Anyone can face financial issues and this situation is quite common. When applying for a loan, you are asking for money to purchase something of value that you lack the funds to purchase at the time.
Good reasons to get a payday loan online are emergency expenses, personal events, home remodeling, or unexpected expenses. Someone decides to help friends and relatives so that they apply for fast cash or pawn valuables in pawnshops. But if you are looking for a hassle-free way to be in black and get cash really fast, then consider the option of applying for an online loan from multiple lender companies.
Where to find the best online same day loan?
You will find a huge range of companies with a detailed description of the loan terms. It only may take some time and be a challenge to choose the appropriate direct lender with the same day deposit.
Fast and easy
Applying for the traditional bank loan, here you will have to earn a credit history, which is built by years of respectable relations with banks. Credit history is reflected by the Credit Score, which ranges from 300 to 850 points. If it is above 700, then American banks automatically consider a resident of the country as a good client and themselves send him a variety of loan offers. You can find out your Credit Score level both at the bank branch and on special resources, such as Credit Karma (credit offers of various banks are also concentrated here) or Experian.
Do not confuse online direct lenders with banks. When contacting a lender, you do not need to collect a pile of documents and involve intermediaries, wait for a long time for a response, and at least be rejected due to bad credit history in the past. You can quickly apply for same day loans online without leaving your home. This is a perfect solution for those who are under the pressure of unpaid bills and do not have enough time to use other options.
How to check if you are eligible to get the same day loan online?
The main criteria are:
- At least 18 years of age and a citizen or permanent resident of the US
- A verifiable source of income. You can use even unemployment benefits, child support, and alimony or self-employment earnings
- A valid bank account
- Have a valid address, email address, and a phone number
- You may also be required to provide your Social Security number and a copy of your driver’s license or state-issued ID.
- One of the essential requirements of online lenders is that borrowers have to provide a valid bank account. So that you have to come in person to go through identification, you will be asked to present a valid ID, driver’s license, as well as electricity or water bills confirming the place of residence.
- You also need a Social Security number as it contains information about the income received. If you do not have an SSN, the ITIN (Individual Taxpayer Number) or Alien Number (the number USCIS assigns to everyone entering the country) will work.
The main terms of providing the same day loan and cash advances
- Fast money loans are issued on the following conditions:
- The payment term is from 7 to 30 days. A longer repayment period is rare, as there is a large overpayment due to the high-interest rate.
- The rate is 1% per day from the money borrowed. For a month of using other people’s money, the borrower needs to overpay about a third of the payday amount.
- Most lenders offer to take a loan in the amount of up to $1000. If you believe the statistics, then the average amount of a same day payday loan is $700. As a rule, companies are not willing to lend large amounts of money without collateral.
The best option is to issue a fast payday loan online for a week or two, taking the amount of $500. The overpayment for such a service will not be significant. So that your budget will not suffer from an impressive interest rate.
Advantages and disadvantages of same day Payday Loans
The biggest advantage is the promptness of issuing money. In 10-15 minutes, it is beyond the bounds of possibility to issue a standard personal loan, but you can borrow money via the Internet. Also, instant online loans are issued without any collateral, in fact – on trust. It may be very profitable to be a regular borrower – the lender you are working with tend to offer discounts in interest rates to clients who pay off debts on schedule and also revise the loan limit upwards. No credit checks are done, and even borrowers with bad credit score can get same day Payday Loans.
There are also some disadvantages of online loans. The most significant one is the high-interest rate. 1% per day does not seem like a big overpayment, but you need to overpay 30% per month. For a year, it will turn out to be 365%, while banks offer consumer loans at 15-20% per annum. Another drawback is the small loan amount, as the majority of lenders limit their offers to $1500 for one loan.
Do not forget that going into debt is the surest way to slow your path to financial security. Be sure that if you can’t afford to pay cash for something, you can’t afford it, in this way borrowing money might be not the best solution to your financial challenges.