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Same Day Loans

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What is a same day payday loan?

Same-day payday loans refer to payday loans that are approved and funded on the same day of applying. They can be a good option if you need some cash quickly and don't want to wait for your next paycheck. You can qualify for such loans even with bad credit, which makes them highly sought-after.

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

At WeLoans, bad credit doesn't hamper your chances of getting a same day payday loan. You can find bad credit lenders who are focused on funding people with bad credit.

Your credit rating isn't a decisive factor in your loan application. Oftentimes, our lenders can approve your loan request if you meet some basic requirements and prove that you can afford the loan.

How to apply for same day payday loans

Applying for a same day payday loan is a hands-down process with WeLoans. Everything is done online and so you can apply for one on the go. Here's how

  • 1

    Fill out the request form

    Fill out a loan request form with your basic information such as age, email, and contact number. The data you provide will be used to evaluate your application, so make sure it's all accurate.

  • 2

    Receive quotes

    After submitting your request form, you will receive approvals from trusted lenders we connect with. They will send out their loan offers with interest rates and terms so that you can make a comparison.

  • 3

    Get funded

    Once you accept an offer, you will need to sign agreement documents with the lender. Afterward, you may expect your funds to be transferred as soon as the same day or the next business day.

Can I really expect a same-day instant deposit?

A loan that's funded on the same day you apply might sound farfetched and too good to be true, but it does exist. You stand a high chance of landing the loan within the same day if you apply early in the morning.

However, it's important to note that the funding speed could also be affected by your bank's processing times or the lender you choose.

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.

  • Online Loans

    When you need to solve that financial emergency, online loans can be a simpler solution to survive a temporary cash crunch than bank loans. You won’t have to go through the tedious paperwork and wait in a long queue.

  • Short Term Loans

    To ease your burden of repayment, take out a short-term loan. Instead of paying in full plus interest rates all at once, the borrower is allowed to make fixed monthly repayments (installments) over a period.

  • Cash Advances

    Cash advances are another great loan option. These loans have less stringent eligibility requirements and can be funded very quickly. Whenever you need some fast cash ahead of your payday, a cash advance can help.

Are there no hard credit check same-day payday loans?

Technically, all lenders will need to run a credit check before approving a loan.

Some lenders may do hard credit checks on prospective borrowers, which are inquiries from the major credit bureaus (TransUnion, Experian, and Equifax) into a borrower's history of debts and how they've settled them. Usually, one inquiry can be seen by other potential lenders and can make a borrower's credit ratings drop by a few points.

Your best bet against this worrying hard inquiry is going for a lender that only conducts soft credit checks, which are harmless to your credit score and won't be reported to those credit bureaus.

Finding these lenders is an absolute cinch with WeLoans. Submit your application and you'll connect with same-day loan lenders that only run soft searches.

Benefits of same-day payday loans

Easy to access

The entire process for requesting a same-day loan is done online. You can skip the long lines at that banking hall and paperwork. Just complete the form online with a few clicks and submit it.

Quick funding

Unlike bank loans, which can take days or weeks to process, same-day loans are processed as soon as the same or the next business day, making them the go-to funding source for people in financial emergencies.

Serves people with bad credit

You can still get approved for a same day payday loan even if you have bad credit. While banks rarely fund individuals with poor credit scores, online same-day loan lenders will consider you regardless, so far you can pay back within the repayment window.

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.

Can improve credit score

Are you looking to work on improving your credit score? Getting a same-day payday loan might be a good start for you. Your credit score will increase by a few points if you pay back your same-day payday loan on time.

Risks of same-day payday loans

Interest rates

Before getting a same-day payday loan, ponder on whether you truly need one, because the interest rates for this loan are relatively high. Endeavor to compare quotes from different lenders and settle with the one that costs less over time. Don't just go for lenders who promise the lowest interest rates, there might be other hidden fees like origination fees that inflate the total costs of the loan.

WeLoans prides itself in connecting you with lenders who are straightforward in their dealings and give out loans with reasonable interest rates.

Repayment terms

Same-day payday loans as a type of short-term loan have repayment terms that are quite demanding. Borrowers who default on payments may also risk high penalties and fees, which can draw them into an endless cycle of debt. However, repaying on time could be helping your credit score climb by a few points.

More Articles About Same-Day Loans


  • 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.

  • How to qualify for a same-day loan?

    To apply for a same-day loan, you must be at least 18 years old. You need to prepare a valid ID for easier identity verification, and to ensure a smooth transaction, you should have an active bank account where the lender can directly transfer the funds. Also, lenders care about your affordability when approving a loan application, so you need to prove that you have a stable source of income.

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

    Yes. Same-day payday loans are available even for people with bad credit. Traditional banks will probably not fund a person with bad credit as they are considered a lending risk. However, our partner lenders provide loans for people with bad credit. They will process your loan application as long as you have the financial capacity to pay the loan back.

  • What can I use a same-day for?

    Same-day loans have few restrictions on how you should spend the funds. You have full authority on how to use the money. You can use it for car or home repairs, medical bills, or even to fund a wedding.

Get A Same-Day Loan Today!

Your days of searching for same day payday loans are numbered. We take pride in our large network of trusted payday lenders. Apply now and get approved as soon as the same day!

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