What is a Same Day Loan?
In general, a same-day loan is any personal secured or unsecured loan that gets deposited the same day when the application has been sent. While same-day payday loans refer to the short-term high-interest cash advances which require no collateral and are deposited the same day when the application gets approved.
Some lenders offer same-day deposits for loan applications submitted and approved in the morning during a specific timeframe. It is worth mentioning, that the same-day deposit or funding does not necessarily mean that the borrower will get the money the same day.
It also depends on how the money gets deposited (to a checking account, or to a debit card) and whether the borrower's bank is capable of receiving the funds the same day.
Criteria for Same Day Loan Deposits
Not all direct payday lenders offer same-day loans, but those who do have several additional requirements for same-day deposits.
Below are the criteria you must meet to be eligible for same-day funding (though no lender can guarantee that you will get the money the same day you apply):
- First of all, if you have already successfully borrowed with a specific lender, then you have better chances of getting instant approval and same-day funding.
- If this is your first time borrowing, make sure that you complete and send the application as early as possible. Most online direct lenders stop offering same-day deposits for applications sent after 11 a.m.
- Try to eliminate any possible mistakes in your application and approach several lenders at once (you can use our loan-matching service for this).
- Make sure that you meet the lender's eligibility criteria (legal age, income, credit score, personal ID).
Are Same Day Payday Loans Different from Average Payday Loans?
No. This is exactly the same financial product, basically an unsecured payday loan taken for a short period.
The fact the loan gets deposited the same day depends on timing and does not affect its overall cost or interest rate, it has the same terms as the next day's payday loan taken from the same direct lender.
Can I Get a Same Day Loan with Bad Credit and No Credit Check?
Yes, you can get a same-day payday loan even with bad credit and no hard credit check, but your chances of getting a good offer with instant approval and same-day funding are extremely low.
If you still need the emergency money today, then consider alternatives to same-day payday loans, for example, you can approach a local pawn shop and get a loan secured by some collateral, or try the title loans if you have a clean vehicle title. Secured loan lenders care less about your bad credit score if compared to online payday lenders.