There are times when you need fast funds to cover expenses right away. Thankfully, there are plenty of online lenders who can provide you with same-day funding.
That relief could come in the form of online loans like a payday loan, an instantly approved instalment loan, or even a title loan on your car or motorcycle. Here are a few steps people can take to find, apply, and get approved for one of these options.
Step 1: Compare lenders
Before applying for a loan, it’s important to shop around and compare lenders and loan options. Look for a lender offering loans with terms that work for your financial situation and needs, and make sure the lender you choose is safe and legitimate. You can do this by checking the Better Business Bureau and comparing online reviews.
Another factor to look at is the credibility of the lender. The Federal Trade Commission (FTC) regulates lenders and loan brokers, requiring them to register in the state they do business in. Look for FTC registration information on the lender’s website and check with the FTC locally to see if the lender is legitimate before doing business with them.
Step 2: Choose the right same-day online loan option
Once you’ve picked the right lender, it’s time to choose the right online loan. Here are three easy loan options if you’re looking for same-day funds:
- Payday loans are small dollar loans that you pay back on your next payday in two to four weeks. The amount you can borrow is limited by the amount of your paycheck.
- Instalment loans are short-term loans that can be for a larger sum of money. The repayment terms could be several months to a few years, depending on the lender and the amount borrowed.
- Title loans are secured loans that use your car as collateral. You can receive a loan amount worth a percentage of your vehicle’s value. Then, you can continue driving your vehicle while you repay the loan.
It’s smart to compare interest rates when looking for the right online loan, but this isn’t the only aspect that you should consider. Prospective borrowers should also look at fees. Online lenders often charge origination and maintenance fees that can increase the cost of the loan.
Step 3: Fill out your loan application
The application process for an online loan is simple. You can fill it out in just a few minutes, from the comfort of your home. Make sure you provide all personal and financial details needed, such as your email address, proof of income, and bank account number. After you’ve filled everything out, double check to make sure all information is correct before submitting the application.
Step 4: Submit your loan application and wait for approval
Once you’ve submitted the application, it shouldn’t take long to hear back about whether you’re approved. Many online lenders offer instant approval, so you may hear back within minutes. If approved, they may deposit the funds into your bank account as soon as the same day you apply. This means you can start covering expenses right away, and don’t need to wait days or weeks to get the money you need.
The bottom line
Getting a loan is easier than ever, now that you can apply and receive the funds you need online. First, compare lenders and choose a loan type. Then, fill out your application and provide all the necessary details. Finally, submit the application and wait for the approval. Following these steps can get you fast funds to cover any essential or emergency expenses.