Some expenses are unexpected and must be paid immediately. But sometimes you just don’t have the funds to cover the expense. If your car breaks down and it was your only source to get to work or pick up your kids from school, you will want to take care of it as soon as possible. Next day loans can get you the money you need in a hurry and the process is extremely easy.
What are Next Day Loans?
Next day loans are usually small loans that are approved instantly and have the funds available to borrowers within 24 hours. Next day loans are also short term loans, meaning that they are required to be paid back quickly. Due to the convenience and speed of next day loans, they will often come with higher interest rates than traditional/conventional loans. This is understandable however, since most traditional lenders won’t loan money for amounts as small as the average next day loan is. And since you’re getting your money a lot quicker than traditional loans, most people don’t mind paying a little more for the immediate service.
How to get Next Day Loans
Next day loans are simple to get and the approval process is far less strenuous and involved as traditional loans. This is mostly because you can apply for next day loans online and the eligibility requirements aren’t as strict as conventional loans. Next day loans usually only require that the borrower:
- Is at least 18 years old and a U.S. Citizen
- Is currently employed with steady income
- Have a minimum income of $1000 (this number will vary depending on the lender)
- Have a valid bank account for the funds to be disbursed to
If you meet those minimum requirements, the chances are very good that you will qualify for a next day loan. If you need funds in a rush, don’t wait; apply for a next day loan today.
Advantages of Next Day Loans
One myth about next day loans is that they’re only for people with bad credit. Even people with superb credit run into financial hardships and need funds in a rush. No matter what your position is, next day loans are advantageous for everyone regardless of your credit score.
The ability for people with bad credit to obtain next day loans is a great benefit however. Since the loans are process so quickly, there are a lot of lenders who don’t run a credit check on borrowers at all. As long as you meet the qualifications mentioned above you have an excellent chance of being approved for your next day loan.
The speed in which next day loans are approved and deposited into the borrower’s account is probably the biggest advantage these loans have over traditional loans. When you need money and can’t afford to wait for a check in the mail or don’t want to stay on hold for hours trying to get a hold of customer service, next day loans will really come in handy. Since the funds are deposited directly into your bank account, you can spend the money right away.