Although you can’t get an instant loan at the snap of your fingers, you can typically get a personal loan much faster than conventional methods. Traditional banks don’t usually offer fast loans because they have the highest qualification standards. In addition to checking your credit score, bank representatives may need to verify your employment, income, and other time-consuming details.
All this to say, it is possible to get a same day loan from other lenders, but it may cost you more money. For instant loan approval, lenders often charge the highest rates, which can soar well into the triple digits.
You can apply for same day loans online or in person if you need money immediately. Payday lenders commonly offer an instant personal loan between $50 and $1,000, but may charge between 200% to 800% interest. Quick personal loans may also have an administration fee of $15 to $20 for each $100 borrowed.
Payday lenders do not check your credit score or determine if you can afford the debt, which is how they can provide the funds so quickly. All you typically need for quick loans same day approvals are the following:
· A form of identification
· A pay stub
· A bank account to deposit the funds
Payday loans are not available in every state, and some areas have protective legislation against these debts. Many states, particularly in the northeast, have caps that limit interest rates to 36% or less.
You may be able to get secure same day loans online or in person if you own your car. A secured loan requires collateral, and an auto title loan uses your vehicle as insurance. If you are unable to repay the loan, you risk losing your car.
It can take as little as 30 minutes to receive your loan. Lenders charge a high rate for instant loan approval, which can be as high as 400%. Title lenders may limit your loan amount to 25% to 50% of the vehicle’s value.
Here are a few differences between payday loans and car title loans:
· Payday loans can charge higher interest rates
· Car title loans may have higher loan amounts
· You can lose your car with a title loan if you cannot repay your debt
Both options offer quick ways to get fast cash, but they should be considered a last resort. Aside from the risk of losing your vehicle, you risk spiraling just as quickly into unmanageable debt. If you can wait a day or longer, you may be able to get a personal loan with better terms.
Credit Card Cash Advance
You could get approved for an instant loan if your credit card has cash advance. Your credit card company may lend you cash up to your credit limit. Companies usually charge a higher interest rate for cash advances, such as between 20% and 40%.
You can get a cash advance as quickly as you can get to an ATM. You generally need to set up a PIN with the credit card company if you have not done so already.
A cash advance is similar to your credit card purchases. It does not register as a loan or show up on your credit report as a separate account. Then, you repay the advance like your other credit card debt.
Apply to an Online Lender
You may find better terms for a fast loan from competing online lenders. Most quick loan online businesses can approve your application in minutes and have money in your account the next business day.
Lending websites match you with potential lenders, who can lend you money if you meet their conditions and agree to their terms. Some common loan criteria may include:
· Being at least 18 years of age
· Having a job where you earn a minimum amount
· Agreeing to a soft credit check
· Agreeing to have funds taken from your bank account on a certain day, like your payday
Depending on your credit score, you can find next-day loans with interest rates between 5.99% and 35.99%.