Same Business Day Loans
Trying to put a financial plan in place to deal with the unexpected is important, but how much can you really plan when you don’t know what’s coming your way? And even if you’re able to put a little money aside ahead of time, will it be enough to help you if an emergency strikes?
If you’re one of those people who likes to plan ahead, you may already have an emergency fund in place to help you handle unexpected expenses that may pop up down the line. In simple terms, an emergency fund is a specific fund that you put aside to help you take care of emergency expenses. The issue is, not everyone has the foresight to plan ahead, and even if you do, it can take a long time to put a healthy emergency fund together. This timeline can extend even further if you’re just trying to make ends meet.
So, if you run into an unexpected expense that needs to be taken care of right away, but you don’t have the savings to handle it on your own, it might be a good idea to look into same business day loans. What are these exactly, and how do you go about applying for one? Let’s take a look at the answers to these questions and more!
What is a Same Business Day Loan?
A same business day loan is a broad category that essentially just describes a personal loan that you would typically apply for in an emergency situation. It can include things like installment loans, lines of credit, and more.
With these loans, you can apply for one through a storefront lender or you can look for a financial institution that provides or services same business day loans online. The duration of your repayment period will vary based on the type of loan you apply for and the institution providing the loan.
The defining feature of a same business day loan is that if you’re approved, you may be able to receive your funds on the same business day in which you’re approved. Keep in mind that this will be dependant on your bank’s policies as well as those of the financial organization you’re working with.
When Can I Consider Same Business Day Loans?
Like we mentioned, same business day loans should typically be reserved for emergency situations. This is because of the combination of a quick application/funding process, but also the relatively high interest rates and/or fees that they usually come with. Emergency situations can be different for different people, but they can include things like:
- Needing to take your car in for an unexpected but essential repair
- An unforeseen trip to the emergency room
- Unexpected home repairs
Just remember that you shouldn’t apply for a same business day loan for something that isn’t essential. This can include things like shopping trips, entertainment, vacations, and more.
What Types of Same Business Day Loans Are Out There?
While same business day loans are meant for emergencies, that doesn’t mean you should apply for one without doing the proper research ahead of time. With the steep interest rates and high fees that can sometimes accompany these loans, you’ll need to make sure your finances are in the right place to handle the repayment phase.
Another important aspect to research is the different types of loans that are out there. After all, you’re going to want to make the right choice for your particular situation, and part of that is knowing what loan options may be available to you. To help you get started, here are three common types of same business day loans.
1. Lines of Credit
A line of credit is a flexible borrowing option that works a little differently than certain other common types of loans. How is it flexible? Well, a line of credit is a type of revolving credit. This indicates that if you’re approved for one, you can borrow money on a continuous basis without needing to apply for more funds every time you need them (generally speaking). If approved, you’ll be given access to a specific credit limit, which you’ll be able to borrow against if you have available credit and your account is in good standing. As you pay back the amount that you’ve borrowed with interest and/or fees, you can continue to borrow money on a revolving basis. The charges will be based on the amount of money you’ve borrowed, not the total amount of your line of credit limit.
2. Installment Loans
An installment loan might fall a little more in line with what you picture when you think of a typical loan. They’re not revolving like lines of credit, and will instead provide you with a lump sum assuming you’re approved. Once you’ve gotten your money, you’ll then need to pay back what you’ve borrowed over a number of scheduled payments that will generally be of equal value. The amount of time it takes to pay back one of these loans can vary depending on the financial organization that you’re working with, along with the type of installment loan you’ve been approved for.
3. Credit Card Cash Advance
Another potential option that could help you out when you’re in a financial bind and need money now is a credit card cash advance. These will give you the ability to access cash through an ATM via your credit card. Just keep in mind that this is not the same process as withdrawing money through your debit card or making a regular purchase using your credit card. For starters, you’ll likely be paying a lot of interest on the money that you’ve withdrawn, which may even be accompanied by additional fees that you wouldn’t normally see with a typical credit card transaction. Also, interest on a credit card cash advance will begin building up immediately, which differs from how interest works with a normal credit card purchase. Generally speaking, this can be a fairly expensive option when it comes to getting emergency funds, so consider it to be a last resort.
Where to Find a Same Business Day Loan
As we touched on earlier, if you’re looking for same business day loans, there are usually two routes you can take on your road to looking for emergency funds. For starters, you can go the more traditional route of visiting a storefront and going through the process of applying for a loan in person. If you’re looking for something that may fit into your schedule a little better, you can also try applying for online loans through a financial institution’s website. Before you make any decisions on which you may be better suited to, it’s important to understand some of the distinctions between each route.
Brick and Mortar Lender
The process of borrowing money in person starts with a trip to a nearby lender. This could be a bank, credit union, or an independent brick-and-mortar lender. Assuming you’re able to find time in your schedule to travel to a storefront during their hours of operation, you’ll then speak to an employee about what your potential borrowing options could be with them, and then you can choose to start the application process in person.
