Conventionally, whenever someone was in need of a loan, they would go to a traditional lender who would provide them with a loan within a few days or even weeks.
With the shift from traditional lenders to online lenders, there has also been an increase in different types of loans available. But most types of these loans take time to receive the funds. Some take a few days, others weeks, and a few even months.
It’s natural to get confused between the loan types, especially if you’re only looking for one with instant funding. If you’re searching for loans to help you get the money in your bank account within a day, you’re at the right place. With this guide, you’ll get an in-depth review of finding same day loans with WeLoans and everything relevant to it.
What are Same Day Loans?
Most of us, if not all, have been through a financial situation in which we need money instantaneously. It can be an emergency hospital bill, a mortgage situation, or unexpected utility bills. In such cases, several online lenders step in and provide a solution in the form of “Same Day Loans”.
To get a same day loan, you have to apply by going on the website and filling out the form, the details of which are given below. After you have applied, you will be connected to a lender. Once the payment is processed, you will get your money within 24 hours. For this reason, it is called a same day loan.
WeLoans is one of those online lenders that provide several types of loans, including same day loans. Once you fill out the application form, they will hook you up with an online lender. If you reach an agreement with the lender, you will get your loan within 24 hours.
Still need more information? To know more about same day loans with no credit check and the application process, visit the WeLoans website.
How To Get an Online Same Day Loan?
WeLoans offers several benefits to its customers. Among them, a prominent one is that if you wish to get an online same day loan, you won’t face much difficulty. The process is easy and simple even for someone who is not that familiar with using mobiles and computers.
Here is a step-by-step guide to make it even more convenient for you if you’re thinking of getting a same day loan from WeLoans:
Submit the Application
The first step is to head up to WeLoans’s website. There, you will find a “Get Started” popup or the “Apply Now” tab. Clicking on it will redirect you to the application form. Next, you will have to fill out the application form and give the necessary details. Once you’re done, submit the application.
Choose an Offer
WeLoans has an extensive network of some of the best and most trusted lenders throughout the country. After submitting your application, you will get a number of offers from multiple lenders once it gets accepted. Select a lender after reviewing their offer and repayment terms in detail. The lender may verify additional information before finalizing the loan.
Receive the Loan Amount
The final step is to wait for the money to land in your account. The lender will deposit the money in the bank account entered in the application form, which will take 24 hours at most.
How Quickly Can You Get a Same Day Loan?
Same day loans, as the name suggests, are generally deposited by lenders within a day. When it comes to online applications, lenders don’t take much time to go over your application, send an offer, and verify the details for approval. All in all, it takes a few hours to get it over with and wait for the money to hit your bank.
One thing you should consider to get the loan ASAP is the lender. Check the lender’s acceptance rates and usual funding time before finalizing the contract. For this purpose, applying through WeLoans is an added advantage as the lenders sending offers have already reviewed your application, and you can compare their funding time and other details, such as APRs and repayment terms.
Pros and Cons of Same Day Loans
Online same day loans are a blessing, especially for those who are in dire need of money instantaneously. But there are several drawbacks. Here are some pros and cons of same day loans:
Pros
- Instant funds: The biggest and most obvious benefit of same day loans is that you get your funds instantly. Once your application process is completed and you reach an agreement with the lender, your money will be deposited in your account within a day.
- Easy to apply: The application process, as discussed above, is quite simple. Even if you’re not that proficient in using technical gadgets, you won’t face much difficulty in applying.
- Less requirements: Unlike traditional loans, online same day loans have less requirements and are granted rather easily. For instance, online lenders have a lenient policy for applicants with poor credit history and are willing to work with people having a higher debt-to-income ratio.
Cons
- High interest rates: The biggest drawback of same day loans is that lenders charge a significantly higher interest rate when compared to a conventional loan or even a credit card loan. The typical APR ranges between 5.99% to 35.99%.
- Shorter payback terms: The advantage of same day loans is that you get money quickly. But the drawback is that you have to pay money within a short amount of time as well. For this reason, same day loans are a great solution for a temporary problem but are not great for a permanent fix.
Final Verdict
By now, you should have all the information you need to decide on getting a same day loan the next time financial troubles come calling. With their numerous advantages, it’s also worth noting that same day loans have high interest rates. Therefore, only get a same day loan from credible lenders and make a repayment plan timely.