Money that can be in your account today? Find out about same day short term loans.
It is not uncommon for people to need money in a hurry, but not everyone knows that getting money in a rush can be simple and easy.
There are a number of direct short term lenders across the the country, and many of these provide same day short term loans or instant short term loans. Also referred to as payday loans, this type of financing gives you quick access to your approved loan and you can then use the money for whatever you need it for.
You can apply for one of these loans even if you have poor credit history. As the name implies, you have to repay such a loan on your next short term.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
- If the provider quotes a different rate to the one above please let us know
A selection of lender matching services you can apply with
These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
- If the provider quotes a different rate to the one above please let us know
What is a same day short term loan?
The basic concept of a same day short term loan is pretty much the same as any other loan type: You borrow the money and repay it along with all the fees and charges it attracts within a given time period.
With an instant short term loan, you can apply in-store or online, depending on the lender. If you’re looking for a one-hour short term loan, your best bet is to apply in-store, given that in-store loans normally come with quicker processing times.
In-store short term loans vs. online short term loans: What’s the difference?
You will have to qualify for the loan in order to apply, and you should remember that state laws can have a bearing on how much you can borrow or if you’re able to borrow at all.
How to ensure a quick short term loan can benefit you
An easy way to establish which quick short term loan will work best for you is to compare some features these loans come with, and here’s what you should know:
- Know what fees you’ll be paying.
Most fast short term loans charge loan fees that are based on every $100 you borrow, and while you don’t pay interest separately, the loan fee accounts for this. This fee can vary from state to state and from lender to lender.
- Make sure you can repay the full amount within the term of the loan.
If you can’t make the payment in full on the due date it can lead to having to refinance or rollover the remaining amount. Doing so can incur extra fees and charges, and damage your creditworthiness.
- Work out your loan amount.
The state you live in has a bearing on the maximum amount you can borrow, as does your ability to repay. While lenders have to abide by state regulations, they might judge your ability to repay differently.
- Ensure the application process is legal.
For a one-hour payday loan there’s a good chance you’ll have to apply in-store, where you get your money almost immediately upon approval. Some lenders who accept online applications give you the option of receiving funds instantly through a prepaid debit card, but this is not as common. In most instances when you apply online, you get access to funds the following business day.
- Ensure you have the required repayment methods.
You would, in all likelihood, have to provide a post-dated check or your bank account details if you apply in-store. If you apply online, you’ll have to provide your bank account details. If you’ve given a post-dated check, the lender will cash it on the due date. Otherwise, they will debit the money from your bank account on the due date. Certain lenders give you the ability to pay the loan ahead of time via credit cards, Western Union, or MoneyGram.
Cut-off times to get a same day short term loan
|Provider||Can you receive same day funding?||When do you have to apply by?|
|100 Day Loans||Varies between lenders.|
|Achieve Lending||Varies between lenders.|
|Advance America||In-store loans are funded within 10-15 minutes. Online loan applications received prior to 8 p.m. ET are funded the following banking day.|
|CashAdvance.com||Funding in 1-2 business days.|
|CashNetUSA||Loans approved before 9 p.m. CT Mon-Thurs are funded the next banking day, loans approved outside these hours are funded on Monday unless it’s a bank holiday.|
|Cash Central||Loans approved before 7:45 p.m. ET Mon-Thurs or anytime on Friday and Saturday are deposited the next banking day. Loans approved after 7:45 p.m. on Sunday will be deposited on Tuesday.|
|Check City||In-store applications can be funded within 15 minutes. Online will fund the business day if submitted before 7 p.m. MT on weekdays or 8 p.m. MT on Saturdays. Sundays and holidays will take an additional business day for approval and fund the business day after that.|
|Check into Cash||In-store funding available on weekends (some stores closed on Sundays) and online applicants can pick up their approved loans in-store.|
|LendUp||If your loan is approved by 5 p.m. PT Monday-Friday (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank.|
|Net Credit||Next banking day funding.|
|NetLoanUSA||Varies between lenders.|
|Personal Money Store||Varies between lenders.|
|Speedy Cash||If you visit a store you can pick up cash or have it loaded onto a prepaid debit card.|
|TrustedLoanNetwork||Varies between lenders.|
|USA Payday Cash||Next banking day funding.|
The good and not-so-good
What is the good?
- You’ll get quick access to funds.
This is without a doubt is one of the biggest advantages of same day short term loans – hardly any other types of financing can give you access to funds on the day you apply.
- Your bad credit history is okay.
While mainstream lenders shy away from providing loans to people with poor credit histories, the short term loan market is where you can look forward to getting a loan no matter what your credit score looks like.
- Be able to use the funds for any purpose.
Providers of fast short term loans tend not to ask why you need the money, and once you get access to approved funds you can use the same for just about any legitimate purpose.
And what is the bad?
- They can come with high fees.
If you look at the interest rate these loans attract, you’ll notice that it is considerably higher when compared to a conventional loan. This is the norm with short term loans. As a result, prepare to pay a fairly high fee.
- You could be stung with high default fees
If for any reason you cant pay back the loan, you may get charged with default fees. These can vary depending on what state you reside in.
Things to avoid with same day payday loans
Make sure you go through the loan offer documents carefully before signing them. This gives you a clear picture of the loan’s terms and conditions as well as the fees you’ll have to pay. Not doing this is something you should definitely avoid.
Try to also avoid making payments late because this will result in having to pay late payment charges. Avoiding refinancing your loan is also a good idea owing to the additional costs involved. Importantly, avoid taking a loan that you feel you might have difficulty repaying.
Lenders with 24/7 application processing
Questions you’ll need answered before applying
What are the normal eligibility criteria for such loans?
You will have to meet state-specific minimum age requirements, you should also have a steady source of income and be a permanent resident of the US. If you’re applying online you should have a functional checking or savings account.
How much money can I actually borrow?
Many quick short term loan providers provide loans of up to $1,000. The maximum you can borrow, though, depends on the state you reside in as well as your ability to make repayments.
What if I don’t repay my loan on time?
The lender could charge you a late payment charge or an NSF fee. Some lenders allow you to refinance your loan, but this would involve additional costs.
Can I get a same day loan with a debit card?
Some short term lenders can fund your loan on to a store debit card. If you have had a loan previously with the same lender, you could choose to have you funds added instantly to your prepaid debit card.
How fast can my loan be sent to me?
This can depend on many factors, including but not limited to – your bank, your account, your branch, how much you’ve applied for. In a perfect scenario you’ll be approved in 60 seconds and have the cash in 1 hour.
Are payday loans available in my state?
Compare payday loans in your state
While getting an instant short term loan is not particularly difficult if your meet certain basic eligibility criteria, given the number of options on offer, it is best that you compare a few before making a decision.