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Representative Example:
If you borrow $500 over 12 months with a representative APR of 275%. The total repayment amount will be $952.70 and total interst is $452.70. 12 monthly repayments of $79.39.

What Is A Same Day Loan?

There are different types of same-day loans available, all of which provide funds into your account on the same day that you are approved for loans. Same-day loans can be provided by a range of different services but typically these loans incur higher interest rates than other types of loans or forms of credit.

A same-day loan, also known as an emergency loan, is a loan that can provide funds the same day that you have been approved. This is a form of short-term lending which is known to be one of the more expensive ways of borrowing money.

Payday loans, which are a type of same day loan, can carry some of the highest annual percentage rates (APR) in the market. For example, a same-day payday loan for a 2-4 week period could incur an APR of 400%; as a comparison, the average 24-month personal loan would have a 9.58% APR and credit cards usually work with an average APR of 16.3%.

Same day loan lenders understand that borrowers need access to cash, fast. However, if you are able to wait and explore options, it could be that you may get more competitive rates with a personal loan or credit card. This could save you money in the long run.

How Do Same Day Loans Work?

Same-day loans are designed to help borrowers gain quick access to money to cover emergency payments. For this reason, they are usually small amounts and have short-term loan terms such as a few weeks or months.

Depending on the type of same day loan that you choose, there will be different terms including interest rate, the amount you can borrow, and the fees that are incurred.

What Types Of Same Day Loans Are There?

Same day loans refer to any loan which enables borrowers to receive funds the same day that they have been approved for the loan. There are a few different types of same day loans:

Payday loans

Payday loans are designed to get borrowers out of a financial jam in between paychecks. They are typically used to cover unexpected costs that may come up before payday such as a burst pipe, broken down car or unanticipated medical bill.

With payday loans, borrowers usually take out loans of a small amount (typically $500 or less). At the time of the application, the lender may ask for a blank check or bank details. When the loan amount is due, the amount could be withdrawn directly from your account or the lender can cash the check. The final amount will be the principal amount plus additional fees and interest.

One of the main things that make payday loans popular with borrowers is that they allow you to get quick access to money without the need for a credit check. It also provides an option for those with poor credit that may be rejected for other types of credit. However, due to the flexibility of these loans, they incur some of the highest interest rates on the market.

For every $100 borrowed, there is an average fee of $15 for a two-week loan; this equates to an average annual percentage rate (APR) of around 400%. Due to the typical borrower profile for a payday loan, a large proportion of these borrowers are unable to repay the loan on the due date meaning that they rollover the loan and continue to accumulate interest. This is why payday loans are often associated with borrowers getting into a vicious cycle of debt.

Title loans

Title loans are a type of same day loan that enables borrowers to put their vehicle up as a form of collateral. For that reason they are a type of “secured” loan as you are securing the loan with your car or other vehicle.

With title loans, the lender will hold on to your car title and will lend you a certain amount of money. In the meantime, you are still able to use your car. However, if you default on any loan payments, the lender could repossess your car.

Similarly to payday loans, title loans are a good option for those looking to access funds quickly as they rarely require a thorough credit check. This means that not only do they allow quicker access to money, they are also a good option for those who are concerned about poor credit score.

However, like payday loans, the quick access to funds comes with a price tag. Fees will vary between lenders but an average financing fee may be around 25% per month (the equivalent of 300% APR). In addition, there is the risk that you can lose your car by defaulting payments.

Pawnshop loans

Pawnshop loans are a type of same day loan where you can use something of value as collateral for a loan. People can use items such as electronics, jewelry or antiques and pawn them for money. Pawnshop loans will give you cash for the value of the item and, in turn, the pawnshop will keep hold of the item until you are able to repay the debt.

Fees for pawnshop loans will vary from shop to shop although the National Pawnbrokers Association suggests that an average fee could be around 20% on $80; this equates to an APR of approximately 240%.

Cash Advance

If you have a credit card and need quick access to cash, it is possible to take a cash advance from your credit card. This cash can be accessed via drawing cash out at a bank, credit union or even an ATM if your card operates with a PIN.

One of the downsides of cash advances is that they usually incur an upfront fee which can be expensive; on average, this is around 5% with a $10 minimum.

Like other forms of same day loans, cash advances can also come with high interest rates. Although lower than payday loans, interest rates for cash advances are still normally higher than credit cards or other personal loans. For example, cash advance interest rates could be around 24.99%.

In addition, cash advances, unlike credit card balance on purchases, will start accruing interest immediately without a zero-interest period.

Who Provides Same Day Loans?

There are certain online lenders who will specialise in same day loans. Some banks and credit unions will also offer the service of same day loans. Personal loan providers, on the other hand, do not typically offer same day approval and funding; for these types of loan providers, the process will most likely take at least 2 business days.

Banks are not typically associated with same day loans. Whilst banks could approve you for a loan and provide funds on the same day, usually the process of applying and getting funding can take multiple business days.

Credit unions will vary between unions but there are many which can offer either same day options or very fast options, enabling you to have funds deposited directly into your checking account within 24 hours.

What Alternatives Are There For Same Day Loans?

Although same day loans serve their purpose of providing borrowers with immediate cash, these loans can often lead to more trouble than good. Before deciding to take out a same day loan, there are other alternatives available which may be a better option:

Borrow from friends or family

Opting to borrow from friends or family will mean that you avoid the expensive interest charges associated with taking out a bad credit loan. Also it will not impact your credit score. If you do choose to borrow money, make sure that all parties are clear on the repayment, namely how much you will be borrowing and when you will be paying it back.

Talk to your employer

If you need short-term funds, it may be possible to ask your boss to advance your wages. Many companies are able to do this and it would mean that you would not have to take out a high-interest loan. There is no need to make a repayment on these advances as it is money that you have already earned and comes directly out of your wages.

Consider a guarantor loan

Using a relative or friend with good credit to act as a guarantor on your loan will mean you are more likely to be approved. If you default the loan repayment, it will mean that the guarantor has to pay so it is worth understanding the risks before entering into this type of agreement.

Credit cards

Putting expenses on your credit card can often be far less expensive than taking out a same day loan. In comparison to the higher interest rates associated with same day loans, the average APR of a credit card is around 15%.

Payday alternative loans

Payday alternatives loans typically come with lower fees and APRs than traditional payday loans. Borrowers can only qualify for these types of loans if they are a member of specific credit unions and loan amounts can go up to $2,000 (depending on the provider).

Savings

If you do have any savings available, using them may be a more sensible option than taking out a high-interest loan. Although your savings may be gaining interest, this is likely to be less than you would pay on a loan. Therefore, this is likely to be a cheaper option and save you money in the long run.

FAQs for Same Day Loans

Payday loan amounts range from $100 to $35,000.

At Capital Bean you can borrow to be repaid over a maximum period of 5 years. Some of our shortest loans are repaid in 2 weeks depending on the amount.

Capital Bean is a broker, meaning that we will not pay you the funds directly but instead work with our panel of lenders to get you the best possible rate in Texas. We will pass your details on to the lender that is best suited to your circumstances. This means the best interest rates and best repayment terms.

There are no fees to submit a same day payday loan request via Capital Bean’s online application service.

Absolutely, yes. Capital Bean works with a wide range of people with different credit histories. This also includes those that have a bad credit history or score.

If you’re approved you could have the funds in as little as an hour. So if you’re looking to get money through on the same day then Capital Bean could be the right partner for you.