PERSONAL FINANCE BLOG

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Qualify For Same Day Loans
24 Aug 2018

How Can I Qualify For Same Day Loans?

When you suddenly face a financial emergency, there’s no time to waste searching around for loans that you may not even get approved for. And you can’t spend weeks or even days dealing with the application process and waiting for the money either. You need help now.

Same day payday loans may well be the answer. These are cash loans that take only minutes to apply for. Approval in instantaneous and nearly universal. And the cash is deposited in your account, normally, by the very next business day.

What Exactly Are “Same Day Loans?”

The term “same day loans” actually refers to the fact of getting approved for the loan on the “same day” you apply for it. There is not long, drawn out wait period. You get the thumbs up or thumbs down without delay.

However, it’s often the case that the actual funds are deposited in the applicant’s bank account same-day as well. That could depend on whether the next day is a business day or not, however, and sometimes it can take up to two business days.

The value of a same day loan is threefold:

  1. You get the money fast, deposited straight to your bank account.
  2. Once the funds arrive, you can use them however you wish.
  3. Almost everyone who applies is approved. There are very few exceptions.

These three basic features stand in stark contrast to traditional bank loans, where you wait days or weeks on end for an answer, the answer is frequently “no,” and there are restrictions on access to the borrowed cash and on how it must be spent.

What Are The Eligibility Requirements?

With a same day loan, typically a personal loan or a payday loan, the eligibility requirements are usually very minimal.

First, you must be an adult (18 or older.)

Second, you must have an active US bank account.

Third, you must have a reliable source of income sufficient to repay the loan on time.

There may be a few other requirements, but those three are the main ones. Credit score won’t matter with most lenders – they’re using your current income rather than past credit history to qualify you. And your income is also the only collateral you’ll need with same-day personal loans.

If you already have another same day loan outstanding, then you likely won’t qualify. Or, if you’ve borrowed from that same lender in the past and never repaid, that would disqualify you. But there is very little else that’s going to get you a decline.

How Can I Find The Best Same Day Loan?

Bonsai Finance exists to help match loan seekers and lenders in the most efficient manner possible. We help you find the loan that best fits your desired features, and with our powerful search engines, it typically takes only seconds to locate your ideal loan.

You can search for a same day loan based on such criteria as:

  • Maximum principal permitted.
  • Longest possible loan term.
  • The interest level and fees you’d pay.
  • Whether or not bad/no credit is accepted.
  • Whether or not a credit check would be run.

And there are many other features as well that could be made the basis of your search. Plus, if you need guidance on which lenders have the longest and best track records or other industry-specific knowledge, our helpful staff can assist you!

If you are looking for a loan and you don’t have time to waste applying and getting declined, Bonsai can recommend to you which loans and lenders will almost certainly approve you. We have deep experience in loan-matching – in fact, matching our customers to their ideal same day loans, or another loan types, is “what we do.”

We have a long list of fully satisfied clients!