What Are Same Day Loans What Are Their Types?

Same-Day Loans: What Is It And Is It Right For You?

If you come across any financial emergency, you look for ways to get some extra cash as quickly as possible. A same-day loan is one of the quickest ways to acquire fast cash but it comes with a higher interest rate than other forms of credit. The biggest advantage of taking same-day loans is that they are disbursed the same day your application gets approved. People rely on same-day loans for small amounts and their terms last for a few weeks or months. Now, let’s take a look at some of the types of same day loans.

Payday Loans

You can get payday loans online and they’re preferred when you need money urgently and are sure to repay the amount until you get your next paycheck. One benefit of payday loans is your lender will not perform a credit check. But, this benefit comes at a high price as lenders charge a flat fee or percentage for every $100 you borrow. For example, if you take $500 as a payday loan, you’ll have to pay $60 extra as a fee.

Title Loans

Title loans aren’t that popular as payday loans as you have to keep your vehicle as collateral while you’re applying for a title loan. The lender holds on to your car title until you repay the loan amount with interest. You’ll still have your vehicle to use while you’re using the loan amount but the lender is allowed to take your vehicle if you’re unable to pay the amount back. Moreover, just like payday loans, there is no credit check for availing title loans.

Pawnshop Loans

As the name suggests, pawnshop loans are a type of same-day loans where you have to keep something valuable as collateral. You can keep heirlooms, jewelry items, costly antique items, or anything else that you don’t need at that moment. You get some cash according to the value of the item and the pawnshop gets hold of it until you repay the sum of the amount taken as a short term loans. Pawnshop loans also come at a price and they vary from lender to lender.

Credit Card Cash Advance

If you need cash urgently but can’t use your credit card, you can take a cash advance from your credit card. It is the best option as you can draw cash at a bank or credit union, if you have the card PIN, you can get cash from an ATM also. There are some disadvantages associated with cash advances as there is an upfront fee and high-interest rates also. You may have to pay an interest rate as high as 24.99%.

Swiftloans.com.au is an online lender that provides online loans from $500 – $10,000. You can apply for loans from their website only which is safe and easy. You just have to fill the application form and submit your bank statements for the past 90 days to get your loan application approved. You can consider them for vet loans, same-day loans, holiday loans, travel loans, and more.

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