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Sometimes, you need a loan right away. You might have to make rent, cover an unexpected medical bill, or make an emergency repair to your car. Whatever it may be, a same-day personal loan can sound appealing. But you might be wondering if same-day loans are legitimate. Let’s dive deeper into how same-day personal loans work and show you how to find loans from safe, legitimate lenders.
Same-day personal loans are usually small-dollar loans with shorter loan terms, such as a few weeks or months. Here are some common examples:
Cash advances are loans that you can use to cover expenses before your next payday. You can typically receive a few hundred dollars and pay back the loan in two to four weeks. Many cash advance lenders have more lenient credit score requirements and will consider other factors like income and employment history. That means borrowers with poor credit can get approved for these loans.
Installment loans are lump sums of money you can borrow, then pay back over time in fixed monthly payments of principal and interest. They can be secured (requiring collateral) or unsecured (not requiring collateral).
Lines of credit are flexible loans that let you borrow money up to your credit limit whenever you need it, then pay it all at once or over time. You’ll only pay interest on the amount you borrow. Once you have a line of credit, it’s one of the fastest ways to borrow money.
Title loans let you use your vehicle title as collateral for a loan if you own the vehicle free and clear. The title lender will appraise your car, then offer a loan equal to 25 – 50% of its value. You may get the funds that day and can keep driving your car as you pay the loan back.
Many same-day personal loans are safe and legitimate. That said, there are also some scammers out there. Here are some tips to avoid them and get a legitimate same-day loan:
Lenders will never charge you any fees before you sign the paperwork. Instead, they’ll include the fees in the total cost of the loan or charge them separately after you finalize the loan. If a lender asks for a fee first, avoid them.
Lenders must register in any state they do business. If the lender has a website, they may list them on there. If not, you can check with your state’s department of banking/financial regulation or attorney general’s office. That said, legitimacy doesn’t always mean they’re a good lender. Check their profile with the Better Business Bureau and look up reviews as well.
Some scammers will try to imitate legitimate lenders or create a website that looks like a real company. However, there are still subtle signs they aren’t legitimate. One sign is symbols, strings of numbers, or misspellings in their URL — especially if they’re trying to look like an existing lender. Another sign is if they’re using a PO Box as their mailing address. Most lenders don’t use PO Boxes to receive mail.
Lenders will never offer you a loan unsolicited. They may send you prequalification offers in the mail to encourage you to apply, but they won’t call, email, or mail you with loan funds without an application. If someone tries to give you a loan you didn’t apply for, avoid them.
Same-day personal loans can help you out of a financial crunch, whether you have an upcoming bill you can’t cover, your car breaks down, or you run into another financial emergency. Many lenders are safe, but scams exist too. By following the steps above, you can avoid illegitimate loan offers and get the funds you need fast.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
