About 34 percent of Americans suffered a major emergency expense during last year. Do you have enough savings to cover any unexpected expense? Maybe you had to fix your car and need help making your monthly payments.
Are you considering same day loans to meet your financial needs? You might be thinking about it twice. Because you aren’t sure how much money you can get.
Want to find out if it will be enough to cover your emergency? We’ve you covered. We’ll tell you all about how to get your same day loan and how much funding you may be eligible for.
Same Day Loans: Are They as Easy and Breezy as They Sound?
Getting approved for a same day online loan can be a lifesaver. Let’s face it sometimes between paying for your daughter’s ballet classes and your medical exams, you lose track of your monthly payments. You might’ve heard that a same day loan can help you make your payments on time.
But, how can you apply for it? Is it as easy as submitting your application and getting the funds on the same day? Is the funding enough to cover your financial emergency?
Receiving same day loans online can be as easy and breezy as applying and getting funded in a few hours.
What Are the Typical Application and Process for Approval?
Most same day loan lenders offer online application and approval processing. Their process makes it ideal for quick funding to cover your financial emergencies.
To apply for your loan, you will have to submit your application on their website. In order to complete your application, they will ask for personal information such as name, social security number, monthly income, among other details.
Most lenders ask for certain documentation such as proof of income during your application process. After you submit your application, the lender may ask for more information for approval or approve your loan.
Rule of Thumb Requirements for Same Day Loan Approval
Every lender has their own approval requirements. These metrics vary on a loan basis. The lender guidelines for your same day loan are different to the requirements for personal loans.
The basic requirements for same day online loans are.
Regular Income Source
You may think that you can only apply for a same day loan if you are employed. Yet, that’s far from the truth. Lenders require applicants to earn a steady income stream.
You may be eligible for this type of funding if you earn it from investments, retirement, social security benefits or any other similar income. You must submit proof of this income in order to get approved by your lender. They want to see that you have the capacity to repay them.
Active Checking Account Under Your Name
To get approved for same day loans online, you must submit the information for your active checking account. The lender needs this information for funding and repayment purposes. Keep in mind that they will deposit the funds on the account you provide.
It’s recommended to submit an account you access and fund continuously. Because the lender will withdraw your repayment from that account.
18 Years of Age or Older
Lenders require borrowers to be at least 18 years or older. They will ask to verify your identity to confirm your age.
Some of the verification documents they may request are state ID, passport, utility bill, and Social Security card. Before applying for your loan, you should gather your documents to speed the process.
How Much Funding Can You Receive?
When it comes to funding online loans same day, there isn’t an amount range that reigns supreme. Your loan amount may vary depending on your income, and other financial information. Even if your finances are more than pretty, state laws may limit your funding.
Every state has their own laws that regulate lending activity. Same day loans online aren’t an exception to this rule.
Before applying for your loan, you should contact your lender to learn how much funding you could receive. Your approved amount can range from 30 percent of your income to 1,000 dollars or more depending on your state laws. Also, most of these laws limit the number of outstanding loans per customer, and loan term.
Examples of State Limitations on Same Day Lending
The states of Maine, Utah, Wyoming, and Wisconsin don’t limit the amount of funding. But, most of these states limit the loan term. In Wyoming, your loan term can’t exceed one month.
If you live in California, the state limits your funding up to 300 dollars for a term of up to 31 days. Louisiana follows similar terms by limiting funding to no more than 350 dollars for a term no longer than 30 days. In Washington, the loan amount limit is up to 700 dollars or no more than 30 percent of your gross income, whichever is lower.
The typical loan amount limit for same day lending in the United States is $500. Some of the states that enforce this limit are Colorado, Florida, Indiana, Ohio, among others.
In contrast, some states like Oregon limit the loan amount for up to $50,000. If you live in the states of Arizona, Georgia, Arkansas, New Mexico, North Carolina or the District of Columbia, you may not be eligible for these loans – they prohibit certain lending practices.
Before applying for your loan, it’s recommended that you research your state limitations to know the amount of funding you may receive. Keep in mind that your lender can offer you less than the maximum amount of funding, depending on your finances.
Can You Get the Funding You Need Today?
Yes, you can get the amount of funding you need to cover your financial emergencies. Same day loans are a quick and easy way to get the right funding at the best rate.
The biggest benefit of these loans is the fast approval and repayment. It’s recommended that you research your potential lenders, rates and possible loan amount.
Before applying for your same day loan, you must make sure the loan amount is enough to cover your emergency expenses. Keep in mind that a lender may limit your loan amount according to your income and applicable state limitations.
Did you or a loved one suffer a medical emergency? Don’t know how to cover these expenses? Read our article to learn how loans can help you cover your medical bills today.
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