There are a wide number of situations when taking out a same-day loan can be a lifesaver. For instance, your boiler might suddenly stop working in the winter, your car might break down unexpectedly, or perhaps your utility bill came back higher than you anticipated.
In such cases, it pays to make sure that you have enough cash to cover the expense, and luckily, same-day loans can be a great way to tide yourself over. And the added benefit is that most same-day lenders like those from CocoLoan utilize automated systems to speed up processing applications, which in turn allows them to provide same-day approvals simply based on the information you submit on your application form.
However, this also means that if the numbers don’t match, there is a high chance that you could also be automatically rejected. It is for this reason that you should always make sure that you meet the lender’s eligibility criteria before submitting your application.
How Can You Secure a Same-Day Loan?
It is important to keep in mind that not every lender is able to help you get payday loans online same day, which is why you need to search online in order to find yourself a suitable lender. However, finding legitimate loan providers on the internet can often prove to be difficult, which is why you should use a credit broker like CocoLoan, as the service can help you to narrow down the list of lenders in a matter of minutes.
Plus, the platform can make it easy for you to compare multiple lenders until you are able to find one that best suits your financial needs. And all you need to get started is to fill out the application form, which should only take you a few minutes, at which point you can expect a decision on your application within minutes.
If approved, you can review the loan offers made available to you and select the one that you feel most comfortable with. If everything goes smoothly, you can expect to receive your funds in as little as 24 hours, or by the next business day at the latest, depending on the time of day you submitted your application.
What Types of Same Day Loans Can I Apply For?
Payday Loans
These are loans that you can typically get online and are meant to help you cover any expenses that you have until you receive your next paycheck. In most cases, you can usually borrow around $1000 or less, with the money being able to be deposited into your account on the same day of approval.
However, the downside of this form of funding is that it tends to come at a huge cost, as these loans often have extremely high APRs and extremely short repayment periods, which is why it is extremely important that you only ever accept payday loans that you are confident you can afford.
Title Loans
Title loans are a form of secured lending that essentially involves using your car as security for the loan. The lender will usually keep your car title and provide you with funding that tends to be between 25-60% of the car’s value, which means that you will still be able to drive the car around as you repay the loan, but if you end up defaulting on the loan, the lender will be able to repossess your car.
The benefit of title loans is that they are a great way to access large amounts of money on short notice, but do keep in mind that the lenders may also end up charging various loan processing fees that could add up to a high APR.
Pawnshop Loans
These loans are similar to title loans in that you will need to put up something of value, such as jewelry or electronics, to be used as collateral for the loan. You can typically expect the funds to be 25%-50% of its resale value, with the pawnshop holding on to the item until you fully repay the debt, which tends to be due within 30 days.
And if you fail to repay the debt in time, the pawnshop will be able to resell the item to recoup the money owed, which is why you should be careful when applying for such loans.
Cash Advance
You can easily apply for a cash advance from your credit card provider by simply visiting an ATM or requesting a cash advance check directly from your credit card company. However, you should remember that your credit limit and cash advance limit are not the same.
For example, even if your credit limit is set at $5,000, your cash advance limit may only end up being a few hundred dollars. Furthermore, the issue with cash advances is that there’s typically an upfront fee, and they also come with steeper interest rates than the standard purchase interest rate. Also, cash advances don’t come with a grace period, which means they usually start to accrue interest immediately.
