Why Should You Apply For A Same-Day Loan?
Every now and then, you may find yourself stuck in a financial situation that requires your urgent attention. However, no matter how well you have planned your budget, sometimes things happen that end up throwing a wrench in the works.
It could be an unexpected medical bill, an unplanned trip, or even a sudden car breakdown. Either way, being able to get loans online on the same day can be a major lifesaver. Also, given that most same-day loan lenders are willing to fund borrowers with bad credit, this makes them a great option to consider when you desperately need to secure approval.
What Does It Take To Be Eligible For A Same-day Loan?
When it comes to most traditional loans, you will usually need to have a good credit history to successfully qualify for funding. However, when it comes to same-day loans, you can often get the cash you need, as long as you have sufficient income to repay the loan on time.
In fact, if you use a credit broker service like CocoLoan, you will be able to get connected to several online lenders almost instantly and compare their rates and fees easily.
Sarah Ross, co-founder of CocoLoan, also went on to add, “Our aim is to provide those who are locked out of traditional lending avenues with an opportunity to get financial assistance, even with less-than-stellar credit scores.”
However, there are several different types of same-day loans, so keep in mind that approval can also depend on what you apply for. For instance, an unsecured same-day installment loan has stricter income and credit requirements than a secured title loan that involves putting up a car as collateral.
On top of that, you should also remember that eligibility requirements tend to vary by lender, so make sure to take your time to research and find the best one for your situation.
What Are The Benefits Of Same Day Loans?
There are a number of benefits to applying for a same-day loan, aside from the obvious fact that you will be able to access your loan funds quickly.
For starters, most same-day loan lenders utilize a transparent application process that requires no administration or application fees. This is especially relevant if you use a credit broker service like CocoLoan, as it only ever takes a few minutes to submit a loan application and receive a decision.
In addition, these loans don’t require you to deal with any lengthy paperwork, which means you don’t need to worry about dragging out tax returns, birth certificates, etc. All you need to complete the loan application process is to fill out your personal details and financial information.
Another benefit of these loans is that the nature of this business is based on flexibility. This means that if you find yourself unable to make your repayments, you can relax.
Most same-day loan lenders are open to arranging a payment plan that can allow you to keep your account in good standing. However, keep in mind that if you leave the lenders in the dark, then they will assume that you don’t intend to repay the money you borrowed.
Are Same-Day Loans Really Dispersed On The Same Day?
Yes. Most same-day loans are approved and deposited in the borrower’s account within 24 hours. However, it is important to remember that where you apply for funding as well as the time of day that you apply for the loan can affect the time that you receive the funds.
For instance, if you head to a lender’s brick-and-mortar store to secure a same-day loan, you will usually end up walking out with cash in hand. Alternatively, if you use the online route, you can expect the money to be deposited within 24 hours, but this can vary depending on your bank’s processing times.
After all, some banks have clearing times that end at 2 p.m. This means that if the bank receives your application before that time, you can expect to receive your money by the next business day. And if you end up applying for a same-day loan over the weekend, the soonest you can expect the money in your account is on Monday or Tuesday.
A good rule of thumb is to always ask the lender in question about when you will receive the money so that you aren’t inconvenienced after applying for a “same-day” loan.
How To Obtain A Same-Day Loan?
If you decide that you want to secure a same-day loan, it is often best to use an online credit broker, as the loan application process will only take you a few steps to complete.
Step 1: Fill out the online form. When applying for a same-day loan via a credit broker site like CocoLoan, you will first need to fill out an online pre-approval form with all your personal and financial details. This should only take you a few minutes to complete, and once completed, you can submit the form for review.
Step 2: Review loan offers. If you are approved for a loan, you can usually expect to receive a few offers from multiple lenders, each with their own rates and terms. However, you should take this opportunity to consider as many lenders as possible, which will enable you to find the right loan that best suits your budget and requirements.
Step 3: Accept your loan. Once you have found the loan offer that you are most satisfied with, you can sign to accept it, and the lender will start the funding process. In most cases, the loans will be automatically transferred to your checking account and should be available within 24 hours.
What To Look Out For When Choosing A Same-Day Loan Provider?
#1. Funding Speed
When applying for a same-day loan, your top priority will usually be to secure the funding you need as soon as possible. In this respect, you should only apply to lenders that specify the exact time you can expect your money. After all, if you have a financial emergency, there is no point in applying for a loan that will end up arriving two to three days later.
#2. Loan Rates and Terms
When looking for a loan, the main thing that you want is to secure the lowest possible APR as well as the most favorable lending terms. As such, it often pays to compare loan offers from several different lenders to find the one that you feel most comfortable and confident borrowing from.
In this regard, it is usually a good idea to use a credit service like CocoLoan, as the online platform makes it easy to find and compare loan costs and terms instantly.
#3. Business Reputation
Last but not least, you should always take some time to review the lender’s reputation based on their past clients’ experiences with the company. This is usually the most effective way to gauge how honest, reliable, and fast they are at processing loans.
And given that there are so many unscrupulous online loan providers to watch out for, client testimonials can often help you identify and avoid predatory lenders in advance.