How-to get a same day loan.

For some reason, we have all been at a place where we wake up one morning and realize, today is the day, which I need to do something about my financial situation. There can be various reasons for this. It can be that you have too much credit and now a day after your payday almost your whole salary is already spent on living and credit obligations.

Now if you fall into this category, it will be wise of you to start considering other options like either a debt consolidation loan or if that won’t work, it can be time for you to consider debt review. One of the other reasons may be that you just need to get a loan as soon as possible, to either help you out of a tight spot or to help you add a nice extra like getting married or buying that new tech gadget that you just don’t seem to have the time or finances to save for.

 

For today, we are going to be looking at how to get your loan approved on the same day that you applied for your loan.

We are going to be considering online loans only. Yes, I know there is the traditional way of taking loans, from either your bank or that trusted credit provider of yours just down the street. But today we focus on the least time consuming of the two.

Now, this morning you decided it is time to take that loan. You search online and immediately you are presented with thousands of options, payday loans normally paid on your pay date, short term loans normally paid over 1 – 6 months, personal loans with terms up to 84 months.

Whichever one you are looking for depends on what you want to do, but all of them can be completed on the same day if comply with what gets asked from you.

So let us make it easy for you.

First of all – you need to complete an online application on your chosen credit provider’s website. Some of the websites will give you a conditional pre-approval immediately after you applied, other websites will give you notice that someone will be in contact shortly. With both options, you will get an answer yes or no within a matter of hours.

Now if the answer is “no”, well then you should consider applying somewhere else or you should consider first checking your credit report because the initial answer always comes after a credit check. That is why when anybody says “no credit check” you should not believe them as credit providers must check your credit as they can get a fine for reckless lending if they do not consider your full credit status.

Now if the answer is a preliminary “Yes” then this is where you need to sit up and listen. With that Pre-Approval, you will get details of what is needed to finalize your loan. You will be asked to either upload the documents or to email them. This part here will determine how fast you will receive that loan because now this credit provider is willing to consider your application.

 

Your loan documents are there to represent you.

Think of it as your window dressing, I mean you go to a dance party with your dance attire and a business meeting with your best suit. So this is the impression that your documents need to make.  

So let us have a look at what credit providers normally request. Normally a scan of your ID, well that is quite straight forward, but make sure that you send a clear scan of your ID, and if you have the ID card, send a clear scan of the front and back of your ID, remember if a credit provider can’t make out your details on the ID, they will not consider your application.

The next is your latest payslip; some might request your last 3 Payslips. With Payslips you need to make sure, if they request your latest one, that refers to the last pay date that you got salary, and make sure that all the details are clearly readable and that you payslip verifies your information and the information of the company that you work for, also make sure, nothing cuts off when you scan the payslip.

The last the three-month bank statement, normally what credit providers look at is from today backwards for three months, so if your bank statement is not up to date, the best option is to get an updated statement. Very important with bank statements is to make sure you send all the pages. Most banks have an option nowadays to get the last 90-day statement online or at their atm. Those statements are your best option as they will be up to date and show all the details for the last three months.

 

That completes your side of the application.

Now, all of that you can most probably do within an hour max 3 hours. From here the credit provider will take your documents and do their assessment. They normally check that your documents are correct, and check whether you can afford to take the loan, they will also confirm employment and do various other checks as per their credit policies. Normally when that is completed and everything checks out, you will get the loan.

As you can see most credit providers can complete your application within a two to three-hour time span, but it is all dependent on your willingness to supply them with truthful information and documents that reflect your honesty