Just like you can collect loans for some months before paying, you can also get loans to be paid the same day (in 24 hours) or a business day. This type of loan is, however, known as same day loans. Same day loans are loans in which you receive the money you borrowed on the same day. However, some companies accept this type of loan while some don’t. But the ones which accept actually do so from people with poor credit. And this type of loan on most occasions has a higher interest rate that must be repaid that same day as agreed by both the lender and the borrower.
Same day loans vary between lenders but usually, it uses automated processes to check applications. And this allows lenders to increase the speed of the process and provide cash on the same day. Besides, this type of loan is used by people who are in urgent need of cash to take care of emergencies as they have the potential of reaching their bank accounts quickly. However, you should always check the eligibility criteria before applying. As if you do not meet up to it, you would be turned down immediately.
Is it Possible to Get a Same Day Loan?
Yes, it is possible for you to get one if you want one. And if you have a bad credit score or prior problems with debts yet to be paid, you can get Same day loans. You can even come across lenders that don’t check credit. All they just want to be sure of is that your income would sufficiently cover your loan payments.
Are Same Day Loans Advisable to Take?
Many ventures into same day loans because they believe they would be able to pay back that same day. Probably because they are expecting something to come in but the emergency at hand would not wait for that. But this can be difficult to pay back as what is being expected might disappoint. And falling behind on debt payments could worsen an already bad situation at hand. But if you are sure, you can pay back the same day loan, you can take it and pay at the time rate of 24 hours or a business day.
Can I Get A Loan With a Bad Credit?
Yes, you can. There are however many lenders online who are willing to offer you same day loans even if you have bad credit. But in this case, you would be required to put down information about your monthly income, essential spending, and other financial commitments to show that you can afford the loan repayments every month till you are done paying. If you have bad credit, you should not just apply for any company’s same day loans. But rather look for lenders who can cater for people with bad credit that takes loans. And also you should hold FCA accreditation so as not to be left in further financial difficulties.