Imagine that you had an emergency and desperately needed cash. What if you could get exactly how much you wanted, exactly when you need it?
It may sound a little too good to be true. However, many people in emergency situations look to same day loans as a way of getting what they need.
However, others are a little leery because they have questions. Like, what are same day loans? What’s the catch? Are they even legit?
Keep reading to discover our comprehensive guide with all the answers you need!
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What Are Same Day Loans?
Before we dive into the complete guide to same day loans, it’s important to answer some fundamental questions. And the first question is quite simple: what are same day loans?
Fortunately, the essence of a same day loan is found right in its name. These are short-term loans that are typically used for some kind of financial emergency and then repaid.
They are primarily distinguished from longer term loans by the short repayment period. Whereas other loans might be stretched out over a period of several years, the same day loan typically must be paid within a month.
A Loan By Any Other Name
One of the reasons that some people don’t know about “same day loans” is because they have heard it go by another name. That’s right: same day loans and “payday loans online same day” are one and the same.
Lenders who call their loans payday loans are still able to get the money to you on the same day. And these loans must typically be paid back by the time you get your next paycheck–that’s where the name comes from!
If you’re interested in pursuing a same day loan, it’s important to know about the different ways you can obtain one. Specifically, you must determine if you will be applying for such a loan online or in-person.
Online vs. Offline
Online lending has truly taken off in the last few years. It’s possible to apply for almost any loan from the comfort of your own home, and same day loans are no exception.
For the most part, applying offline and applying online has very little difference. You will still get the same basic types of loans, loan limits, and loan terms. However, applying for loans online will give you more diversity when it comes to lenders.
One big difference is a matter of timing. If you apply online to a lender that has a physical location, then there may be a small waiting period. Specifically, you may have to wait up to twenty-four hours to get your money after your loan application is accepted.
What Are Same Day Loans Good For?
Now you know more about what same day loans are and how to apply for them. Here’s the big question, though: what are they good for?
One big use for these loans is car repair. For many people, it would be impossible to get to work without their car, so it’s worth getting a same day loan so they can go back to making money.
That also applies to things like illness and injury. A same day loan can get you the money you need to get better and return to work. Plus, it’s important to take care of things before you get any worse.
Finally, such funds are good for a variety of other emergencies. This can range from unexpected funeral travel to any pay gaps you experience between jobs.
What Are Same Day Loans Not Good For?
Of course, same day loans aren’t good for every occasion. Here’s a brief rundown of things that such loans are not good for.
They shouldn’t be used for frivolous things like traveling or partying. The high interest will soon make you wish that you had just stayed home!
These loans are also a bad choice if you are splurging on gifts for yourself or others. This is because you are spending money you don’t have, and then you’ll be paying even more back before you know it.
Finally, same day loans are a poor choice for big investments like home improvement or vehicle purchases. The short repayment period is poorly suited for major expenses, and you’d be far better off pursuing a more traditional loan, preferably through your bank.
How Does the Process Work?
If you decide to pursue same day loans, the entire process is very easy. In fact, it basically boils down to three simple steps!
First is the application itself. After you have decided on a lender, you must full out the paperwork that requests a specific amount of money.
The lender will soon respond. If it’s a negative response, you can try to appeal the decision or simply seek out a different lender.
If they approve your application, then you will be offered a specific loan with specific terms. You are not committed yet, though: you must read the details and then sign to complete the process.
Remember that you are under no obligation to sign. Once you do, though, you get to everyone’s favorite step: getting your money!
Read the Fine Print
We mentioned this earlier, but it’s worth heavily emphasizing this point. You must read the “fine print” of the lender’s offer very carefully.
The offer is going to specify very important information, including the interest rate, how much will be owed, and when it must be paid back. There will also be specific information about additional fees and possible consequences if you fail to repay what is owed in a timely manner.
Remember, signing this document asserts that you have fully read and understood all the terms. Don’t sign the document unless this is true!
The Bottom Line
Now you know everything there is to know about same day loans. But do you know a lender you can trust?
At Bonsai Finance, we offer a variety of financial solutions to our customers, including same day loans. To learn more about loans, credit, and other financial topics, swing by our learning center today!