# How to Make Sure You Get a Loan the Same-Day You Apply for It
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-12-27
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Looking for a Same-Day Loan? Here's What You Need to
Meta Description: Need quick cash? Same-day loans offer instant funds, but watch out for high interest rates and short repayment periods. Learn more here!
URL: https://financedigest.com/how-to-make-sure-you-get-a-loan-the-same-day-you-apply-for-ithtml

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Stuck in a financial bind? Additional expenses often arise in a month when you least expect them to. From house repairs to car problems or a medical emergency, you never know when you might need a few hundred dollars to tide you over until your next paycheck arrives.

So, what can be done at a time like this? If you don’t like asking your friend or family members for a loan, your next best option is to go for a [**loan funded on the very same day**](https://cityfinance.com.au/our-loans/same-day-loans/). It sounds too good to be true, right. Well, there’s a catch.

You have probably guessed what we are going to [say ― interest rate](https://www.financedigest.com/ecbs-centeno-says-interest-rate-close-to-peaking-if-no-new-shocks.html "ECB’s Centeno says interest rate close to peaking if no new shocks").

Let’s not jump to any negative conclusions. If you are truly interested in getting a same-day loan, then keep reading [https://cityfinance.com.au/our-loans/same-day-loans/](https://cityfinance.com.au/our-loans/same-day-loans/)“.

## **What is a Same-Day Loan?**

As the name says, a same-day loan is a [type](https://www.financedigest.com/types-of-business-loans.html "Types of business loans") of emergency **loan funded on the very same day** you apply for it. Since it is a short-term loan, a few contingencies are attached, such as high [interest rate](https://www.financedigest.com/interest-rate-and-recession-fears-knock-stocks-and-oil.html "Interest rate and recession fears knock stocks and oil"), short repayment period, and a document showing proof of income.

The most important thing to pay attention to is the [interest rate](https://www.financedigest.com/ecb-firms-up-expectations-for-july-interest-rate-hike.html "ECB firms up expectations for July interest rate hike"). A same-day loan carries an APR of 400%. In comparison, the APR for a personal [loan with a 1 year repayment period is 9.58% and for credit](https://www.financedigest.com/4-ways-to-get-a-bad-credit-loan.html "4 Ways to Get a Bad Credit Loan") cards is 16.3%.

These rates might seem daunting, but it doesn’t mean you shouldn’t [apply for a same-day loan](https://www.financedigest.com/home-equity-made-simple-things-to-know-before-applying-for-loans.html "Home Equity Made Simple – Things to Know Before Applying for Loans"). The entirety of your weekly or monthly payments depends on how much you make. Before applying for a loan, [create a budget](https://www.financedigest.com/budgeting-how-to-create-a-budget-and-sticking-to-a-budget.html "Budgeting: How to create a budget and sticking to a budget") and see how well you will fare after setting aside the repayment amount. If your budget [pays for utility bills](https://www.financedigest.com/norwegians-can-now-pay-their-bills-via-facebook-messenger.html "Norwegians can now pay their bills via Facebook Messenger"), groceries, rent and allows you to save a little on the side, you are good to go.

## **Getting a Same-Day Loan**

Online lenders or [payday](https://www.financedigest.com/is-googles-payday-lender-ad-ban-singling-out-the-industry.html "Is Google’s payday lender ad ban singling out the industry?") lenders often provide a same-day loan. While they give you a loan that you get immediately, it comes with a hefty price.

As mentioned earlier, the [interest rate](https://www.financedigest.com/interest-rate-hold-signals-confidence-in-uk-economy.html "Interest rate hold signals confidence in UK economy ") on payday loans is relatively high. Before applying for it, you should always use an online calculator to determine how much you can pay.

