approved for same-day payday loans. Payday loan lenders typically do not perform hard credit checks and give little to no attention to the borrower’s credit score.
Fewer eligibility requirements
Generally, you do not need to tick too many boxes to get a same-day payday loan. Meeting the basic eligibility requirements should do. These are that you must be at least 18 years old, have a government-issued ID, and have an active bank account.
Quick processing
Payday loans are processed very quickly. If you need to settle medical bills, take care of car repairs or settle utility bills, then a payday loan is a very good option.
Cons of payday loans
High interest rates
The interest rates of payday loans are quite high, significantly higher than the interest rates on credit cards and personal loans. So, one can easily default on payment without a good repayment plan in place.
Can put one on an endless debt cycle
Because of how steep their interest rates are, paying up within the agreed loan period may be difficult. Sadly, that’s not the only thing they grapple with. They may also have to worry about late payment fees.
What Are Other Options for Same-Day or Next-Day Loans?
A same-day loan may seem like the best option you’ve got for quick funding. Or perhaps, you’ve aligned with the misconception that they are the only kind of loans that can be processed within the same day or the next? Scratch that! They aren’t the only options. Car title, installment and small personal loans are approved and disbursed just as quickly.
Title Loans
If you are an outright owner of a car, you may use its title as collateral for a loan. This type of loan is known as a title loan. As its outright owner, you still remain in the custody of the vehicle unless you default on payment and all attempts at reaching a mutual agreement with the lender fail. They are processed fast, and get you better interest rates than unsecured loans.
Small Personal Loans
Do you want to finance a car repair, purchase, utility bills, or even go on a vacation? You can get a small personal loan to do so. Small personal loans have a relatively longer term than many loan types, usually between two to five years. Their interest rates are also lower than many short-term loans.
Installment Loans
An installment loan is a great option if you need greater loan amounts and a convenient payback option. For example, installment loans get you higher loan amounts than payday loans. To make payment easier and not so burdensome for the borrower, it is agreed that they make fixed monthly payments till the total cost of the loan has been paid.
FAQs:
Can I get a same-day payday loan with bad credit?
Yes, you can. Bad credit is no hindrance. Payday loan lenders, in fact, still lend people with no credit profile cash.
Can I get same-day payday loans with no hard credit check?
Absolutely, There are some of the best same-day payday loan lenders who run credit checks via reporting agencies other than the big-three (Experian, Equifax and TransUnion). These checks don’t reflect on your profile. iPaydayLoans connects its users with lenders who run only soft credit checks.
What factors will be taken into consideration by lenders when determining my offer?
Easy. In their creditworthiness assessment, payday lenders look at the borrower’s credit score, credit history, salary, income, employment status, employment history, income, and how long they’ve been at their current job. You have nothing to worry about if you are good on all fronts.
How can I ensure that I could get money fast?
So long you meet the lender’s requirements, you should get approved within a day. Some lenders in fact, make a funding decision in under one hour. To increase your chances of getting approved quickly, ensure you supply accurate information when filling out the application form.
What can I use a same-day payday loan for?
Payday loans are emergency short-term relief funds that can be used to cover any emergency expenses. However, the most common uses of payday loans are debt consolidation, settling living expenses like credit card payments, utilities, food, rent, and paying medical bills.
What's the maximum amount I can get?
The maximum amount you can get on one hand depends on the state’s regulations concerning credit limits from payday lenders. On the other hand, it depends on how much the lender is willing to offer based on their assessment. However, iPaydayLoans can connect you with lenders who can provide you with up to $5k loans.