Everything You Need to Know About Same-day Cash Loans and All That It Entails

Adulting is definitely a hard thing to do for most people, and it’s not unheard of or even rare for most adults to end up in a situation where it’s less than favorable for them, especially things concerning money.

With how unexpected life can be sometimes, there may be some times where we will need a large amount of money in a short period of time, and while it may seem depressing and scary, there are some things you can do to solve these situations. Same-day cash loans for example.

What is a Same-day Cash Loan?

As the name implies, same-day cash loans are exactly that. They are a loan where you can get the money you need the same day you applied for it. Albeit with some unpleasant restrictions and/or caveats.

Same-day cash loans are often more expensive than your regular loans, making them very unsuitable and risky for most people to choose, considering the impact that they can have on their long-term financial situation.

And even with these caveats, the ‘same-day’ in its title may or may not be true depending on the lender’s conditions. This is because borrowers will often need to meet these conditions that were set up at the beginning such as applying during a certain time of the day, et cetera. If they do not meet those conditions, then borrowers will need to wait AT LEAST until the next business day, or even longer depending on the bank that they use.

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Types of Same-day Cash Loans

If the above caveats and conditions do not deter you from thinking of using these services, then it’s important for the borrowers to know the type of same-day cash loans available and one that will be best suitable for your case

  • Payday loans

Payday loans are short-term loans mostly for a small amount of money that borrowers typically repay on their next payday. While

these loans lenders don’t care too much about your credit, they will often times come at a higher price than usual.

 

If you’re interested in learning more about payday loans, check our article here for more information

  • Title loans

A Title loan is another type of small money, high-cost loan that you could get the same day you apply for it. If you decide to use this kind of loan, you will be able to use your vehicle as collateral to back for your loan. As such, the lender will take your vehicle title in exchange for the small loan that you get. After the loan is repaid, you will get your title back.

  • Pawnshop

Another way to get cash quickly that very same day is to take something of value to your trusted pawn shop. As things go, the shop will give you an agreed amount of money that’s sometimes less than what the item is actually worth. If one is able to repay the loan amount as well as the fees stacked on top of it before the due date, you will be able to get your item of value back.

A very important thing to note about all of these types of same-day cash loans above is that, again, they are costly and expensive. These loans can come with an APR as high as 400% if you’re not careful.

Best Loans for Different Cases

Now that we’ve all understood what the definition and types of each of these loans are, here are some of our recommendations for services you can use to get your same-day cash loans depending on how much you need.

  • Suitable for large amounts of cash: LightStream

Different from same-day lenders that usually only offer small dollars to their borrowers, LightStream’s loans amount to the number of grands nearing $4000 to $100.000, and as such makes it a good option for you to choose if you need a large amount of money in a short period of time.

Although, it’s worth mentioning that LightStream is meant to be used for people with a good, solid credit history in their record as evident by the borrowers with the best credit qualifying for the lowest rates available as a part of their service.

 

Another thing worth mentioning is that when you apply for a loan with LightStream, it will generate a hard credit inquiry that may or may not affect your credit scores

  • Best for Checking Rates: Rocket Loans

Offering loans ranging from $2000 to $45.000, Rocket Loans is perfect for anyone that want to check the rates before actually submitting a formal application. This is because Rocket Loans uses a soft credit check that allows you to see your estimates without affecting your credit scores in the slightest.

 

Just keep in mind that the final terms and approval can be different from prequalification.

 

  • Best for Small Loans: Earnin

Different from the other lenders in this list, Earnin is an application that lets you borrow money without performing the traditional credit check. It will let you borrow money up to $100 the first time you use the app, increasing up to $500 with repeated usage and on-time repayment.

 

The caveat with this one though is that borrowers need to work at the same location every day to track their hours, and borrowers also need to be paid on a consistent schedule, be it weekly, monthly, et cetera.

In Conclusion

While it indeed is a risky and somewhat dangerous thing to do, same-day cash loans are a service you can use if you need money for an emergency, but at the risk of sounding like a broken record, same-day cash loans are always more expensive compared to the regular one. So, before making your judgment on whether you should use it or not, always think twice about the risk involved in getting a same-day cash loan.

That being said, we hope that this article helped you deepen your insight about the same-day cash loans world, what it entails, and what you need to be careful of, and we hope that our recommendations will prove useful for when the time you need a same-day cash loan in your future endeavors.

That is all from us, thank you for taking your time reading this article, we hope to see you again soon.

 

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