Same Day Loans

A same-day loan is a type of unsecured personal loan that gives you access to funds instantly, post submitting your application. These loans are very helpful when you are in urgent need of credit. Same-day loans provide you the required funds to help you meet your various personal needs such as car repairs, medical bills, etc. These loans are sanctioned for a relatively short period of time and carry comparatively higher rates of interest.

A same-day loan is ideal for those individuals who:

• Don't want to borrow money from family or friends.
• Need instant cash.
• Don’t want to use a credit card cash advance.

Same day loans are perfect for unexpected financial requirements. When you realise that you need money suddenly for an emergency requirement, you can apply for a same-day loan as your application will be processed immediately. Usually, financial resources are limited when you need instant cash. In such cases, same-day loans from reliable lenders are the best go-to options.

Compare the Best Same Day Loans 2023

HDFC Bank

Benefits:

• The loan amount will be disbursed within 10 seconds for pre-approved customers and within 4 hours for other customers.
• The lender requires minimum documentation to process the loan application.
• There is no restriction on how the loan amount can be used.
• Borrowers can choose to prepay their loans either in full or in parts after 12 EMIs are paid.

CreditBazzar

Benefits:

• The lender does not charge pre-payment or pre-closure fees.
• Once you make a request to the lender for a loan, your loan amount will be transferred within a period of 2 hours, subject to your loan application getting approved.
• Borrowers need to submit minimal paperwork and the entire application process can be done online.
• The lender has a dedicated customer service team that provides assistance to customers when they are in need.

Phocket

Benefits:

• Applicants will receive approval within minutes and get instant access to funds.
• The application process is quick and hassle-free.
• There are no hidden charges.
• The lender guarantees fast and reliable services.

Lazy Pay

Benefits:

• Minimal documentation.
• Application process online.
• No collateral required.
• There are no hidden charges.
• Interest to be paid only on the amount taken.

How to Apply for Same-Day Loans?

You can apply for a same-day loan through online or offline channels, based on the application channels offered by the lender. Certain lenders also allow individuals to apply for a same-day loan through their smartphone, post downloading the mobile application. The steps to apply for a same-day loan are as follows:

• Compare Loan Offers: There are a number of banks and financial institutions that offer same-day loans to residents of India. Thus, you should first compare the various loan offers that are available to you. Make sure to check the interest rate that the loan is offered at, the disbursal time, loan amount that can be chosen, and the reliability of the lender. You can also use the eligibility calculator to find out how much you can borrow from different lenders.
• Check the Eligibility Criteria: Each lender is likely to have specified the eligibility criteria on their respective websites. You should ensure that you meet the eligibility criteria before applying for a same-day loan.
• Submit the Application: If you are applying online, you have to fill the online application form, where you may be required to key in your personal information such as name, email ID, and phone number, PAN number, etc. You will also need to upload the required documents to the lender’s website.

Once you submit the online application form, your application will be verified. If it is approved, you will receive your funds within 24 hours, which will be digitally transferred to your checking account. Once you receive the funds from the lender, you can utilize it for any purposes you have. However, how much amount you are eligible to receive will be determined by your bank based on a combination of its policies, local regulations, your income, and capacity for repayment. Thus, applying for a same-day loan is very easy provided you have a regular income, a savings account, and are capable of repaying the amount on a predetermined date.

Eligibility Same-day loan

You need to fulfill the following eligibility conditions if you want to apply for a same-day loan:

• You need to have a steady income to qualify for this type of scheme.
• You need to have an operative savings account.
• You should be over the age of 21 years.
• A valid phone number or an Email ID is a must.
• You must be a resident of India.
• You should have work experience of at least 2 years.

*Note: The eligibility criteria will vary from lender to lender.

Documents Required

Normally, lenders ask for minimal documents to process and approve your same-day loan application. Also, it depends on your relationship with the bank. Mentioned below are a few documents that you may need to submit when applying for this scheme:

• Your proof of identity. You can submit documents like voter card, driving license, PAN card, passport, employee ID card etc. as proof of your identity.
• You also need to submit proof of your address. Lenders normally accept ration card, Aadhaar card, telephone bill, electricity bill, voter card and driving license as address proof.
• Proof of income issued by your employer.
• Salary slips of the last 3 months
• Bank statements of the last 3 months
• Any alternate documents required by your lender.

Features and Benefits of Same-Day Loan

• You get access to funds on the same day of submitting the application.
• This type of loan involves less paperwork and minimum documentation.
• Interest charged on these financing plans may be higher than regular cash loans.
• It is an unsecured personal loan.
• Same-day loans help you meet your emergency financial requirements.
• Enjoy instant approval on your loan application. Banks take as less as 3 seconds to approve your loan application.
• These loans are suitable for borrowing small amounts.
• This type of loan normally doesn't require collateral. It's safe and secure and has complete transparency.
• You can apply for it online.
• Both existing and non-existing customers can apply for same-day loans with any lender.

With a same-day loan, you can get immediate access to funds for any requirement. This type of loan helps you to raise funds instantly with no hassle and very minimal paperwork.

How do Same Day Loans work?

Same Day Loans are just personal loans which are disbursed almost immediately after the submission of a loan application. Most lenders offer Same Day Loans within a few hours after an application has been successfully submitted. Some lenders also disburse the loan amount within just a few seconds.

In the case of certain lenders, the personal loans are pre-approved and thus, the verification process is skipped. This makes the whole loan disbursal process shorter. This is how same day loans work:

1. The loan application is submitted by the applicant.
2. The lender goes through the application and verifies the submitted details. In the case of pre-approved loans, this step is skipped.
3. Once the loan application is verified and accepted, the applicant will be required to submit a few documents. The documentation process for Same Day Loans is usually very minimal.
4. The lender verifies the details in the documents provided by the applicant.
5. Once all the documents are verified, the loan amount is disbursed and is transferred to the bank account of the applicant directly.
6. The loan repayment tenures are usually flexible and can be extended from 7 days to up to 5 years.
7. The applicant will be paying off the EMIs towards paying off the loan just like the general personal loans.

FAQs same-day loan

• I am currently unemployed. Will I still be able to avail a same-day loan?

  Most lenders only provide same-day loans to individuals who earn a steady income. Make sure to check the lender’s eligibility criteria to know whether you qualify.

• Will I have to pay a processing fee to avail a same-day loan?

  Unless mentioned otherwise, most lenders will charge you a nominal one-time processing fee before your loan amount is disbursed. You can check the charges levied by the lender to know how much you will have to pay as the processing fee.

• Will be able to get a same-day loan if my credit score is low?

  Many lenders only offer loans to applicants who have a high credit score. Certain financial institutions, however, also consider other factors such as your current income, repayment ability, etc., before deciding whether you are eligible for a loan. Therefore, before you apply for a same-day loan, it is advisable to check the terms of eligibility with the lender beforehand to avoid loan rejection.

• Will I need to provide any security to avail a same-day loan?

  Since these loans are unsecured, the borrower usually does not need to provide any collateral or third-party guarantor in order to receive funds under this scheme.

• What is the minimum duration for which I can avail a same-day loan?

  The minimum and maximum loan tenure that you can opt for will vary based on who the lender is. It is possible to opt for a loan tenure as short as 7 days to up to a maximum of 5 years, in the case of same-day loans.