Same Day Loans
Same day loans and payday loans can be the same thing, but they aren’t always. You can also get a personal loan on the same day if you have the credit scores that allow it. You can get them for all amounts and at any time.
Payday loans are meant more for people who don’t have good credit scores. They make it easier for people with poor credit to get money for emergencies. There is usually no credit check for payday loans, but there usually is a credit check for personal loans.
Both types of loans can have cash added to your bank account the same day that you apply for the advance. They are easy to apply for and need minimum information from you. The better your credit score, the better your chance at receiving funds.
These loans are available in many places to make things even easier for you. You can søk lån på dagen, or apply for a same day loan, easily. You will need to provide information about you, your job and income, and your bank.
This article will help you to learn more about same day and payday loans. It will give you information that will help you to decide if these are good for you. You can also do more research to find the information that you need.
Questions to Ask
How Much Do You Need? You can get some loans for as little as one hundred dollars if you do a payday loan. If you are doing a same day advance, the smallest that you can get is five hundred dollars. You can get more from a same day than with a payday advance.
Some of these can go up to as much as fifty thousand dollars for a personal advance. Payday advances usually limit you to five hundred dollars: https://www.abcactionnews.com/brand-spotlight/best-payday-loans. The amount of money that you need will determine which type of advance you should apply for.
You need to think about how you will be paying for these advances, as well. If you won’t be able to make monthly payments after the first month, you should probably stick to a payday advance. If you can afford payments for several months, a personal loan could be good for you.
Do You Want to Pay Your Creditors Directly or Have Money Sent to Your Bank Account? If you are getting a loan for debt consolidation, this is a question that you need to ask yourself. Some lenders will pay your creditors directly so that you don’t have to worry about it. Some people prefer to pay those debts on their own.
Payday advances won’t allow you to pay off many of your debts and you usually don’t have that question with them. If you are wanting to pay off your debts with a payday advance, you will have to do it on your own. You will probably only have a few debts to pay, anyway, so it won’t be too difficult.
If you do choose to pay your debts on your own, make sure that you use the money to do this. Don’t get sidetracked and find something else that you could use the money for. If you do this, you will just end up with one more debt that you have to find a way to pay back.
How Long Will You Have to Pay it Back? If you have done the payday type, you have up to one month to pay it back. If you do any other type, you can have up to five years to pay it back. Some even allow more time than that.
Your monthly payments will begin the month after you apply. Sometimes, the lender will even give you a free month with no payments and then begin the following month. It depends on the lender and what they want to do.
How Much Interest Will You Pay? This again depends on the type of advance that you received. Payday advances have interest rates up to around 400%, while personal advances have interest rates up to about 36%. See here to learn more about payday interest rates. It all depends on your credit score and history.
This interest rate is better than if you used a credit card. Interest rates on those can be pretty high, as well. The better your credit score, the lower your interest rate will be.
Can You Afford the Monthly Payment? This applies more to personal loans than payday loans. With a payday advance, you have just one monthly payment that you should be able to afford. A personal loan will have many monthly payments that you should put into your budget so that you will be able to pay it each month.
Your monthly payments will depend on how much money you borrowed. It can be as little as around one hundred dollars, or as much as around five hundred dollars. You need to make sure that you can afford these monthly payments before you apply.
If you don’t think that you will be able to make the monthly payments, you should find another way to get the money. You don’t want to have more debt that you can’t afford to pay. This will hurt your credit history more.
Are There Other Fees? With a same day loan, you will incur other fees. These could be origination fees that are attached. There might be other fees such as prepayment penalties that you need to look for.
Payday advances usually don’t have any other fees attached to them. You have the interest fee that you pay back at the end of the month, but that should be it. You should know up front what fees, if any, that you will need to pay.
Is Your Credit Score Good Enough? Unless your score is below 600, you shouldn’t need to worry about it that much. The only things that it will affect are your interest rate and the term of your loan. Saying this, it is still better to have a score above 700.
You don’t need to worry about your credit score with a one-month advance. People with all levels of credit scores can qualify. You just need to have a bank account and some kind of income.
Are There Other Choices for You? If your credit scores are high enough, you have many more options. You could get a balance transfer card that you could transfer your debts to. This is probably one of the better options for you.
If you have a lower credit score, you don’t have as many options. You could ask friends or family for a gift of the money that you need. You could also ask them for a loan that you would pay back. If these are your choices, make out a contract that will assure them that you will pay the money back to them.
There are other options for you such as home equity loans and personal lines of credit. You could also find a higher limit credit card. These are just a few of the things that you could look for.
How Soon Do You Really Need the Funds? If you really need the funds on the same day, it limits you to the types of advances that you could get. If you can wait for the funds, this opens up a few more possibilities for you. If you own a home, you have even more possibilities.
You could do a personal line of credit, or PLOC, if you have more time. You could do a home equity loan or line of credit if you own your home. These possibilities will also allow you to have more time to pay off your credit.
How Will This Loan Affect Your Credit Score? A personal advance will affect your credit score in a negative way to begin with, but with monthly payments made on time, it will begin to have a positive effect on it. Your credit score is based on the credit that you have available and how you use it. If you make monthly payments, your credit score will be just fine.
Payday advances don’t affect your credit score at all. Your score won’t be checked to get the loan and making payments won’t show up on your history. You won’t need to worry about your credit score at all with this type of advance.
Bottom Line
These types of advances can be good for you if you have a plan on how to pay them back. They are better than some other options because you have more control over them. You control how much you borrow and how you make the monthly payments.
Once you have the above questions answered, you can have a soft inquiry done into your report to see what options you have. You may have other opportunities that you didn’t know that you had. Soft inquiries do not hurt your score at all.
