Quick Same-Day Personal Loans
Some personal loans offer same-day 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 personal loans work, the types of loans that may be available to you, and how to apply.
How do quick personal loans work?
Quick 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 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 fast 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 them 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 it 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 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 quick 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 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 personal loan.
Cons of same-day personal loans
- Interest rates and fees: Sometimes, the interest rates and fees of these 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.
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 quick personal loans. Then, compare the borrowing amounts, interest rates, terms, and fees of all your options.
- Collect necessary documents: These will probably 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.
- Wait for approval: In many cases, the lender will decide whether to approve you that same day or within 24 hours. Advance America provides an instant approval decision.
Does Advance America offer an instant approval for quick personal loans?
With Advance America, 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 personal loans have guaranteed approval?
Lenders offering quick 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 loans.
Where to get a same-day personal loan
Advance America offers quick 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. Visit Advance America today to learn more about the loans we offer.