Same Day Loans
A person’s credit score represents his/her credit worthiness. This is why traditional lending institutions such as banks and cooperatives check your credit score before granting you a loan. If you have a poor credit rating, chances are, your loan application would be disapproved. But this is not always the case these days, with online lenders who offer loan deals especially to those with a bad credit rating. Online loan lenders now even offer same day loans, which are loans released within the same day you apply for one.
Same Day Loans Defined
Also called payday loans, same day loans are short-term and unsecured loans. They are typically paid back on your next payday or in two weeks to a month, although some lenders have more flexible terms. As unsecured loans, same day loans don’t require any form of collateral. In fact, no credit check is required to obtain this type of loan. So even if you have a poor credit rating or no credit history at all, you can still get approved on your same day loans application provided that you satisfy the requirements, which include a proof of income. You also have to be a US citizen and of legal age to get approved.
Can I Obtain Same Day Loans If I Don’t Have a Proof of Active Employment?
A proof of active employment is one of the major requirements to obtaining same day loans. However, if you are not currently employed, same day loans lenders would require you to present any proof of income, such as a business permit and income tax return if you have a business, and a proof that you are receiving an aide from the government. It could be a disability aide or your retirement pension.
Same Day Loans Application
The best thing about same day loans does not only lie on its fast approval, but also on the ease of application. With online lenders offering same day loans, you certainly do not have to wait in line to get your application processed, personally visit a lender’s office, or be absent from your job just for the loan interview—which are what you would likely have to do with the traditional lenders. Same day loans lenders make the loan process short and convenient.
You neither have to spend a lot of time to get your same day loans application processed nor have to attend to an embarrassing loan interview with a loan agent. All you have to do is to go to your same day loans lender’s website and sign up for a loan. The process usually entails filling out an application form, then sending in a copy of the requirements to the lender electronically.
After that, wait for the lender’s call or response. Some same day loans lenders reply in as fast as minutes. Since no credit check is required for this transaction, the whole process is fast as lenders don’t have to wait for the credit reporting agencies for the details on your credit worthiness anymore.
Same day loans are definitely real. However, with hundreds or probably thousands of online same day loans lenders to choose from, selecting a lender can be a daunting process. The best way to start your search for same day loans lenders is to check with your state’s Business Bureau and accrediting bodies to make sure that you only deal with legitimate lenders that follow your state’s regulations on lending.