Loans Paid Today: All You Need to Know!

Many of us encounter situations where we need a bit more money than we have. When that happens, getting a loan is the first solution we think about. 

Unfortunately, though, loans can take a while to get approved, and waiting isn’t a luxury for a lot of people. As such, many lenders have it their specialty to give out same-day loans.

If that’s the type of loan you need, here are a few things you should know to get loans paid today. 

What this article covers:

Where Can You Find Loans Paid On the Same Day?

Same-day loans are available in various parts of Australia. However, banks aren’t the place to go for same-day loans. 

Unfortunately, bank loans aren’t that easy or quick. You see, banks need to run credit checks, assess your living expenses, review and verify your information, as well as keep written records of the whole process. Accordingly, it can take weeks for you to get a bank loan. 

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That’s not the case with private loan providers, though. Since everything is done electronically, their clients can receive the loan funds in as short as a day and, sometimes, after just a few hours. 

It’s with noting that the efficiency does come with a price. Same-day loans tend to have slightly higher interest rates and fees than bank loans. Still, in the grand scheme of things, it’s nothing too major. 

How Much Can You Borrow?

Generally, same-day loans are on the smaller side. Most owners will only offer $2,000 loans, though some can go up to $5,000. 

For loans larger than $2,000, you’ll be hard-pressed to find a lender capable of paying you on the same day. For such a large amount, lenders will need time to run a credit check on you and review your supporting documents. It’s also highly likely that they won’t have the funds ready. 

So, don’t put your hopes up for a same-day loan if it’s above $2,000.

Types of Same-Day Loans

Same-day loans can be payday loans or personal loans. Don’t know the difference? Here’s a brief explanation. 

Payday Loans

In various parts of Australia, the term “same-day loans” is used interchangeably with ”payday loans”.

Basically, same-day payday loans are short-term unsecured loans that usually don’t require a credit check. Typically, the monthly installment date is set according to the borrower’s payday, hence the name. However, you can have up to a year to pay the loan back. 

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Now, the thing to keep in mind with payday loans is that they’re rarely reported to credit bureaus. So, even if you make all your payments on time and repay the loan in full, a payday loan won’t help you improve your credit score.

While this is regrettable, you can’t deny how useful payday loans are. They’re simple, fast, and easy to obtain so that even bad-credit clients and Centrelink recipients can get one. 

Note: Other names for payday loans include same-day cash advances, cash loans, instant loans, and quick loans.

Personal Loans

Occasionally, same-day loans are regarded as unsecured personal loans. For small loans, there isn’t much of a distinction between payday and personal loans. Fees, loan terms, and even payment plans are the exact same across the board. 

However, same-day personal loans are regularly reported to credit bureaus. Accordingly, if you repay the loan in full, your credit score will start shooting upward.

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Are There Same-Day Loans for Bad Credit? 

Yes! Same-day bad-credit cash loans are a real thing, but not every lender will offer them. 

While you won’t get the absolute best rates, you’ll still get the necessary funds at the end of the day, and that’s all that matters. 

Conclusion 

If you’re looking for loans paid today, don’t go to a bank. Instead, submit a same-day loan application with an online loan provider. 

With a bit of luck, you should get a quick approval, with the money reaching your account before the day is out. 

Just remember that you’ll rarely be able to get a same-day loan for amounts larger than $2,000. If that’s fine with you, don’t hesitate to get a same-day loan. 

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