Same day loans are typically used to help pay for unexpected expenses like undertaking an urgent house or car repair. In such situations, taking out a same day loan is ideal because they can be processed and dispersed almost immediately after approval.
However, it’s not uncommon to find yourself being denied access to funding from a traditional lender like a bank if your credit score is low. Fortunately, there are several online loan brokers out there such as the one named WeLoans, which is known for payday loans for bad credit with no credit checks. With a broker, you can easily get related to reliable direct lenders online.
There are also same day loans for bad credit that can be obtained through select banks and credit unions. Some loan providers may be a better fit for you than others, so it’s important that you take the time to compare them before applying. This will ensure that you are able to make a well-informed decision.
Where Can I Borrow Same Day Loans With Bad Credit?
- Online Lenders
There are numerous online lenders that specialize in same day loans, with many of them open to reviewing loan applications from those with a poor credit history. You can easily search same day loans at WeLoans, and it will help you get in touch with online lenders. The application process is well-streamlined, and you don’t have to wait long for a decision on your loan request. If approved, you can expect your funds to be processed in just a matter of hours.
You will also able to view and compare offers from several lenders through one application, rather than send multiple loan applications to different lenders individually. This in turn will help you to save a significant amount of time and effort. Plus, some online lenders come with pre-qualification tools that will not end up hurting your credit score.
However, the downside of using online lenders is that they are likely to charge high-interest rates, especially if your credit score is low.
- Credit Unions
Credit unions are another good option to consider, with many of these institutions offering their members access to same day loans that are deposited within 24 hours. On top of that, they tend to be more lenient with their loan requirements than most banks. This means that even borrowers with bad credit can get access to funding.
Also, since credit unions are created to benefit their members, they usually offer lower interest rates than most other loan providers. The only issue is that credit unions only provide loans to qualified members, which means you first need to join to get a loan.
- Friends and Family
Borrowing from friends and family is a great way to secure funding, especially if your credit rating is extremely low. They are often willing to help without proof of creditworthiness and most of the time, they will not require you to pay any interest fees. However, taking out such loans can often put a lot of strain on your relationships if they end up going unpaid for long periods.
- Pawn Shops
Pawn shops allow you to access instant cash with the added benefit of there being no barrier to being approved. All you need to secure funding is to have a valuable asset that can be used as collateral such as jewellery, a car title, an expensive phone, etc.
However, the problem with these loans is that they can be predatory since the money you are offered is only a fraction of what the item is actually worth. Plus, you are given a very limited amount of time to make your repayment, otherwise, you risk losing your valuables for good.
What Can A Same Day Loan Be Used For?
You can take out same day loans from WeLoans to cover any type of unexpected financial emergency, but there are also no specific limits as to how you can spend the money. Some of the common reasons that most borrowers give include:
- Sudden car repairs
- Funeral expenses
- Veterinary bills
- Household repairs
- Urgent medical costs
Features and Benefits of Same Day Loans
The biggest benefit of taking out a same day loan is the ability to access the money you need within the same day of submitting your loan request. Furthermore, you can apply for these types of loans online and they also come with less paperwork, which saves you a lot of time and effort when applying for funding.
In addition, these loans do not normally require you to put up any collateral, with borrowers of all credit types also able to secure cash without much difficulty. Plus, there are a wide variety of same day loans to choose from, so you can easily find a same day loan that best fits your budget and needs.
How To Qualify For A Same Day Loan?
The eligibility criteria for same day loans will usually vary, depending on the lender that you decide to borrow from. However, there are basic requirements that most lenders expect you to fulfil before submitting your loan request. You will need to;
- Be over the age of 18 years old
- Be a permanent US resident or citizen
- Have an active bank account
- Have a steady source of income, e.g business or job
Bets Way To Apply For A Same Day Loan?
The process of applying for same day loans is very similar to applying for most other loans, but this can vary depending on the lender you decide to work with. It is often recommended to apply for funding online, as you can find several lenders that are willing to provide you with a loan, even with bad credit. If you decide to go with this route, then the loan application process is as follows:
- Find an online lender or use a credit broker to submit your loan application.
- You will usually need to fill out certain details such as your personal, professional and financial information, which will then be verified by the lender. through the
- If approved, you will be provided with a loan offer to consider that will detail its rates and terms. However, if you use an online credit broker like WeLoans, you will also be able to compare different loan offers.
- You will then be obligated to repay the loan according to the terms stipulated in your loan agreement. Failure to do so can result in facing late payment fees or being reported to the relevant credit bureaus, which can negatively impact your credit score.
Same day loans can often be of great help when you find yourself stuck in a financial bind. And since most same day loan lenders are open to considering bad credit borrowers, it is a good alternative if you can’t get a loan from traditional lenders.
However, do keep in mind that same day loans can sometimes be quite costly. As such, you should always take the time to compare multiple offers from at least three lenders. This will allow you to choose the most favorable loan offer that will not leave you stuck in a cycle of bad debt.