Am I Eligible for Same-Day Loans?

Good financing options when you’re in an emergency are quite limited. Either you wait for a bank loan, whose approval can take upward of a week, or try to find personal loans approved on the same day.

A same-day cash loan is a solid option if you need money until payday. It can also be a lifesaver for pensioners as they can find lenders that accept Centrelink payments. Even if your credit score isn’t the best, there are same-day personal loans for bad credit paid in cash to tide you over.

If you’re looking for same-day loans with easy approval in Australia and trying to see if you’re eligible, keep reading.

What this article covers:

What Are Same-Day Loans?

The loan application process can take several days in a traditional bank because of the heavy traffic it gets. Same-day loan lenders offer an alternative in the form of online loans that are paid on the same day.

same day loans

Same-day cash loans are online loans that guarantee approval and fund transfer within 24 hours during business days. They’re given by non-bank lenders who process your application quickly, resulting in fast loans with same-day approval and payout.

Am I Eligible to Get Loans on the Same Day?

The eligibility criteria for instant same-day loans aren’t that complicated. They include:

  • Being 18 years or older.
  • Being a citizen or a permanent resident of Australia.
  • Having an active bank account for a specific period.
  • Providing proof of income and a current address
  • Meeting the income requirement for the amount of money you’re borrowing.
  • Providing the legal papers for any collateral you add as a security for your loan, for example, your car.

same day cash loans

How Can I Get Approved for Same-Day Personal Loans Online?

Online same-day loan approvals are guaranteed if you meet the requirements of a non-bank lender, which shouldn’t be that difficult to do. All you have to do is share the following information:

  • Why you’re taking out the loan
  • Your personal and contact information
  • Details of your current employment/benefits status
  • Your bank account details, including your recent bank transaction history
  • 100 points of identification

If you’re applying directly to a lender, they’ll check your information and see if it matches their approval criteria for an instant, same-day cash loan. If you’re applying through an intermediary, like Orange Loans, they should match you up with a lender that accepts your application and provides the funds.

Keep in mind that they have different fees for different lenders. The rates also vary when you’re applying for short-term same-day loans vs. long-term same-day loans, as well as secured vs. unsecured loans.

same day loan

Conclusion

When you’re looking for loans that pay the same day, it can be a bit intimidating at first. This is especially true if you’re looking for cheap same-day loans that won’t break the bank when you’re trying to repay them.

Thankfully, you can apply for online loans with same-day approval so your financial needs are met on time. Services offered by intermediaries like Orange Loans can help you find low-interest same-day loans that meet your expectations and then some!

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