There’s not even a single person who can tell they avoided a financial emergency. Some can borrow money from their parents, others can ask friends, but sometimes you need a third option for the situation. This third option is usually over the counter, so to say. Same day loans are a prevalent choice for people of any age. There’s no exact demographics for those who may need to use same day loans as a way out of financial scarcity that strikes them unexpectedly.
Although same day deposit payday loans are the most common type of same day loans, yet there are various alternatives, from credit unions to local banks. If you are in a crisis, it is better to cool down a bit and see what you can do in the situation, so there won’t be any regrets or unwanted consequences for you in the nearest future.
Definition of same day loans
Same day loans are usually loans, which request applications are processed within the day of its submission. Simultaneously, the application procedure is simplified and requires fewer documents to upload, and it takes less time to review them to give the borrower response. Sometimes the application procedure is completely automated. The lenders are accessible via websites, and you often don’t have to be present in the bank’s branch. In some cases, you can receive cash and spend it for emergencies, while in other cases, the funds are transferred to your bank account, and it is up to you how to further use it.
The most popular same-day loans with the instant deposit on your bank account are payday loans. Many of them are available online and don’t require a good credit history or score; neither do they affect your credit score. Therefore, payday loans are not used for improving the situation with your reports.
Are same day loans legit?
Most of the same-day lenders are licensed to operate within the state where it is allowed. However, you should be aware that these requirements vary from one state to another, which is easy to confirm on the Consumer Financial Protection Bureau website.
In many cases, same-day lenders can provide you with the response and deposit on the bank account within one day. In other instances, you will have the needed amount on your account the following day. Still, in more conventional loans, you may be waiting for several days to obtain positive feedback. At the same time, it is crucial to consider the most appropriate payment method for your situation:
- Cash that can be used immediately
- A deposit to your bank account
- The confirmation of your approval and money transfer to your account.
Banks and credit unions
Banks and credit unions may be as effective as any other advertised same day lenders, and they just don’t put too much emphasis on this type of financial services. They can still help you out, and you should visit a branch with all the necessary documents. The next step would be verifying your identity, discussing the options, and completing an application on the spot without having to deal with the procedure online.
Here are two options that may be available for you:
- A short-term loan offered by a bank is similar to same-day deposit payday loans, and you also receive a deposit on your account instantly. Pricing is transparent and easy to understand. For instance, US Bank has a Simple Loan option for amounts up to $1.000. You have three months to repay, and a fee will be from $12 to $15 for every $100 borrowed.
- Payday alternative loans (PALs) are provided by credit unions, giving you access to short-term, small amount loans. You can borrow from $200 to $1.000 with a six-month repayment period and less expensive interest rates.
Online same day lenders
This option is the quickest and effortless, among others, and borrowed funds arrive at your bank account within several days. If you don’t need cash and the situation demands immediate actions, you should choose this option.
Same day lenders like paydayinusa.com are among those who offer you financial support from $100 to $5000 with a flexible schedule of repayment. It is instant, and the lender responds almost immediately.
Pros and cons of same-day deposit payday loans
- You get a needed loan within one or several days
- Often it doesn’t affect your credit history
- Manageable repayment methods and periods
- High fees and interest rates
- Serious consequences for exceeding return of payment
Other methods to get a same-day loan
It is one of the eldest ways to use your material possessions as collateral for receiving money borrowing. If you are unable to repay the loan, the collateral will be taken away. In contrast, you may also consider selling unwanted things than borrowing from a pawnbroker.
Auto title loans
They usually promise immediate cost as you use your vehicle as collateral. They also have high rates and fees but don’t require a credit check. It is better to avoid this alternative, as you may lose your car if you aren’t able to repay on time.
Payday loan shops
They can provide you with instant cash, and this option is appropriate if you are in urgent need of cash. Usually, it takes several weeks to repay the debt, but you may pay tremendous additional fees in case of exceeding the payment period.
Some banks offer quite convenient rates for using their credit cards, and you may consult with your bank for more info. It is also important to charge the needed amount in time, for avoiding high fees.
When you need money in emergencies, you should be able to calm and view all possibilities that are available for you at the moment. It is important to be sure that you are using legit services or agreeing with beneficial conditions for your loan. The options are limitless nowadays, from online lenders to bank branches.