Same-day loans are perfect for unexpected financial requirements. When you realise that you need money suddenly for an emergency requirement, it makes sense to apply for this kind of a loan as your application will be received instantly and you will get an approval in no time. 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.
It is a short-term unsecured personal loan that helps you access funds instantly in the same day of your loan application. These loans are very helpful when you are in urgent need of credit. A regular personal loan normally takes longer time to get approved. So, it is not possible for you to wait for such a financing scheme during an emergency. That's why many borrowers prefer to opt for same-day loans in such cases. Even a customer having a bad credit history can also apply for this loan and receive cash since, generally, credit checks are not done for this loan. However, it can depend on your lender as certain lenders check the credit history of their customers.
Same-day loans are a type of personal loan which you can avail to fund your diversified 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:
You need to fulfill the following eligibility conditions if you want to apply for a same-day loan:
Normally, banks ask for very minimum documents to process and approve your same-day loan application. Also, it depends on your relationship with the bank. Mentioned below is a number of documents you need to submit when applying for this scheme:
Same-day loans can be availed very easily in India and in other countries. The documentation process for such loans is very minimal and simple. However, you should be extra careful whenever you apply for this financing scheme. There are certain dos and don’ts related to same-day loans, which you will need to abide by. If you follow these dos and don’ts, you will most likely have a smooth borrowing experience.
You can use this loan for the following situations or financial needs:
You should ideally stay away from taking a same-day loan for high-value expenditures. If you have been planning to take a loan for renovating your home or for adding rooms in your living space, you should avoid taking this loan for that purpose as you will incur massive expenses when you have to repay it. You can instead take a personal loan, which is also unsecured in nature. Personal loans are available at low rates of interest, which can be utilised for refurbishing your residential or even commercial space.
Even for buying electronic gadgets or other consumer durable goods, you can take a personal loan instead of a same-day loan. If you have been wanting to buy a new car or a two-wheeler, availing this type of a financing scheme is not a great idea. You can instead take a car loan for buying a car and a two-wheeler loan or a personal loan for purchasing a bike or a scooter.
Unemployed individuals can also apply for these loan schemes to cover their urgent financial requirements. Any unemployed person who is not earning currently and in need of some urgent cash can seek financial assistance to resolve his/her unpredictable financial requirements. Many banks offer different deals to help unemployed individuals. Thus, a same-day payday loan can reduce the financial worries experienced by unemployed individuals during emergency situations. Being unsecured in nature, these loans are offered to unemployed individuals for a short period of time.
These loans are offered for a short period of time and normally do not require a credit check. Instead of looking at your past credit history, banks mainly focus on your ability to repay the amount before offering this loan. A same-day, no-credit-check loan is a perfect option to borrow cash as and when you need to make up for your financial shortage.
With this financing plan, you don't have to worry about your past credit history. Even if you have a bad credit history, banks will not reject your loan application under this scheme. Although it is important to maintain a good credit history, a low credit score will not affect your loan application. An individual may have a bad or low credit when she/he fails to make timely payment of debts. Normally, your credit score reveals what type of credit history you carry with you have. If the score is low, lenders are usually not willing to lend you fearing that you will not be able to repay the amount in future as well. But, if it is a same-day loan, it does not matter whether you have good or bad credit history, or no credit history at all. You are still eligible to apply for this plan and enjoy its benefits.
This loan scheme normally charges a higher rate of interest on your borrowings. That's why it is always advisable to pay off your loan on time, so that you can avoid paying extra interest on your principal amount. Make sure you understand your loan repayment schedule. Don't take a same-day loan if you think that you will not be able to pay it back on the predetermined date scheduled by your lender. If you fail to make agreed-upon payments on time, you will be charged an additional fee. However, interest rates on same-day loans may vary based on different banks and are subject to change from time to time. Normally, you need to repay this loan after two weeks along with the interest on your principal amount. Since these loans are unsecured and are given for a short period of time, they tend to be more expensive than the regular loans.
Applying for a same-day loan is very simple. You can get your loan sanctioned by submitting very nominal documents. The application process is very fast. You can apply for it online or via phone. If you are applying online, what you have to do first is to put your personal information such as name, email ID, and phone number in the online application form. Immediately after submission of your personal details and contact information, you will receive approval in 1 hour. After that, your will receive your funds within 24 hours which will be digitally transferred to your checking account. Now, you can utilize that fund 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 valid employment ID, checking account, and are capable of repaying the amount on a predetermined date.
These types of loans are offered in India by banks like HDFC Bank. Being the second largest private-sector bank in India, HDFC Bank captures 50% of the personal loan market by pushing personal loans in a massive and innovative way. Recently, the bank launched a new personal loan product to help customers get their loans approved in 10 seconds. The bank has received an overwhelming response to this new same-day personal loan product and disbursed personal loans funds of an average size of Rs.3 lakh in a minute. Currently, these 10-second loans are available for salaried employees only. Also, they need to be existing customers of HDFC Bank. It becomes easy for the bank to pass a loan in 10 seconds for existing customers as the bank it already has a record of these customers' transaction history, income and expenditure.
Citibank of India also offers instant personal loans. But, it takes normally 48 hours to approve and make the fund available to customers. You can avail funds up to Rs.30 lakh in just 48 hours with Citibank.
With a same-day loan, you can now face any unpredictable situations in life. It enables you to raise funds instantly with no hassle and very minimal paperwork.
Same-day loans are available for unemployed persons as well. However, the borrower might have to check with the lender regarding the eligibility criteria upon which such loans are offered.
The basic documents required by lenders for this loan are:
Please note that you might also have to provide any additional document as required by your lender. Therefore, it is advisable to get in touch with the lender before submitting an application.
Many lenders do not focus solely focus on the credit history of the applicants while offering same-day loans. In such cases, the financing company is more likely to check the repayment capacity of the borrower instead of his or her credit profile. Therefore, before you choose to apply for this scheme, it is advisable to check the terms of eligibility with the lender beforehand to avoid loan rejection.
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.