Same day loans promise to provide funds immediately so you can pay the expenses right away. In some cases, you will receive cash that you can spend immediately. Other lenders deposit money into your bank account, and you can withdraw cash, pay bills from a checking account, or spend with a debit card. Same day loans should not affect your credit rating as long as you pay the money on time and in full.
Are the promises of the same day real?
some lenders may appeal to your urgency in ads with no follow-up ability. The reality is that you can only get money from a limited number of sources on the same day, and you may have to visit it in person. Some online lenders can deposit funds into your account in a day if it starts early in the morning and everything is going well. However, it is best to wait until the process takes several days.
Some lenders may commit to make immediate approval decisions, but the money may still go into your bank account a few days after approval.
- If you’re looking for same-day funding, check if you need:
- Cash (or bank check) in hand that you can use immediately
- A deposit into your bank account that can satisfy debits or cover critical payments
Make sure they approve it and that the money is on the move, even if it takes a few days for you to reach your bank account (knowing that you solved the problem immediately can help).
Banks and credit unions
Traditional banks and credit unions are an excellent source of finance on the same day. These financial institutions do not actively promote quick loans, but can meet your needs at a reasonable cost. The best way to get money right away is to visit a branch in person. This way, a loan officer can verify your identity, discuss your options, and fill out an application without exchanging emails and phone calls.
Short-term loans: Some banks offer small short-term loans that compete with payday loans. The price is simple and transparent and you will immediately receive cash in your account. For example, the US bank offers a simple loan of up to $1,000. The loan costs $12- $ 15 for every $100 you borrow, and you have three months to repay it
Alternative Payday Loans (PAL) – If you are a credit union, you may be able to use a PAL for a short-term small-dollar loan. With PALs, you can borrow between $200 and $1,000 and are usually cheaper than standard payday loans. With a repayment period of six months, your payments must be manageable.
Online lender
When you borrow online, you often get a decision in a matter of minutes and the credit reaches your bank account in a matter of days. If you primarily need an instant solution, but not necessarily cash, these lenders can be a great option. Online lenders point out that it takes between one and three days for the money to reach your bank account. If you can live with this timeline, you can save money by buying from online lenders.
