We live in an age where everything is accessible within a few hours – even money. Loans have become widespread, so much so that nearly everybody has taken at least one out in their life. Loans can be very beneficial, providing that you pay them back and are not lazy about making repayments. Missing loan repayments can see massive impacts on your credit score and can prevent you from being able to take out loans, credit cards, or mortgages in the future. Loans must be handled thoughtfully and carefully. Some wonder, however, is it possible to get approved for a loan in a day? The short answer is yes, the long answer, well, that’s a little more complicated. This page will tell you the things you will need to qualify for a loan and how you can take one out in a day.
Same-Day Loan Providers
As was mentioned in the introduction, yes, you can be approved for a loan in a day, in fact, you can be approved for a loan in fifteen minutes. Getting quick loans is very easy, providing you know the right places to look for them. Secured loans, or payday loans as they are otherwise known, are same-day loans that come with high-interest rates. They are available to more or less anyone, providing that they meet the requirements. You can find an abundance of same-day loan providers all over the internet, but it is essential that you find one who has good reviews and offers reasonable interest rates – same-day loan providers that offer extortionate interest rates should be avoided like the plague, and there are many of them out there. You can easily find out what a company’s interest rates are on their website.
Eligibility
While you can be approved for a loan the same day, in theory, there is more to it than simply applying and being accepted. You will first need to meet the eligibility criteria, which will be detailed below. If you do not meet the eligibility criteria, then the loan provider can hard check your credit score (which will leave a mark and cause it to dwindle) and refuse you a loan. Eligibility is easy to meet, providing you are sensible with your finances and have a good history of being sensible with your finances. If you have not, you will likely fail at the first hurdle. Here are some factors for eligibility:
Credit Score
Perhaps the most important part of being approved for a loan: the credit score. Your credit score is a reflection of your previous financial history and if good is indicative of a responsible person, and if bad, indicative of somebody who cannot be trusted with a loan. Your credit score is a very important part of your financial record and one that must be looked after and taken very seriously. A poor credit score can affect you for the rest of your life and prevent you from being able to get a mortgage, other loans, and credit cards.
Income
A loan provider will never issue you a loan if you cannot afford to pay it back. Some years ago, there was a scandal in the United Kingdom wherein loan providers were offering loans to people who were not in a financially stable position and could not pay back the loans. They were charging very high-interest rates and ruining the lives of the people that had taken out the loans. This scandal was all over the news and caused many of the companies to declare insolvency. You must earn enough to warrant the sum of money that you are asking for with a loan, otherwise, the company will not give you a loan; you will have to provide bank statements.
Good Financial History
It is integral to the loan process that you have a good financial history. Good financial history is more than just a simple credit check, but a deep search that will check for defaults and CCJs. Ordinarily, you can still have a good credit score (after a few years) with defaults or CCJs, but they will remain on your score. They will be a huge deterrent to loan providers if they are present.
Commitments
If you have other commitments, you will not be issued a loan. These can include credit card payments, car finance, mortgage, rent, phone contract. You will only be denied if you cannot manage to pay back both and they see it impossible for you to do so.
Now, with the help of this page, you know everything there is to know about getting a same-day loan. Loans are a great help, providing they are taken seriously and not lightly.