You see it all the time – big digital banners promising you a same day payday loan. Is it too good to be true?
More consumers are choosing to ask for same day loans online, attempting to avoid the hassle of working with a bank altogether. However, is it actually possible to get the funding in your bank account that fast? No, it's not. When working with an online lender, you will not be able to receive your funding in less than 24-hours. It just isn't possible, as the bank needs at least an extra business day to process the funds.
After you are approved for a loan, you usually have to wait at least one business day to get your money. That’s still a lot faster than the average wait time for a bank or credit union, but if you’re looking for a same day payday loan, you might have to head over to your local cash advance store. Before you do that, here are a few reasons why it still makes sense to get your fast payday loan online.
The FTC defines payday lending as a way of receiving a short-term, high-interest loan that is due on the borrower's next pay date. While this is an accurate description of the service, some people do not understand how fast lenders can process the loans or how the interest rates work.
These loans can be issued very quickly. While same-day funding may only be possible from a local storefront, online users may be able to get their funds in as soon as one business day. If you need your money an can't wait, we recommend reaching out to a friend or family member who can pay you in cash.
What's more complicated than how long it takes to get the loan is how much the loan costs. The APR associated with shorter-duration loans often looks prohibitively high on paper. However, it may not be fair to judge the fees of a product that is used over a two-week period based on how much it would cost if it was extended out to a full year. That's what happens when you look at the Annual Percentage Rate (APR), which is better suited for long-term funding that actually lasts for a year or more.
When considering the costs of shorter-duration funding, it's better to look at the loan's interest rate and any other fees required.
If this is your first short-term loan, then you might not know how much of a hassle it can be to work with a lender in person during the exploratory phase. While we think it's smarter to start the loan request process online, there are benefits to working with a local solution after you are connected with one. Local storefronts sometimes have a wider variety of lending options, so they are better able to find a product that fits your needs. Also, a local lender may be able to get you a same-day loan. That said, it can be a real headache going from storefront to storefront trying to find a lender that will work with you.
If you are able to find a local option online, then, by all means, go with that option. Online lenders are great, too, but you will need to wait at least one business day to get your funds.
Tomorrow isn’t today, but it’s pretty close. Chances are your creditor will give you one more day to pay your debt. Double-check with them to make sure, of course. If they absolutely won’t budge, then you might be forced to pursue a same-day payday loan. The best way to do that would be to call your local lenders and ask them how fast they can get you the money.
When you walk into a lender’s store, you might not know what you’re getting yourself into. Even if you’ve checked the company on an online rating site, you can’t be 100-percent confident that those reviews weren’t written by the company’s employees, friends, and family. We know the lenders we work with. So you can believe us when we say we’ll try to find you a reputable lender. We think it’s worth it to wait one day for your money if you know it’s coming from a reputable lender.
There is even a chance that you might be connected with a storefront option after using a loan request form online. This can be a solid solution for people who need money fast.
When you buy tickets online, you’re often charged a “convenience fee” that can be high enough to make you want to cancel your order, drive to the venue, and buy the tickets directly from the box office. Don’t worry – you may not have to worry about higher fees when you work with an online lender. Chances are you will pay similar finance charges whether you apply for a loan in person or online. A recent study by the Pew Charitable Trusts found that competition in the cash advance market does not result in lower finance charges. Rates are usually set at or near the limits set in state regulations and only get lower when the state forces them to be lowered.
If you search the Internet for loans in a day you’ll find a lot of websites that promise this service. But when you read the fine print you discover that they are referring to when your application will process. More times than not, you don’t get your money until the next business day. We think it’s kind of dishonest for a site to advertise same day loans when you don’t get the money until the next day. It should make you wonder what else they might be deceitful about. That’s why we openly say that it’s going to take an online lender at least one business day to transfer your money.
You should remember that just because you got your money fast doesn’t mean it’s any less serious of a debt. You need to pay this money back. The sooner the better.
You don’t want to have to take out another loan to pay off your first one. The interest can add up really fast.
We’re sorry to not offer a same day payday loan. But we really do have the next best thing, which might actually be even better. If you want to apply for an online loan, we can help you find a lender. Simply fill out our online loan request and we’ll try to find you a reputable lender in your area.