About 23 million American adults reported that they have not had enough to eat in their homes. Many are struggling with unemployment and underemployment during the COVID-19 pandemic.
Americans are looking for creative ways to make ends meet and put food on the table. Many are turning to credit cards and same-day loans just to keep the lights on.
If you find yourself in this situation, how can you get the best same-day loans? You’ll learn that all loans aren’t created equal.
Read on to find out what a same-day loan is and how you can get the best one.
What Are Same-Day Loans?
Same-day loans are quick loans that you apply for, get approved, and get the money all in one day. This is much faster than the traditional route, where it can take a few days or a couple of weeks to get approved for a loan.
You’ll come across two types of same-day loans: personal loans and payday loans. There are distinct differences between the two.
Payday loans are small loans, usually less than $1000. They’re short-term loans, and they are paid back in full within a month. Many of these loans have terms that ask for repayment in two weeks, or the next time you get paid.
You have to prove that you have a regular income, provide ID, and a bank account to get one of these loans. These loans have fees that need to be paid back, too. Fees range between $15 – $30 per $100 you borrow.
Personal loans are larger loans that are paid back in monthly installments. Some of these loans have lower interest rates and longer terms. Most lenders require a credit check and proof of income to approve your loan.
How to Find the Best Same-Day Loans
If you need to get money right away, it can be tempting to go for the lender that’s most convenient. Take a few moments and think about the long-term impact of your loan.
Ask yourself if you can afford to pay back the loan on time. Think about what happens if you can’t pay the loan on time.
Look for Red Flags
There are some same-day loan lenders that are just out to make money. They’ll charge higher than average fees, and hidden fees that are in the very fine print of your contract.
Legitimate lenders want to clean the industry up and are working to fight fraud in the industry. Rightway Funding is one of those companies that is taking on the bad apples.
In the meantime, make sure that you read the entire terms of the contract. Look at the total cost of the loan, the repayment terms, and the penalties for late payments.
Finding Same-Day Loans for Financial Relief
It’s not easy to find the best same-day loans. There are a lot of companies that want to take advantage of your situation. Before you sign up with a lender, check out their reviews and testimonials. You should check their ratings with the Better Business Bureau, too.
For more financial tips, head over to the Loan section of this site.
