Same day instant loans come in a lot of different flavors, but they do share some similar characteristics. In this post I want to share with you a few of these types of loans and how they work so that you’re able to figure out the one that suits you best. Along with that I’ll offer some tips that will help you get the loan as fast as possible.
The most common instant online loans are the payday loan. These are more popular online, but are also available locally, assuming you live in a state where they are allowed. They’re short term loans, which means that you’ll pay it back on your next payday, and the funds are normally withdrawn automatically from your bank account.
To get a payday loan you’re going to need a job and a bank account. Most lenders will require that you have been at your job for at least six months and earn at least $1000 a month after taxes. Each lender will have their own specifics, but you can expect it be something along those lines.
Local loans are faster than online ones. This happens because you will be cut a check on the spot, and are then able to cash it there or head straight to your bank. Expect it to take at least an hour for them to process and approve your loan. Online loans will take longer because your bank has to be open to approve the transfer of money into your bank account. If you’re able to apply very early in the morning you may be able to see the money in your account the same day, but expect it the next business morning.
To speed these loans up as much as possible locally, call the lender before you leave your house to see what paperwork they’re going to need to process your application. The last thing you want to do is waste time driving back and forth between your bank, house, and the loan office. For online loans, the best thing you can do is go with a no fax instant lender. Having to fax paperwork is a pain in the ass, and should be avoided at all costs!
Title loans are another type of same day instant loan, and can get you a heck of a lot more money than a payday loan with more time to pay it back. To qualify for a loan like this you’ll need to own a car that has been completely paid off, as well as possess the title to it. These are secured loans, which means that if you don’t pay the loan back, they will repossess your car and sell it to get their money.
You’re going to be able to borrow a percentage of the value of your car, which can potentially be a lot of cash. The lender will set up a repayment program with you that will have you make biweekly payments directly to them. These payments are normally on your scheduled payday, and can be spread out over several months.
A quick note for those that live in Arizona: Since payday loans have become illegal in your state, many of the old instant loan lenders in your area have come up with a new type of title loan that doesn’t require your car to be paid off. This was designed as an alternative to payday loans. I’m not totally sure how these loans work and if they’re secured or not. Be sure to read through the fine print before accepting a loan to make sure that you’re not getting screwed.
To speed up a title loan, go with a lender that will allow you to begin the application process online. You’ll fill that out, then drive down (with the car that you’re borrowing against) to get the car checked out and get your cash. In most cases your application will be reviewed by the time you get there and the process then only takes a few minutes.
One thing that you can do to help get more cash from your loan is to spend some time cleaning your car up. If it looks like it’s in good shape it will get appraised for more. Title loan lenders are people too, and “shop” with their eyes. If your car looks like a hooptie, you will get paid like it’s a hooptie.
Title and payday are two of the most common same day instant loans. Choose the one that suits your situation the best, but understand that the risks of not paying them back are very high. Skipping out on payday loans will get collectors breathing down your neck 24/7, and not paying back your title loan is going to result in losing your car. Neither of these are good situations to be in, so only borrow what you’re going to be able to pay back without a problem!
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