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How Do Online Same Day Loans Work in the US?

Most people, when faced with urgent expenses, rely on options like asking for a loan from their relatives, visiting a pawn shop, or getting a cash advance from their credit card issuer. However, with these options, your reputation amongst loved ones might be at stake, you’re at risk of losing a valuable, the eligibility criteria are too stringent, or it takes days to get the loan funded.

With such burdens on your shoulder, a same day loan is a good alternative to look into since they’re approved and funded within a day. But you don’t want to be the bait for fraudulent lenders either. Let’s not forget that a shady lender may offer interest rates that are way above the market average, and you wouldn’t second guess it.

Want to know more about same day loans and where you can find them? Here’s a detailed guide on everything you need to know.

What are Same Day Loans?

When you have a financial spending situation that needs to get sorted as soon as possible, getting same day loans through WeLoans might be your perfect choice. Same day loan is a popular loan type to resolve those matters. Also known as emergency loans, these loans are usually deposited within 24 hours.

You can get a same day loan through a number of resources, including banks, credit unions, and online lenders, to name a few. However, with banks, the eligibility criteria are strict, including good credit scores. As for credit unions, you need to be a member. On the other hand, online lenders offer unsecured same day loans with minimum eligibility and bad credit accepted.

If you’re looking for same day loans, it’s always best to review multiple lenders instead of going for the first one that comes your way. Get same day loans with the help of WeLoans, a platform that’ll help you find trustworthy online lenders across the US that offer competitive prices to meet your loan needs.

As one of WeLoans’ financial writers, Anna Baluch suggests that it is important to note that same day loans come with high APRs, so make a repayment plan accordingly.

Am I Eligible for Same Day Loans?

If you’re interested in a same day loan, you’d want to know if you can apply for it in the first place. While online lenders are lenient regarding the applicant criteria, they still have a set of conditions you need to fall upon.

  • Legal Age: As per the legal age standards for financing-related practices in the US, you need to be 18 years of age or older to legally apply for a loan.
  • US Residency: US-based online loan lenders cannot cater to other countries or non-US residents. You need to have permanent residence in the US along with documentation proof. 
  • Active Checking Account: You need an active bank account where the lender can deposit your funds and cash the repayment from. If you don’t have an active checking account, you’ll need to open one first.  
  • Stable Income Source: Lenders need proof of a stable income source so that they can check the applicant’s repayment ability. Online lenders also accept various income sources besides permanent employment, such as self-employment.

How Can We Obtain a Same Day Loan Online?

You’re getting those papers in order to apply for a same day loan, but where do you start? Well, guess what? WeLoans has such a simple application procedure that you’ll be done within minutes.

Fill in the Application Form

You can redirect to the “Apply Now” button on the page. Fill in the application form that’ll ask for basic details, including personal information, active checking account, and income source. It’ll only take a few minutes. Once done, click on submit.

Review Lenders’ Offers

The application you submitted will be forwarded to WeLoans’ network of lenders. After taking a look at your application, the lenders will send in offers you can review.

Each lender has its own policies, repayment terms, and interest rates, so make sure to compare them strategically.

When you’ve selected an offer, the lender will send over official documents to sign and ask for any remaining documents required from your end.

Get Your Money

Your application is approved, and the deal is signed; now what? Sit back and relax while the lender sends the money to the bank account mentioned in your application form. Deposits are usually done as soon as 24 hours.

What can a Same Day Loan be Used for?

Some lenders, especially traditional lenders, may have a restriction on where you can use your loan. Luckily, that isn’t the case with most online lenders, including the ones on WeLoans. The following are a few circumstances where you can use a same day loan, but you can use it for just about anything without questions.

  • Medical Emergencies: Medical emergencies don’t come knocking. Whether you need to pay the bills for an overnight hospital stay or get medications, a same day loan can help.
  • Utility Bills: Utility bills should never be delayed, especially when there’s a risk that the services will be cut off. Get a same day loan to pay those bills timely.
  • Vehicle Accident: Suppose you’ve been in an accident, and now your vehicle is wrecked. That’s also your primary mode of transport, so you can’t put off repairing it. Use urgent funding from same day loans for this purpose.
  • Home Repairs: A broken pipeline, mold on the ceilings, damaged windows, etc., can cause injuries or, at the very least, inconvenience. It’s just a matter of getting it repaired ASAP with money from a same day loan.
  • Travels: If your company bailed on paying you just before a vacation or a work commitment have you traveling out of the city, and you could use some money in your wallet, same day loans are the solution.
  • Mortgage: Running behind on your mortgage and can’t risk another delay? Same day loans can help get that paid on that exact day.

Final Verdict

Same day loans can be a silver lining in the dark clouds when there are financial expenditures crushing you from every side. However, their high APRs are a factor that you should consider before finalizing a deal with a lender. Not only can WeLoans help you apply for same day loans, but you can compare various lenders and their offers.

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