Same Day Loans No Credit Check
Are you facing an unexpected financial challenge and need immediate cash? Have traditional lenders denied your loan application due to a less-than-perfect credit score? Don't worry — there are alternatives for getting the financial assistance you need.
Here at Advance America, we understand that life's emergencies can't always wait, and everyone deserves the chance to secure the funds they need. That's why we approve Same Day Loan requests from borrowers with bad credit every day!
Let's explore popular Same Day Loan types, how they work, and how we determine your creditworthiness without pulling your full credit history.
What is a Same Day Loan?
A Same Day Loan is a type of loan where the borrower receives their loan proceeds the same day they apply and are approved. Same Day Loans are designed to provide quick access to cash for people facing urgent financial needs or unexpected expenses.
Can I get a Same Day Loan with no credit check?
Same-day lenders may perform soft credit checks, but they don't typically require good credit. As a result, bad-credit borrowers tend to have a higher acceptance rate at payday lenders than they might at traditional banks.
So, even if you have a bad credit score, reputable lenders like Advance America consider other factors when processing your application. For example, we look at your monthly income, employment history, debts, and whether you have a current Advance America loan. Even with poor credit, if you have a steady source of income and can make your monthly payments, you may meet the eligibility requirements for a Same Day Loan.
What's the difference between hard and soft credit checks?
A hard credit pull, also known as a full credit inquiry, is when a lender reviews your entire credit report to make a lending decision. This type of credit check will show up on your credit report and can temporarily lower your credit score. Hard credit checks are used for major financing decisions like mortgages, auto loans, credit cards, and conventional loans.
On the other hand, a soft credit check does not affect your credit score or reflect in your credit report. Soft checks are used to see if you have any outstanding debts, not to check your FICO score, which is why you may still qualify for bad credit loans even with a poor credit score.
Remember, you can still get turned down for alternative loans if the soft credit pull indicates you have outstanding debts, unsteady income, or a high debt-to-income ratio.
What types of Same Day Loans can I get without a hard credit check?
When researching no hard credit check loans, it's nice to know you have options. Here are a few different types of loans you might consider:
Installment loans
When you want an unsecured loan that comes with competitive rates and a set monthly payment, look no further than an installment loan. Unlike short-term loans, installment loans are designed to be repaid over time, resulting in smaller, more manageable monthly payments. You may even be able to refinance an installment loan to borrow additional money or adjust your payments.
Payday loans
The payday loan or cash advance is a short-term loan meant to be repaid in full on your next payday. Since you'll need to repay the loan within two to four weeks depending on your pay date, payday loans offer limited loan amounts based on your proof of income.
Personal lines of credit
If you're not sure how much money you need, a personal line of credit is an excellent solution. You'll be approved to borrow up to a maximum amount, but rather than borrowing it all at once, you can draw money from your limit as needed. Best of all, you only pay interest on the amount you draw, not your total credit limit.
What are the benefits of a Same Day Loan without a hard credit check?
"No-credit-check loans" are essentially loans from lenders who only use soft credit pulls. These alternative loans offer several benefits, including:
Flexible loan amounts
Many same-day lenders offer multiple loan products for borrowers with poor credit, giving you the option of borrowing a little or a lot depending on your financial situation.
Bad-credit loan options
Knowing the lender won't run a hard credit check is nice when you have poor credit and can't meet a minimum credit score requirement. Plus, when a lender pulls a soft credit check, it won't impact your FICO score, so it doesn't hurt to apply and see if you're approved.
Speedy application process
When you need a personal loan right now, the last thing you want to do is fill out a complicated application. Direct lenders that base their loan decisions on soft credit checks tend to have simple applications you can complete in minutes.
Instant approval decision
Getting an instant lending decision is a must when you need money in a hurry. When applying for a Same Day Loan with no hard credit check, you may find out if you're approved within moments of hitting that submit button.
Quick access to funds
Traditional personal loans can take up to several days to reach your bank account. Same Day Loans are different.
Once approved, you typically receive the funds within 24 hours. If you applied before the lender's same-day cut-off time (usually before 10:30 EST), the funds could arrive by the end of the business day. Loan applications approved after the cut-off are generally funded the next business day.
How to get a Same Day Loan with no hard credit check
At Advance America, it's easy to apply for a Same Day Loan without affecting your credit! Here's what you need to do:
Select a Same Day Loan
First, choose which type of loan is right for your financial situation. If you're not sure, call or visit your nearest branch to speak with one of our knowledgeable representatives.
You can narrow down your Same Day Loan options by deciding whether you prefer a short-term loan (such as a payday loan), or if you prefer a longer repayment term with scheduled monthly payments. In some cases, you may have already received a loan offer, but it's still worth comparing your options.
Prepare the required loan documents
Next, gather all the required documentation needed to complete your Same Day Loan application. Depending on your state's requirements, you may need your driver's license or government-issued ID, Social Security number, and checking account number.
Since lenders that specialize in soft credit check loans assess your ability to repay on your employment situation rather than your credit score, you'll also need to provide proof of income. This usually means attaching copies of your paystub, bank records, or tax returns to your online loan application.
Complete your Same Day Loan application in minutes
Complete your application online or in-store. Online applications are convenient because you can complete one anytime, even outside normal business hours. Just make sure you've entered your information completely and accurately to avoid any delays in your loan decision or financing.
Review your loan terms and repayment plan
Before signing your Same Day Loan agreement, make sure you understand the terms and repayment plan, including the loan origination fees, interest, and late penalties. Knowing the loan's terms and conditions is crucial for understanding how much you'll pay over the life of the loan.
Receive your Same Day Loan funds
After signing your loan agreement, you'll receive money in your bank account via direct deposit. Keep in mind, however, that applying for an online loan just before the weekend or a bank holiday may delay your loan funding until the following business day.
Get a Same Day Loan from Advance America
Just because you've been turned down for a traditional loan in the past doesn't mean you can't access the financing you need. Advance America offers flexible loans to help cover unexpected expenses regardless of your credit score.
Whether you need a payday advance loan, installment loan, or personal line of credit, you can get the financial assistance you need without the hard credit pull. And, since we don't perform full credit checks, applying won't impact your credit score.
Discover why Advance America has been one of the country's most reputable same-day lenders for more than 25 years. Explore your loan options online and apply today!