Here’s an example to help you understand this:

**Loan Amount****Loan Terms****Weekly Payments****Credit Costs****Total Amount****$1000**12 Weeks$110$320$1,320**$1000**15 Weeks$90.67$360$1,360**$1000**20 Weeks$70$400$1,400**$1000**25 Weeks$57.60$440$1,440

### **Basic Information Needed for a Same-Day Loan**

One of the best [things about a same-day loan is that lenders don’t](https://www.financedigest.com/12-things-that-dont-hurt-your-credit-score.html "12 Things That Don’t Hurt Your Credit Score") ask for any detailed information for the application process. Here’s what you need to provide:

- Name
- Phone Number
- Address
- Email ID
- Proof of Identity (Passport or Driver’s License)
- [Social Security](https://www.financedigest.com/31972social-engineering-in-the-financial-services-people-are-the-weakest-link-in-the-security-chain.html "Social engineering in the Financial Services : People Are The  Weakest Link in the Security Chain") Number
- Proof of Income ( [Pay Stubs)](https://www.financedigest.com/why-you-should-consider-using-pay-stubs.html "Why You Should Consider Using Pay Stubs")
- Annual Income

You might have noticed that we didn’t mention [credit scores](https://www.financedigest.com/how-to-raise-my-credit-score-40-points-fast.html "How to raise my credit score 40 points fast"). Well, most same-day loans don’t consider [credit score](https://www.financedigest.com/1-in-5-uk-adults-have-no-idea-what-a-credit-score-is.html "1 in 5 UK adults have no idea what a credit score is") when giving a loan. However, they take a look at your credit history to determine whether you have made your previous monthly [payments on time or not and if you have any debts](https://www.financedigest.com/ukraine-seeks-debt-payment-freeze-as-war-ravages-economy.html "Ukraine seeks debt payment freeze as war ravages economy").

A low [credit score](https://www.financedigest.com/benefits-of-a-good-credit-score.html "Benefits of a good credit score") does impact your loan terms. However, since the [lenders look at other information](https://www.financedigest.com/leading-credit-reference-agencies-launch-industry-wide-information-notice-to-support-lenders-and-consumers-in-gdpr-world.html "Leading credit reference agencies launch industry-wide information notice to support lenders and consumers in GDPR world") too to determine your eligibility, you will probably get the loan.

A great way to [lower the interest rate](https://www.financedigest.com/how-insurtech-is-helping-to-lower-car-insurance-rates.html "How InsurTech is Helping to Lower Car Insurance Rates") on a same-day loan is to get a co-signer. This can also speed up the process as the [lenders will have the assurance that they will get their money](https://www.financedigest.com/mistakes-to-avoid-while-choosing-a-private-money-lender.html "Mistakes To Avoid While Choosing a Private Money Lender") from the co-signer if you default on the loan.

## **Uses of a Same-Day Loan**

There is no limitation on how you can use a same-day loan. You can use it for emergencies such as medical bills, car repairs, [home repairs and renovation and dental costs](https://www.financedigest.com/finance-teams-have-been-left-in-the-dark-on-the-real-cost-of-working-from-home.html "Finance teams have been left in the dark on the real cost of working from home") for leisure such as travelling, taking a trip to Disneyland or planning an extravagant proposal.

In case you are wondering why you can’t approach a bank for a same-day loan, there are two things you should know: First, most banks don’t offer a same-day loan, and second if they do, the [loan is referred to as a payday loan that is given in 3 to 7 business](https://www.financedigest.com/1-in-3-uk-businesses-looking-for-finance-are-finding-it-harder-to-get-a-loan.html "1 in 3 UK businesses looking for finance are finding it harder to get a loan") days. As for [credit unions](https://www.financedigest.com/6-reasons-to-take-a-car-loan-from-a-credit-union.html "6 Reasons to Take a Car Loan From a Credit Union"), they too take around 7 days to process the loan. Moreover, they have stringent requirements, and one of these happen to be a “Good” [credit score](https://www.financedigest.com/machine-learning-critical-for-better-sme-credit-scoring-in-trade-finance.html "Machine learning critical for better SME credit scoring in trade finance"). So, your best choice is an [online lender through which you can get a same-day loan](https://www.financedigest.com/what-you-should-know-before-getting-a-loan-online.html "What You Should Know Before Getting a Loan Online") from the comfort of your home.

**This is a Sponsored Feature.**


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