Same-Day Personal Loans
Some personal loans offer same-day approval and funding, meaning you can receive your money the same day you apply. These loans can be very helpful, especially if you need to cover an emergency expense. Here’s a closer look at how quick same-day personal loans work, the types of loans that may be available to you, and how to apply.
How do quick same-day personal loans work?
Quick same-day personal loans are designed for people who are in a financial pinch and can’t wait long for their money. You can use them to cover a car repair, medical bill, or any other emergency expense.
Usually, you can apply for quick same-day personal loans online within minutes, from the comfort of your own home. Once you do, you may get approved that same day and receive your funds shortly after.
Types of quick same-day personal loans
There are various types of same-day personal loans that you can choose from, including:
Known as short-term, small dollar loans, payday loans can be useful if you need money before payday. You’ll pay these same-day personal laons back when you receive your next paycheck, typically within two to four weeks.
With installment loans, you’ll receive a lump sum of money at once. You’ll then repay this same-day personal loan through fixed monthly payments or installments. Many installment loans come with terms that range from a few months to a few years.
Car title loans use your car as collateral. Once you get approved, you’ll give the lender your title in exchange for cash, which will be based on your car’s value. You can continue to drive your car as you pay back the loan.
Lines of credit
A Line of credit is like a digital credit card. With this flexible same-day personal loan, you’ll be able to withdraw funds whenever you’d like to up to your set credit limit. When you repay your loan, you’ll only pay interest on the amount you borrowed.
Pros and cons of same-day personal loans
Just like many financial products, quick personal loans have benefits and drawbacks such as:
Pros of same-day personal loans
- Easy application: You might be able to apply online quickly from your phone, tablet, laptop, or computer.
- Fast funding: Depending on the lender, you may get instant or quick approval. If approved, you may receive your funds the same day you apply, typically via direct deposit.
- Good credit not required: Even if you don’t have great credit, you can still get approved for a fast same-day personal loan.
Cons of same-day personal loans
- Interest rates and fees: Sometimes, the interest rates and fees of same-day personal loans can add up, making it important to shop around and compare your options.
- Not a long-term solution: Same-day personal loans should be used to cover financial emergencies and essential expenses when you’re in a financial bind. These loans may not be a solution for long-term financial needs.
What you’ll need to apply for a quick same-day personal loan
Before applying for a quick same-day personal loan from Advance America, make sure you have the following information and documents:
- Government issued ID
- Source of income
- Checking account
- Social Security Number
How to apply for a quick same-day personal loan
To apply for a quick same-day personal loan, follow these steps.
- Research lenders and compare your loans: Do your research and find lenders that offer same-day personal loans. Then, compare the borrowing amounts, interest rates, terms, and fees of all your options.
- Collect necessary documents: Make sure you have all documents and information needed to apply for a same-day personal loan, which may include a valid ID like a driver’s license or passport and your paystubs.
- Fill out and submit your application: Be prepared to provide information like your name, email, income, and employment history. Once you’ve filled out your same-day personal loan application, double check to make sure all details are correct. Then, submit your application.
- Wait for approval: In many cases, the lender will decide whether to approve you for a quick personal loan that same day or within 24 hours. Advance America provides an instant approval decision.
Can I get a same-day personal loan with bad credit?
You don’t need good credit to get a same-day personal loan. Many lenders have less strict credit score requirements and approve borrowers with all types of credit scores. They’ll consider factors like your income, employment history, and current debts during the approval process. So, you can still qualify for a quick same-day personal loan with poor or fair credit.
Can I get a same-day personal loan with no credit check?
It may be difficult to find lenders offering same-day personal loans with no credit check. Luckily, there are many personal loans you can get approved for with poor credit. Shop around and compare lenders and loans to find an option you can qualify for with rates and terms that work for you.
Does Advance America offer an instant approval for same-day personal loans?
With Advance America same-day personal loans, borrowers can enjoy an instant approval decision. Whether you’re applying for a payday loan, title loan, installment loan, or line of credit, you may find out whether you’re approved within minutes after submitting your application. And if approved, you may receive the funds in your bank account as quickly as the same day you apply or within 24 hours.
Do quick same-day personal loans have guaranteed approval?
Lenders offering quick same-day personal loans typically don’t offer guaranteed approval. Luckily, there are many lenders that have less strict requirements and will approve borrowers with poor or fair credit. Advance America will consider factors in addition to your credit score when deciding whether to approve you, like your income, employment history, and current debts. We approve borrowers with all credit scores, so you don’t need a good credit score to qualify for one of our same-day personal loans.
Should I get a same-day personal loan?
To decide whether a same-day personal loan is right for you, consider your financial situation and needs. These types of loans can work well for borrowers that have to pay an unexpected expense, like a car repair, home repair, or medical bill. They can also help you out if you just need some extra funds to cover day-to-day essentials like groceries and gas. With easy applications and quick approvals, same-day personal loans can get you funds as soon as that same day so you can meet your immediate financial needs.
Where to get a same-day personal loan
Advance America offers quick same-day personal loans that can get you the funds you need as soon as the same day you apply, including payday loans, installment loans, title loans, and lines of credit. You can fill out an application in just a few minutes either in store or online from the comfort of your home. Better yet, you don’t need good credit to get approved for one of our same-day personal loans. Visit Advance America today to learn more about the loans we offer.