Preface
Emergency expenses can catch anyone off guard occasionally, but when it happens, you can rely on same-day loans to save the day. A same-day loan describes borrowed money disbursed almost instantly, often within the same day you submit a request.
Due to their urgent nature, emergency funds can be obtained via iPaydayLoans lenders, who process loans on the same day as the application. iPaydayLoans is an online premium brokerage platform that is host to 100+ lenders. Read on to learn more and see how to connect with a suitable lender for your loan needs.
Application Process For Online Same Day Loans For Emergencies
Requesting, getting approved, and receiving online same-day loans on iPaydayLoans only takes a few minutes. You can access the easy-to-maneuver website on any computer or phone-based browser. Moreover, you don’t need to create an account or sign in to use iPaydayLoans services. Follow this step-by-step breakdown of how to get online same day loans for emergencies:
Step 1: Apply online
- Select the amount you want
Click Apply Now to kickstart the application process, and you can borrow a minimum of $100 and a maximum of $5000. Choose the range in which the amount you require fits into. For example, if you need $3000, select “$2500 to $5000”.
- Provide identification and contact info
Key in your email address and phone number and provide the last four characters of your Social Security Number (SSN) to help verify your identity. Type in your first and last name, and enter your date of birth. Also, add your address details, like your home’s zip code and street address, stating the time you’ve lived there and specifying whether you own or rent your current residence.
- Your income information
Select your source of revenue from the list, then indicate how long you have been earning through that means. Provide information showing how often you get paid within a month, then select a range of your monthly gross income range. Indicate when you are due for your next paycheck. Finish up this section by keying in your employer’s name and phone number, and specify your job title at the workplace.
- Method of payment
Choose whether you receive your paycheck via an e-deposit or a paper check and give your ABA routing number, a 9-digit code that identifies your bank, usually printed at the bottom of checks. Indicate your bank account type, savings or checking account, and select how long you have had it. Add the bank account number where you want your money deposited.
- Additional details
Provide your driver’s license/state ID number to verify your identity further and prevent fraud. You will also need to show the state where either was issued. Add credit score details between poor, fair, good, and excellent. But if you don’t know, click I don’t know.
- Submit request
Confirm your SSN and click Request Cash to complete your application.
Step 2: Get approved
Once submitted, iPaydayLoans connects you to lenders who review your application as soon as possible. They will assess it based on their loan requirements and then get back to you with suitable offers. You are likely to get various offers. Hence, review them and decide which is best for you, then accept it and its terms and conditions.
Step 3: Receive the loan
The lenders strive to deposit the funds within the shortest time possible, making it likely that you will get your loan within the same day. However, depending on the loan request submission time, you may receive the money within the next business day. The money is deposited directly into your bank account.
Tips:
Consider the information below before taking out a same-day loan:
- Interest rates
Evaluate offers from various creditors based on your credit score and select the option with the lowest interest rate. If you have a bad credit history, you might get higher interest rates,you could check here for more information.
- Deposit time
Emergency same-day loans are time sensitive, so you should consider how long the lender will take to deposit your money. Within one or two days is the ideal time.
- Repayment terms
Different creditors offer different loan terms, so ensure you select an offer that fits your preferences. For example, the length of the repayment period.
- Alternative options
Same-day loans attract high-interest rates, so consider asking for financial help from friends or family before turning to online borrowing.
Advantages & Disadvantages Of Online Same Day Loans For Emergencies
The benefits of same-day loans are accompanied by some downsides, and below is a list of each.
Advantages
- Collateral is not mandatory
Same-day loans are often unsecured, meaning you rarely need to leverage any of your possessions to acquire the funds.
- Lenient eligibility requirements
iPaydayLoans lenders conduct soft credit checks to give same day loans and only require you to meet the following basic requirements:
- Be a US resident.
- At least 18 years old or above.
- Hold an active bank account.
- Have a valid form of ID.
- Prove a stable source of income.
- Get the money promptly
Receiving the funds within hours or the same day after requesting a same-day loan is possible. If not, you get the funds deposited on the next business day.
Disadvantages
- High-interest rates
Same-day loans have some of the highest interest rates in the financial industry. Their annual percentage rate (APR) can go higher than 400%.
- Short repayment period
The repayment duration often ranges between a week to a few months. Thus, making timely payments can put excessive financial pressure on you.
- Huge risks or penalties if you default
Missing out on payments can result in massive rollover rates. If your loan had collateral, you may lose your property and still owe money.
Why iPaydayLoans For Online Same Day Loans For Emergencies?
iPaydayLoans is the ideal same day loans brokerage site, and here are the reasons that make it outstanding:
- Top-class data privacy
iPaydayLoans operates on a bank-level encryption system to protect any information you share from malicious third parties.
- Stress-free borrowing experience
This platform lets you access multiple lenders on a single page. Thus, it helps you avoid scrolling through numerous websites trying to find a suitable creditor.
- Fast deposits
Lenders on iPaydayLoans quickly review your loan request, process it and deposit the funds. This means you get the money in a time-efficient manner.
- Loan offer comparison
iPaydayLoans has an array of lenders who offer different loan terms. Once you receive loan quotes, this platform lets you easily compare their rates so you can choose the most affordable one. The following are examples of these creditors:
- Ace Cash Express.
- Cash Store.
- Check City.
- Red River Credit.
Wrap-up
Same-day loans are an effective solution for urgent money, so do not hesitate to take out one the next time you have an emergency expense. While at it, I recommend using iPaydayLoans for the most reputable lenders and affordable interest rates. Also, these creditors do not limit how you use the money, meaning you may request a same-day loan for any purpose. However, ensure you only borrow the funds for essential and relevant needs.