Short-Term Same-Day Loans

Facing unexpected expenses, like a car repair or medical bill, can wreak havoc on your finances. Banks and traditional lenders tend to have a rigorous application process that can take days and even weeks before you’re approved. 

We understand that financial emergencies can’t wait, so a quick solution is in order. That’s where short-term, same-day loans come in to save the day.

If what you need is a loan paid today with reasonable fees, keep reading.

What this article covers:

What Are Short-Term, Same-Day Loans?

Applying for a loan from a bank might seem like the only option you have when your financial situation doesn’t go as planned. However, traditional lenders have a system in place that accepts thousands of applications daily. This slows down the approval and delays the funds reaching your account.

Same-day personal loans from alternative lenders are the answer to your needs. You can apply for a small-amount, short-term loan and receive the approval and money within hours of your application.

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The process is streamlined by doing a quick check on your finances before transferring the funds. You’re then presented with options when it comes to how long to pay off the loan and how often to fulfil instalments, whether weekly or monthly.

If you apply during weekdays, you’ll receive an offer from a trusted lender almost immediately. Then, the loan should make its way to your bank account in less than 24 hours.

What are the Fees and Terms?

Most short-term loans can be paid in up to 180 days (6 months). However, lenders can be flexible enough to offer plans that suit your needs and work with your income schedule, so you’re not flustered by the payment.

Trusted lenders don’t add an interest rate to the short-term loan, but rather an establishment fee that doesn’t exceed 20% and a monthly loan fee that usually sits around 4% of the loan amount.

Depending on your income type and how often you receive your paychecks, you can set up your instalments to be paid weekly or monthly. 

You should keep in mind that paying off the loan sooner in large instalments can make it cheaper than taking your time with it.

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How Do I Qualify for a Short-Term, Same-Day Loan?

There are some basic requirements that you should meet to be eligible for same-day loans. They include:

  • Being at least 18 years old at the time of the application.
  • Being a tax-paying resident of Australia, whether you have citizenship or a permanent residence visa.
  • Having an active, established bank account.
  • Providing proof of income for at least 90 days.
  • Meeting the affordability requirements for the loan.

Should I Have Good Credit to Get the Loan?

If your credit score isn’t the best, you might be wondering if there are loans for bad credit with a same-day deposit. The short answer is yes, but there are some caveats.

Some lenders provide same-day bad credit cash loans, which require no credit check for loans under a certain amount, usually $2,000. These lenders believe your income and current financial situation should determine your affordability, not your past credit history.

That said, you should always practise responsible borrowing and never take out loans you aren’t sure you can pay on time. This is especially true if you want to get a new loan to pay the instalments of a previous loan, which isn’t a wise financial decision.

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What is the Best Same-Day Loan Company?

Loan companies are divided into two categories:

  • Primary lenders: They give you the money directly after you apply.
  • Intermediaries: These liaise with several lenders and bring you the best deal for your financial situation.

In a nutshell, the best loan company is the one that caters to your needs and brings you the service you ask for. If you find that with a primary lender, that’s great! However, try checking out the offerings of intermediaries like Orange Loans, as well.

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Final Thoughts

Orange Loans is an intermediary that works with several trusted lenders who’ve been in the financing business for years to bring you the right loan for your needs. That way, you get to browse multiple offers until you find the one that suits your unique situation.

With the help of experienced financial advisors, you can rest assured the financial solution you come to is the best one on the market for you. 

Whether you’re looking for payday quick loans to tide you over, short-term loans for pensioners with bad credit, or same-day cash advances, we’ve got you covered!

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