If you have some trepidation about navigating the borrowing process over the internet and you don’t have any difficulties finding the time to go to a physical location, this may be your preferred process. You may just generally feel more comfortable speaking to someone in person when you’re making a big financial decision. Just remember that even if it’s something you’ve never done before, borrowing money online may not be as difficult as you might think. Most financial institutions that can help you get access to same business day loans online put a lot of work into ensuring that their online platform is easy to navigate, even for beginners. You also should be able to reach out to their customer service team with any questions during this process.
Look for Same Business Day Loans Online
On the other end of the spectrum, you may be able to find online loans that could enable you to get hold of funds the same business day you get approved. In order to submit a request for an online loan, you’ll need to go through the application process over a financial institution’s online interface. That could be their website or a mobile app. This means that the process of doing research on different loan options, filling out an application, getting funded, and paying down your loan is all going to happen online. Just remember that some financial institutions only operate in specific states, so if you’re looking for online loans in Texas because you live there, make sure to be specific in your search.
Why would you opt for a same business day loan online? We’ll take a look at some of their potential benefits in the next section.
How Might an Online Loan Benefit Me?
Now that we have an idea of what types of loans are out there and where to look for them, we should get a better idea of why an online loan may be a good option for you. Here are some of their biggest benefits.
1. Quick Application Process
The crux of a same business day loan is that they’re for emergency situations, and when you’re facing an emergency, it’s usually best to deal with it right away. If you don’t, the situation can get worse (and more expensive). So, because of this, online loans may be something you consider in these situations because of their fast application processes. When you apply for a loan in person, the time it takes to find room in your schedule to get through the whole process can sometimes be time that you don’t have to spare. When you apply for a loan online, the process is generally quick and straightforward. Depending on the financial institution, an application can usually be filled out in a matter of minutes, and the faster you can get your application in, the faster you can get your funds (assuming you get approved). When speed is the name of the game, an online loan may be your best bet.
2. The Convenience of the Process
We’ve already gone over the steps involved with applying for a loan in person, and this process may not always be easy to find the time for. In fact, for some people, time AND accessibility may be the issue. If you don’t live close to a storefront lender, you’re generally busy during their business hours, or you don’t have easy access to transportation, it might be a challenge to apply for a loan in person.
On top of the speedy application process that usually comes with online loans, there’s also an added layer of convenience. For starters, you won’t have to travel anywhere that’s remotely out of your way. So, if you want to apply from your kitchen table in the morning or after work, you can do that. If you want to take a few minutes out of your workday to apply, you can do that too. You can even apply on the go if that suits you better. And if you were concerned about finding the time to apply during a financial institution’s business hours, worry not! A lot of organizations that offer loans online will let you submit an application any time of the day or night, making it that much more convenient for you.
3. You May Get your Money Fast
We couldn’t talk about same business day loans without going over the importance of speedy funding. When you’re facing an emergency, you’ll not only want the ability to apply quickly, but you’ll also want to make sure that if you’re approved, you can have the money in your bank account in short order. With certain financial institutions that offer or service loans online, you might have an opportunity to get money deposited into your bank account on the same business day that you apply. Like we’ve already mentioned, this will be dependent on the policies of the financial organization you’re working with as well as your bank’s.
What to Look for in a Responsible Lender
If you’re in the market for a quick online loan, you’ll want to make sure you don’t fall into the trap set by people looking to take advantage of those in need of funding. So, it’s important for you to take the time to educate yourself on what a responsible lender looks like.
There are a few things to keep an eye out for when you’re looking into the validity of a particular lender. This includes things like:
- What former customers are saying about them
- The nature of the borrowing process they provide. Is it straightforward and easy to understand?
- Transparency. Are the terms and details of the loan clearly stated?
- What security measures they have in place to make sure your personal information is protected
What Will You Need to Qualify for Same Business Day Loans Online?
When you’re considering applying for a loan, you should have some general idea of what the qualifications for approval are going to be. Not every financial institution is going to be asking for the same things, but there’s usually some consistency between them. They may ask for:
- your credit history
- your income
- your employment status
- your state of residence
Are There Same Business Day Loans for Bad Credit?
Bad credit can sometimes hold you back from getting the funds you need to help you tackle an emergency, but it doesn’t have to! While it might be a challenge to find a loan, there are some financial institutions that provide loans for people with bad credit. They’ll likely put some of the requirements for qualification that we mentioned in the previous section into greater consideration when determining your creditworthiness. Just remember that these loans can be expensive, so don’t apply for one lightly.
Same Business Day Loans Online May Be Able to Help in an Emergency
It’s easy to see how an emergency expense can cause a lot of undue stress for most people. While it’s always a good idea to put the process of building up a solid emergency fund first on your list of priorities, this usually isn’t going to be something you can accomplish overnight.
If, in the meantime, you stumble into a sticky financial situation and you don’t know where to turn to get the money you need, same business day loans may be able to help! Whether you’re looking for a personal loan in Missouri, Florida, or any other state, you may be able to get the funds you need to help you through your emergency. Just remember that this isn’t a financial decision you should take lightly, so make sure to do your due diligence and don’t apply for something you can’t afford.