Requirement for emergency cash can arise any time. Here is when a same day loan can come in handy.
Overview of Same Day Loans
Same day loans as the name suggests are cash that can be given out on the same day without any hassles. You might need to complete certain formalities and the right approval for the loan to get processed. Many a times, banks might take a day or two to process the loans.
If you are in dire need of money and cannot wait for a day, then you can check out websites such as BINGOLOANS.CO.UK. All you need to do is fill in their application online with relevant detail and the rest will be handled by them. BingoLoans take customers’ privacy very seriously. You can be assured that none of your information will be shared to third parties.
Different Types of Loans that you can opt for
When it comes to any types of loans, you need to review your options carefully. Each loan works in different ways. The interest rates and fees might vary from one lender to another. Some of the common types of same day loans include:
- Title Loans
- Pawn Shop Loans
- Payday Loans
Title loans are a great option for people who have a bad or no credit rating and are in urgent need of cash. Here you need to give an asset as collateral such as your vehicle. The maximum amount that you can apply for depends upon the value of your vehicle.
One of the benefits of these loans is that you can apply online and can be approved instantly. The money will be deposited into your account. The only downside of this is that you may be charged higher interest rate.
Pawn shop loans are another way to get quick cash. Pawnshop loans work by pledging your asset such as an antique item, electronics or jewellery in exchange of cash. The pawnbrokers will analyze the worth of the asset and then give you the cash. You can get back your asset once you pay off the loan amount along with interest on or before the due date. If not, the pawnbrokers can sell off your item to recover the cost.
Payday loans are short term loans that lend you cash, which needs to be repaid on your next payday. These types of loans come with a high interest rate and annual percentage rates (APR). If you are unable to repay the loan amount, it can get into your next payday loan. You can also opt for payday alternative loan if you are a credit union member.
An Easy Way Out of Same Day Loans
If none of the above options work for you, then you can check out the below alternatives:
- Opting for traditional personal loans from banks and other financial institutions
- Borrowing cash from friends or family
- Using credit cards
Ensure that you are well versed with what you are getting into before applying for a loan. Enquire with multiple banks and opt for ones that come with low interest rates.