Many lenders and borrowers are taking up same day instant cash loans for emergency uses and making immediate payments. But what is it? A same day loan is a kind of loan that a lender pre-certified and approved within 24 hours of applying for it. Sometimes, but not always, the funds are also released within the first day of applying for these kinds of borrowing money. These offer borrowers to get fast cash in their hand depending on the kind that they have applied for. The main purpose of same day loans is the lender streamlines the application, pre-certifies it, and approves it quickly.
Various Types of Same Day Approval Loans
There are several kinds of same-day approval loans that you can apply for as a borrower. Some of the most-applied same day cash loans are as follows.
- Payday Loans
Payday loans are also termed as cash advance loans. It is an unsecured short-term loan that you need to repay on your next payday. You can apply for payday loans for emergency situations like medical payments, utility payments, and service payments. Most payday loans have same day access to your funds including cash.
- Title Loans
Car title loans are secured short-term loans where you can use your car as the deposit or collateral. But if you are unable to repay your loan, then the car will be seized by the lender. Car title loans have interest rates in triple digits and are given for 15 to 30 days. There are additional charges attached to it.
- Pawn Shop Loan
Pawnshop loan is one of the same day loans where you can borrow money with your personal possession. You need to keep your personal property as collateral at the pawnshop and borrow money.
Advantages of Taking Same Day Cash Loans
There are several advantages of taking same day cash loans. Some of them are,
- You will receive the amount immediately.
- You will apply for the loan online.
- You can qualify for loans with bad credit scores.
- You will find it easier to take same day cash loans rather than traditional alternatives.
- Sometimes you also do not require an active bank account.
- Same day loans are unsecured loans and hence there is no chance of losing your collateral.
Some of the Best Lenders for Same Day Loans in 2020
- OneMain Financial
OneMain Financial has streamlined its application as well as the funding process where the borrowers can get a same-day loan for any reason. Its APR is 18% to 35.99%. You can get your loan approved if you apply within noon. This lender is best for any kind of emergencies and your minimum amount should be $1,500.
- Rise Credit
This is another best lender for same-day loans. Rise Credit is best for getting payday loans. Its rates and the minimum lending amount depend on your location, your financial situation, and your credit score. The loan is approved by the next business day.
- TD Bank
TD Bank is the best lender to express unsecured loans. Its APR ranges from 6.99% to 18.99%. Its minimum lending amount is $2,000. They approve your loan by 48 hours.