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.
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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 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 known to be one of the more expensive ways of borrowing money.
Payday loans, a type of same-day loan, can carry some of the market’s highest annual percentage rates (APR). For example, a same-day 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 can 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.
What Types Of Same Day Loans Are There?
Same day loans refer to any loan enabling borrowers to receive funds the same day they have been approved for the loan. There are a few different types of same day loans:
Title loans are a type of same-day loan that enables borrowers to put their vehicle up as collateral. For that reason, they are a type of secured loan as you are securing the loan with your car or another vehicle.
With title loans, the lender will hold on to your car title and 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.
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 quick access to money, but they are also a good option for those who are concerned want to borrow money with bad credit.
However, like payday loans, 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 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, jewellery 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 can 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%.
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 balances on purchases, will start accruing interest immediately without a zero-interest period.
Where Can I Get A Same Day Loans?
Some specific online lenders will specialize 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 two business days.
Banks are not typically associated with same day loans. While banks could approve you for a loan and provide funds on the same day, applying and getting funding can usually take multiple business days.
Credit unions will vary between unions but there are many which can offer either same day options or speedy options, enabling you to have funds deposited directly into your checking account within 24 hours.
Why Would I Need A Same Day Loan?
Same day loans are regularly used to cover unexpected expenses or emergencies, such as sudden repairs to your car or home that you may not have sufficient funds to pay for. In such circumstances, a same-day loan can offer temporary financial support to help you overcome a difficult situation.
It is important to remember that these types of loans should only be considered a short-term solution for those who do not have immediate access to the necessary funds to handle unforeseen situations. Once they receive their next paycheck, they should be able to repay the loan comfortably.
Can I Get A Guaranteed Same Day Loan?
Capital Bean works with a range of trustworthy lenders throughout the United States who provide loans to customers with diverse financial backgrounds, making guaranteed approval for a same day loan possible.
As long as you meet specific eligibility criteria, such as having a reliable source of income and being at least 18 years old, you should be able to get a same day loan without difficulty. We connect our clients with the lender best suited to their particular circumstances. Once you have filled out our online submission form, you can receive an instant loan offer.
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.
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%.
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.
How Do Same Day Loans Work?
Same day loans help borrowers quickly access 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 Are The Criteria For A Same Day Loan?
The criteria for a same day loan, sometimes known as eligibility, are as follows:
- Older than 18 years old.
- Full-time employment
- Make a steady income
- Be a resident of the US.
- Prove that you can afford to make repayments on the loan.
Can I Get A Same Day Loan With No Credit Checks?
When you need a same day loan, our lending partners step up and make it happen. Forget credit checks! Instead, they focus on your employment status and income, ensuring you get the financial support you need.
At Capital Bean, we leverage the power of our technology to find you the perfect lender that matches your unique borrowing needs. Our affordability checks guarantee that you receive an amount that won’t create unnecessary financial stress.
So, what are you waiting for? Let’s get started!
FAQs for Same Day Loans
How Much Can I Borrow The Same Day?
The maximum you can borrow is $35,000 on the same day but it depends on the laws in the state where you live. The minimum you can borrow is $100.
How Fast Can I Get The Funds Through On The Same Day?
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.
Is Capital Bean A Lender?
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.
What's The Maximum And Minimum Duration Of A Loan?
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.
How Much Does It Cost To Apply For A Same Day Loan?
There are no fees to submit a same day payday loan request via Capital Bean’s online application service.