What is a same-day loan with instant decision? How to apply?
Same-day loans are a quick option through which you can avail of funds within 24 hours. Online lending services offer these loans with instant approval without any guarantor or collateral to secure the loan.
The same day, instant decision loans fulfil last-minute emergencies. Hence, eligibility criteria are easy, but the lender checks your affordability to offer you the best deal. If you want to apply for loans for a sudden need, then same-day loans are a relevant, dependable option.
How to apply for loans?
It is divided into two major sections. These are –
- The preparation before you apply
- The actual application process
You can understand better and can apply perfectly increasing your approval chances. Read below –
1. The preparation before you apply for same-day loans
If we talk about applying for loans, it needs some preparation. You can easily qualify for funds if you know how much you can afford. Go for an online affordability assessment that does not include credit check. For that, you need to pay attention to some financial factors. For any loan approval, the most important factor is the borrower’s own creditworthiness. Apart from this, there are some other important aspects on which you can work to get funds for any purpose. Let’s see how you can get ready to apply for the funds.
1. Assess your affordability
No matter how small the amount and tenure of a loan you apply for. It is important to check your affordability. You can easily check the affordability by doing a pre-eligibility check or with the help of a loan calculator.
For this, you need to mention basic financial details. It shows you an approximate approved loan amount. It gives you an idea of how much you can receive according to your current income and financial ability. Along with that, it gives an idea of your interest rate and loan tenure.
3. Compare loan options
It is important to take an informed decision on whether you apply for same-day funds doorstep loans or personal loans. And a decision is rational only when taken through proper comparison of available alternatives. After going through a free eligibility checkup, you should carefully compare the loan options that are available with a speedy deposit facility.
By comparing loan solutions according to your credit purchase power, you can apply for the best alternative. Most loan solutions are available with instant decision and a same-day fund deposit facility.
4. Improve payment behaviour in case of a bad credit score.
If you have a poor credit score, considering your risky credit profile, lenders need to check your recent payment record. Hence, don’t forget to work on this aspect.
A vital factor is that your improved payment behaviour should be shown in the last six months. For this, timely paid bills and debts must be shown in your bank statement. In this case, the lender attains some confidence about your repayment capacity. As a result, getting approval becomes easier.
The actual application process
Now, when you have checked your affordability and compared the loan options, you must have finalized the lender. It is now time to apply for the loans, actually.
- Fill the online application form – This is the first step you need to do. Your basic financial and personal details are required to fill out the form. Income proof and bank statement of the latest six months. A verified residential address to authenticate your stability as a citizen is required.
- Receive quick approval decision – As the loan process is fully digitized, right after submitting the online application form, you get an approval decision. Due to instant decision, you get to know whether you are approved. However, the same-day loans have a high approval rate.
- Give consent on the loan agreement – Once you are approved, receive a custom loan agreement with the approval decision. The agreement will have the necessary terms and conditions, designed as per your repayment ability. This includes the loan amount, interest rate, repayment plan, and due date of instalments. For fund disbursal, you need to give consent to the agreement.
- Receive funds online – Once you agree to the terms and conditions and give online consent, the lender sends money to your account. This disbursal happens through an electronic fund transfer. It means transparency is guaranteed. You do not need to worry about anything that is unpredictable.
- Make timely repayments – This step may not be part of the loan process, but it is the most important one. Once you receive the funds, use the money for any of your purposes. But make sure, on every due date, you are paying the instalment on time. However, as these loans are processed online, repayments are auto-debited from your bank account. Your only job is to ensure ample funds in the account on the due date.
Benefits of same-day loans you can’t avoid
For many reasons, people choose to avail funds through same-day loans. Common advantages are as mentioned below –
- Instant decision, speedy fund disbursal – As the loan name is same day loans, the lending process is quick. Apply and get a real-time approval decision. Right after your consent to the loan agreement, fund reaches your account within a maximum of 24 hours.
- Credit–friendly – Anyone with a credit score can apply for these loans. Good, fair, or bad credit score, whatever your credit score status, as long as you have a provable payback ability, approval is possible.
- Improve credit score – The loans are designed according to the individual’s payback and earning ability. Hence, repayments are affordable. This is why, by making timely payments, you can easily improve your credit score.
- Acceptance to all income types – Employed, self-employed, freelancers, and part-time workers can all apply for these short-term loans. In the case of an online lender, the only concern of the loan company is repayment ability, as long as you can prove that with a regular income, nothing stops you from availing funds.
Conclusion
You can’t skip noticing same-day loans if you actually need funds urgently. These borrower-friendly online loan solutions help you manage all sorts of financial emergencies in a short time. Borrow money for any purpose without any obligation of a guarantor or collateral. Are you still thinking? Act before it’s too late. Explore the facilities of swift new-age lending and borrow money conveniently as per your ability to pay back.
Paul Smith is an established financial author and writer with over nine years of experience, who specialises in personal finance, loans, credit management, and investment strategies for people throughout the UK. Paul’s expertise can be seen on leading loan websites such as Bargainloans. Through his blogs and articles Paul has helped thousands of borrowers make wiser financial decisions while his passion for study encourages people to take control of their finances with greater confidence and clarity
