Unexpected costs can come up and be difficult to cover. It can be a medical issue, or your car breaks down unexpectedly. In such cases, you may require money quickly. Getting a same day loan is the only way out of such situations. With these types of loans, you are sure to get cash immediately; however, they typically come at the cost of higher interest rates. If you want funds quickly, this is the loan option to choose. This guide will explain how you can apply for a same-day loan to give you financial relief.
What is a Same Day Loan?
This unsecured loan is typically disbursed the same day it gets approved, making it a fast and flexible way of getting funds on time. However, these short-term loans have high interest as compared to other loan options.
For instance, a same day payday loan could come with an annual percentage rate (APR) of as much as 400% when the fee is calculated as a percentage. In comparison, data from the Reserve Bank of India indicates that short term personal loans issued over 24 months typically have an interest rate of 9.58%, while credit cards have 16.3%.
How to Apply for Same Day Loan
Applying for a same day loan is easy because few documents are required. After the approval, you will get your cash instantly. However, the processing speed will vary depending on how quickly the lender makes their approval decision. Below are steps to apply for the same day loan;
Step 1. Determine the loan amount you need- You can borrow anywhere from Rs. 10,000 to Rs. 200,000, depending on the lender and your financial situation. It’s essential to be realistic about the amount you can afford to repay on time, as missing payments may incur extra fees or even hurt your credit score.
Step 2. Fill out an application form- The application form will involve a range of questions about your details and financial circumstances. This includes your name, address, employment status, monthly income, and bank account information. Also, proof of your identity is needed.
Step 3. Submit the application- Send your application after filling out the form so the lender can review it.
Step 4. Get approved- The lender will review the application and decide whether to give you the loan. If accepted, they will send approval confirmation and explain what you have to do.
Step 5. Receive the funds- Your money will be disbursed to your account directly after approval.
You just have to complete these easy steps to receive your loan. Even though all lenders require various approval requirements, you must read the terms and conditions thoroughly before signing any documents. It’s also suggested to compare offers from multiple lenders before making your choice; this will guarantee that you obtain the best possible loan product suiting your needs.
After approval, you can have the funds deposited into your bank account in a speedy 15 minutes. Imagine having cash so quickly that it could help cover unexpected expenses. With fast approval, these small cash loans are ideal for getting back on track with financial goals.
Is Same Day Loan Received Same Day?
Yes, technically, they are considered same day loans; however, where you obtain them and the time of day you apply for them can ultimately determine whether or not it is genuinely a same-day loan.
Physical store: If you need cash now, you must visit the lender’s store and walk out with your money. Alternatively, some retailers offer direct deposit for faster access to the funds; however, there may be a slight delay.
Online: The online route is becoming progressively popular due to its speed, privacy, and conveniency.
While a few creditors may offer same-day loans online, they can be challenging to acquire. Numerous online lenders promise the cash advance within 24 hours, which is sometimes considered “same day” yet when an automatic transaction occurs, it usually takes time for clearance.
Regardless of the lender’s trustworthiness and speediness in transferring funds, each financial institution depends on its respective banking partners. For instance, many banks only process applications before 2 pm. If your application is accepted before this time window, you can expect the funds in a day; however, any requests after that will push it back into two days for deposit.
Another factor to consider when getting a same day loan is how long the lender needs to process your application. Suppose you make an application at 9 am, but if the lender doesn’t have it cleared until after 2 pm, you may need to endure another day before receiving those much-needed funds. Make sure you know when the money will be available once you apply.
Conclusion
Same day loans are a quick cash loan within an hour that help us get access to funds quickly and more conveniently. You may be able to receive the funds on the same day, but it still depends on the lender’s policies and the banking system. Be sure to read all terms and conditions before signing any documents. Look for the best loan product that suits your needs, and ensure you understand the process before applying.
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