Do you feel like you’re perpetually strapped for cash? Do you live paycheck to paycheck, like nearly 80 percent of American workers?
When this is your financial situation, the reality is that, sometimes, you need a personal loan to help you make ends meet until your next payday.
If you’re in this situation yourself, you might be wondering what you can do to get the money you need to pay your bills and keep food on the table in between paychecks.
One option you might want to consider is a same day cash loan.
Read on to learn more about same day cash loans and why they might be a valid option for you.
What Are Same Day Cash Loans?
Same day cash loans, also known as same day payday loans, are a type of bad credit loan.
Payday loans provide you with an opportunity to get some quick cash to carry you through a tight situation. Usually, you must agree to pay these loans back within 2-4 weeks.
Benefits of Same Day Cash Loans
Payday loans online are a good option for folks who need money quickly. They’re usually processed on the same day that you apply, or on the next business day if you apply late in the day or on a weekend.
You can also take out a same day cash loan even if you do not have a great credit score. If you’ve been turned down by other lenders and aren’t sure how you’re going to make ends meet, this can be a good alternative.
It’s important to note that payday loans often come with higher interest rates and fees than other types of online loans.
Because of this, it’s important to make sure you can pay them back within the time frame outlined in the loan agreement.
If you don’t, you’ll end up with more debt, which can negatively affect your credit rating and make it harder for you to get loans in the future.
What to Look for in a Same Day Cash Loan
Same day cash loans have something of a bad reputation. If you’ve heard any payday loan horror stories, you may be hesitant about taking out this kind of loan.
It’s important to keep in mind, though, that some same day cash loans are better than others. Here are some questions to ask that can help you find the best payday loans for your situation:
Is This Lender Licensed?
This is one of the first questions you need to ask when considering a payday loan.
There are various laws in place (they differ from state to state) that are designed to protect borrowers from predatory payday loan scams.
If a lender is licensed, they’re more likely to abide by these laws and keep you safe.
What Is the Interest Rate?
Interest rates on same day loans can be very high. The average interest rate is 400 percent APR!
Be sure to learn about the interest rate and compare rates from various lenders before you make a decision.
Ask whether or not the lender will give you a lower introductory rate since you’re a first-time borrower. In some cases, they might even give you your first loan interest-free.
What Are the Loan Terms?
Be sure to ask about the other terms of the loan, too.
When do you need to repay it? Can you roll your loan over to your next payday? What penalties are in place if you do not repay the loan on time?
Most payday loans are structured as a single payment. This is important, as when the loan comes due, you’ll need to repay the full amount of money borrowed, plus any interest or fees that accrued over the term of the loan. This is very different than an installment loan, where you repay the loan over multiple payments, often months or even years in duration.
Lenders to Avoid
You should also be on the lookout for red flags when looking for a payday lender. Some red flags that indicate a payday loan scam include:
- Sites that act as a broker and do not directly loan you the money
- Lenders that offer bad credit personal loans guaranteed approval
- Sites that do not feature a seal for the Community Financial Services Association (CFSA)
- Check the site for a physical address, phone number, and any other contact information
- Avoid companies that seek you instead of you seeking them
It’s also important to avoid lenders that charge you money to process your loan application.
How to Get a Same Day Cash Loan
Once you’ve found a lender that meets these criteria, it’s time to apply for your loan.
Here are some tips that will help you ensure your application gets approved:
Know Their Basic Criteria
Before applying for a same day payday loan, make sure you meet the lender’s minimum criteria (credit score, income requirements, employment requirements, etc.). Some lenders offer payday loans no credit check, and others take your credit score into account when deciding how much to lend and at what interest rate. Regardless of the situation, you’ll need to ensure you fully understand their criteria.
This way, you’ll avoid wasting time applying for a loan that could never be yours.
Think About the Date and Time When You’re Applying
If you want to increase your chances of same-day approval, it’s best to apply in the morning on a weekday. While many payday lenders will advertise “instant approval“, if the company is not operating, it will take until the next business day to get your application reviewed.
If you apply on a weekend or holiday, you’ll likely have to wait a day or two before you get your money.
Applying in the morning also gives you time to get all the information you need together, such as check stubs and identification.
Look for “No Faxing” Lenders with Same-Day Approvals
If you work with this type of lender, you’re more likely to get your loan application approved in a timely manner. You also get to avoid the frustration that comes with faxing documents over.
Talk to Personal References Before Applying
Your loan application will likely require you to write down a couple of personal references. Some lenders don’t call these references, but others do.
To be on the safe side, let your references know that you’re writing their information down. That way, if they do get a call, they won’t be blindsided and will be prepared to talk you up to the lender.
Get Cash Today
As you can see, same day cash loans can be a good option when you’re in a pinch and just need some extra money to tide you over until your next payday.
Are you interested in applying for a same day cash loan? Do you want to make sure you’re working with a reputable lender and not getting ripped off?
Take all the guesswork out of the loan application process by working with us at Bonsai Finance.
We offer a wide range of loan options, including same day cash loans. Apply online today or contact us to learn more about the other loans we have available to you. Here are some other articles you might find interesting:
Anyone can qualify for small personal loans bad credit
No credit check internet – what options do you have?
Payday loan reviews – which payday lenders are best?
Can you get cash off credit cards? Here are 7 things to know