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Same Day Loans

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What Is A Same-day Loan?

When life throws a financial curveball your way, hit them out of the park with a same day loan.

Exorbitant bills and invoices may snap at you when you least expect them. But that's not enough reason to go become grumpy and less productive at work. A same-day loan can help you settle these bills without a fuss.

A same-day loan is a popular term used to describe a loan that's approved or directly deposited into a borrower's account within the same working day; to help them cover their short term financial expenses.

WeLoans through its partner lenders can approve you for a loan in under five minutes. The approval rate is in the 90th-percentile too.

Can I get a same-day loan with bad credit?

The short answer, yes. A bad credit doesn't hamper your chances of landing a loan with an online lender. You'd get a loan so long as you meet the lender's requirements and prove that you can afford the loan.

There are bad credit lenders whose business models are focused on funding people with bad credit. They pay less attention to your credit rating and more attention to your employability status, monthly income, spending history and debt-to-income ratio. It's based on their valuation of these variables that they approve a loan amount and design the loan's terms and conditions.

How to apply for same-day loans

Applying for a same-day loan is by a distance easier than applying for a bank loan. Everything is done online and so you can apply for one on the go. Here's how

  • 1

    Fill the request form

    Visit our website and request for a loan. A form comes up as soon as you do. On this form, you are expected to enter only accurate and true information. We then connect you with some of the 100+ reliable lenders in our network.

  • 2

    Funding decision is made

    The lenders review your submission and make a funding decision in as quickly as five minutes. If approved, you will be sent a quote containing details about the approved loan amount, expected repayment date and the conditions of the loan.

  • 3

    Get funded

    Once you receive the quote, read carefully through its contents and sign to show you agree to the lender's terms. On submitting the signed quote, expected to get funded as soon as the following business day.

Do payday loans have a same-day instant deposit?

It depends on what time of the day you request for the loan. You stand a higher chance of landing the loan within the same day if you apply early in the morning. However, borrowers are advised to allow the lender up to one business day to get the money because sometimes the delay is not even from the lender, but from the borrower's bank. The time it takes for the borrower's bank to process the deposit must also be factored.

You must have a checking account to get approved for a same-day loan. Also, you must be a permanent resident of the country, not be in the military and at least 18 years old.

What are the best same-day loan options?

  • Installment loans

    This is one of the most convenient loan options on offer by any lender. Here, the borrower pays back the loan plus interest in bits, called installments, spread equally over weeks, or months till payment is complete. It makes payments easier and gives the borrower more leeway to still handle their regular financial commitments.

  • Payday loans

    Payday loans, often known as cash advances, are short-term loans designed to assist you get through unforeseen difficulties. Trying to take care of a few unexpected expenses before your next paycheck? You should acquire a payday loan.

  • Car title loans

    Do you need a larger loan amount? Have you considered bringing your car along? With a car as collateral, you can have access to more money than you ever imagined. As long as you don't default, there's nothing to be concerned about.

  • Personal loans

    Personal loans can be used for a variety of reasons. Some lenders scrutinize the reason for seeking a loan before granting it, and if the reason is deemed commonplace, they may refuse to finance you. Personal loans, on the other hand, allow you to get away with anything.

  • Bad credit loans

    Do you have a poor credit rating? Don't be concerned. You can still get a loan with terrible credit. The lender is more concerned with your monthly income and debt-to-income ratio than with your credit score.

  • Quick loans

    You get funded immediately, as the name says. Getting a fast loan may be your best option if you're in a financial emergency. You can get funded as soon as the following business day, and the approval rate is often high.

Are there no hard credit check same-day loans?

Yes, there are. There are two different ways lenders may perform credit checks on a borrower’s profile - soft and hard credit checks.

Some lenders may do a hard credit check on prospective borrowers using the biggest credit reporting agencies like FICO, Equifax or Experian. This can drop your credit by a few points. Keep shopping around for lenders while they keep running these checks on you and your credit is headed for the gallows.

Your best bet against this worrying hard-check inquiry is considering a secured loan like a car title loan or going via a loan broker like WeLoans. Our partner lenders will run only soft credit checks on your profile. Also, because you are going through a loan broker who will help you connect with reliable lenders with favorable interest rates and lenient eligibility requirements, you can be sure not too many credit checks will be done on your profile.

Benefits of same-day loans

Easy to access

Nine times out of ten, the entire process for requesting a same-day loan is done online. No queues, no extensive paperwork. Fill in the form and submit all relevant credentials and the panel of lenders should arrive at a funding decision in a few minutes. Soon after, you get funded. Easy as a pie!

Quick funding

This is one of the most apparent advantages of a same-day loan. Unlike bank loans that may take anything from days to weeks to process, same day loans are processed in a few minutes. It's therefore the go-to source of funding for many people who are in financial emergencies.

No restriction on use

Same-day loans can be used for any kind of emergency. There are no restrictions on what you can use a same-day loan on. Do you need it to fund a wedding, take care of some emergency repairs or sort out some medical bills? It's your money. Use it as you like!

Serves people with bad credit

You can still get one even if you have a bad credit. Hardly any bank will like to fund persons with bad credit as they are considered a lending risk. Same-day loan lenders will give you a loan regardless, so far you can pay back within the repayment window.

Ample chance to improve credit score

If you have been wondering how you can improve your credit score, here's one. Your credit score jumps up by a few points when you obtain same-day loans and pay back on time.

Risks of same-day payday loans

Like scores of other people, you need cash to sort out some needs. But how urgent are these needs of yours? Or are they needs in the first place or mere wants?

Before obtaining a loan, you should evaluate your financial stance to determine if obtaining a loan should be your next line of action. Also, be sure what you are spending the cash on is your priority at that point in time. Having thought it through and decided to go with the loan idea, you should bear some things in mind about same-day payday loans and its other variants.

Let's begin with the interest rates. The interest rates on same-day payday loans are relatively high. But you could get comparatively lower interest rates with well-known lenders.

Endeavor to compare quotes from different lenders and settle with the one that costs less over time. It's also important to note that although some lenders promise low interest rates, there might be other hidden fees like origination fees that inflate the total cost of the loan. Loan brokers like WeLoans pride themselves in connecting you with lenders who are straightforward in their dealings, charge zero origination fees and give out loans with favorable interest rates.

Borrowers who default on payments may also risk high payment penalties and fees, which can draw them into an endless cycle of debt. However, pay on time and you could be helping your credit score climb up by a few points.


  • How to select the best same-day loan direct lender?

    The best same-day loan direct lender title isn't cast in stone. It differs from one person to person. To get the best for you, compare different lenders based on these metrics - terms and fees, APR, loan amounts, benefits and reviews.

  • Do banks give same-day loans?

    Banks may approve you for a loan and fund you just about the same day. But the entire process from the application phase? It could take several business days.

  • How can I get money the same day?

    It's possible to request for a loan and get it the same day. But this isn't always the case as your bank may fail to process the deposit quickly among other things that can come up. Therefore, even if a loan is advertised as a same-day loan, bear in mind that you might not get the fund in your account the same day.

  • How does the coronavirus affect same-day loans?

    The unprecedented global crisis caused by the coronavirus pandemic has affected how we work. We offer borrowers a contact-free online loan request process and increase their chances of approval by connecting them with a willing lender.

Get A Same-Day Loan Today!

Your days searching for online loans with favorable interest rates are numbered. With WeLoans' partner lenders you get this and more. Request for a loan today!

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