Same Day Loans
When you need cash for emergency expenses, same day loans are a useful option to consider. 60% of Americans have less than $500 in savings. This means that an emergency (such as an illness or a vehicle breaking down) can easily throw you off budget and make things challenging. Luckily, same day loans online can help you access the cash you need almost instantly.
Same day loans are designed to help people meet their short-term financial needs. You can’t always foresee an emergency before it happens. Therefore, these loans provide you with a temporary reprieve so you can pay for any urgent expenses that come up. In most cases, you can apply, be approved, and receive the funds in your account within the same day.
Same day loans vary with the lender, qualification criteria, interest rate, and duration of repayment.
What is a same day loan?
By definition, a same day loan is exactly what it sounds like. It is a loan that you can apply for and receive on the same day. These loans enable you to access cash quickly so you can cater to immediate expenses. You typically apply online, receive a decision, and have the funds deposited in your bank account. Same day loans are often secured by your paycheck. When applying, the lender will ask you for your income and bank information so they can schedule a repayment plan.
Same day loans near me typically require no collateral or credit check. They are relatively easy to apply for, as long as you have a stable and regular income. Online same day loans have become the norm in many states across the country. This is because the application process is quick (often under 5 minutes) and the funds are deposited in your bank account within 24 hours.
The online process is also more private and secure, allowing you to receive your funds without physically visiting any location. Most same day loans are issued based on your income schedule. The loan will often become due on your next pay period. However, there are other options available for repayment (if you need more time to pay).
Do you need a same day loan?
There are many reasons why you may need a same day loan. Emergency expenses are perhaps the most common reason. Utility payments, travel expenses, a medical bill, or car repairs may be required at a time when you don’t have enough money set aside.
Because you may need to take care of these expenses with immediate effect, same day loans provide you with cash that helps meet such needs. There are also other reasons why you may need a same day loan.
When you don’t wish to borrow money
While borrowing money from friends and family can help you meet emergency expenses, it’s not always an ideal option. Money disagreements often divide friends and family, and sometimes the situation can become embarrassing.
Same day loans are an excellent alternative to borrowing money. These loans are private, reliable, and with a high approval rate. They save you the stress and embarrassment of borrowing from friends/family.
When you have a low credit score
Low credit scores/bad credit may prevent you from accessing a normal personal loan. You may also not have access to a credit card that you can use to pay for emergency expenses. Same day loans allow you to access the cash that you need even with a low credit score. Most lenders don’t conduct a hard credit check for same day loan applications.
If you don’t wish to use your credit card
You may also not wish to incur large credit card debt when catering to an emergency expense. Putting a significant amount on your credit card may subject you to lengthy repayment terms, high interest rates, and other complications. In addition, taking a credit card cash advance is often quite expensive.
Same day loans provide a faster, more discrete, and effective way of obtaining the money you need for an emergency.
What to consider before applying
As convenient as same day loans are, lenders tend to differ significantly in their qualification and disbursement criteria. Each lender will have their own requirements, and regulations may vary from state to state.
Before applying for a same day loan, there are several important factors you should consider.
1. Compare different lenders
Because lenders can vary significantly in their lending terms, it’s always a good idea to shop around for the best deal available. You can do this by searching through many different lender websites and comparing information.
However, the better approach is to use a resource such as Bonsai Finance. At Bonsai Finance, we connect you with multiple lenders who meet your loan requirements. We maintain an extensive network of pre-screened lenders so we can connect you with the best available deal. The end result is a quicker and smoother application process for our customers.
2. Carefully check the loan terms
Each same day loan comes with its own terms. The terms include your loan amount, repayment period, interest rate, etc. Read these terms carefully during the application process so you can identify all relevant fees involved.
3. Decide on the type of loan and repayment process
Same days loans may have varying repayment requirements based on your income. Consider how much time you have to pay and what the refinancing fees are. In most cases, same day loans operate much like payday loans. They’re often due within 2-4 weeks, depending on how often you’re paid.
Some lenders also allow you to refinance the loan if you need more time to pay. This means paying only the loan fees and interest so you can have more time to settle the principal amount. When looking to refinance, carefully consider the fees involved and how much time you will need.
The application process
The application process for most same day loans is done online. The online process is more efficient and reliable for both customers and lenders. You will typically need the following before applying for a same day loan:
A stable income or regular employment
You should have a steady verifiable income before applying for a same day loan. The income may be from your regular paycheck or other sources (such as investments).
An active checking account
You also need a checking account where your loan can be direct deposited. The lender will also automatically withdraw their repayment from your bank account.
- Minimum age of 18 years
- Necessary documentation
Some lenders may also require additional information to verify your identity. These documents often include a driver’s license, social security number, a passport, or a birth certificate. In addition, proof of address information (such as a recent utility bill) may also be required.
Repayment for your same day loan is an important factor to consider. Depending on the amount borrowed and the lender you choose, the repayment process will vary. Most same day loans are designed to coincide with your pay dates. This makes it easier for you to meet the repayment amount and to avoid defaulting on the loan.
Why same day loans are helpful
In addition to the obvious benefit of receiving cash quickly for emergency expenses, same day loans are also helpful in many different ways. First off, the application process is simple and convenient. After finding the right lender, you can take less than 5 minutes to complete the process and receive your funds.
Most same day loans are also deposited directly into your account, meaning that you have access to your funds as soon as the deposit is made. In addition, same day loans don’t require any collateral. This means that you don’t need to worry about including information about your car, home, or other assets while applying. And if you find a good lender, you can also enjoy flexible repayment periods and better interest rates.
How Bonsai Finance can help
As a professional financial company, Bonsai Finance can connect you with the right lender for same day loans. We analyze your application and compare your needs with lenders who can satisfy those needs.
With years of experience in the industry, we have developed an extensive network of lenders who provide same day loans online. We do the hard work of screening our lenders, ensuring competitive interest rates, and protecting your information.
As a Bonsai Finance customer, all you need to worry about is applying for a same day loan and selecting the best lender that suits your needs. Our mission is to make financial solutions easier and more accessible for our customers to access.
Have you encountered an emergency expense that you need to take care of immediately? Apply for a same day loan through Bonsai Finance today.