How Does Same Day Lending Work?

Same-day lending can be incredibly helpful when you're hit with a surprise bill, your car breaks down, or you need an extra influx of cash to make ends meet. While these loans aren't good for sorting long-term financial problems, they can allow you to deal with short-term emergencies within 24 hours.

Consider our article the only guide to same-day lending you'll ever need! We're about to go over everything you need to know about how it works, the types of loans, and how to get one.

How Does Same Day Lending Work?

A same-day loan, otherwise called an emergency loan, is a loan that is given to you the same day (hence the name) as you're approved. They're short-term loans, meaning your financial climate isn't impacted long-term.

Often, they are due for repayment by the end of the month, meaning they aren't reported to credit bureaus, thus, not affecting your score.

Does Your Situation Justify Same-Day Lending?

While your first reaction might be to go and get on right away, that isn't necessarily the best idea. Your situation may not justify a same-day loan.

These loans are meant for emergencies only. You should never use them to fund shopping sprees, make impulse purchasing decisions, or buy presents.

Our customers often use our same-day loans for the following scenarios:

  • Paying overdue bills to avoid late fees and credit score damage
  • Funding medical bills
  • Paying for emergency travel
  • Funding necessary home repairs
  • Paying for bills that were higher than expected
  • Funding a surprise bill
  • Paying for essential vehicle repairs

Don't worry if your emergency isn't listed here. We understand that other situations can make same-day lending a good idea. So, generally speaking, if your circumstances would become more expensive or worsen if left unpaid, you can justify acquiring an emergency loan.

What Are the Types of Same-Day Loans?

Usually, same-day loans come in small amounts. As alluded to, the terms only last a few weeks or months, depending on the type. We'll discuss the top three kinds of emergency loans here.

1. Payday Loans

Payday loans can be acquired in-store and online. They're made for covering expenses until your next paycheck.

Typically, you can borrow up to $500, allowing you to cover surprise bills or other similar emergencies. The requirements differ from lender to lender. But nine times out of ten, you just need to supply a blank check from your active checking account, proof of income, and a valid state-issued photographic ID.

Make sure you read all loan documentation carefully before supplying your signature to ensure you're entirely aware of the terms.

2. Signature Installment Loans

Signature installment loans are often known as "good faith loans" because you don't need to supply any collateral. In other words, you don't need to risk assets like your vehicle or home.

With our loans, you can borrow up to $1,500. However, we encourage you to request no more than you need. After all, there's no point in repaying a loan amount you never required in the first place.

To get signature installment loans from us, simply follow the steps below:

  1. Complete our easy online request form. It sends your information directly to your local Missouri Title Loans, Inc. store.
  2. One of our loan representatives gives you a call once they receive your information. During this call, they'll run through the necessary documents, confirm you understand the process, and answer your questions.
  3. Next, head to your nearest Missouri Title Loans, Inc. branch with your driver's license (or another state-issued photographic identification), checking account statement, and proof of income.
  4. A loan associate reviews your documents to assess whether you qualify for a signature installment loan.
  5. If you do qualify, you will complete the process with the associate's help.
  6. Finally, you get the money you need on the same or following business day.

3. Title Loans

money for car title

If you own a car, truck, or van, you might want to consider a title loan instead of an installment loan. Our title loan borrowers can borrow up to $15,000 to fund much larger emergencies like major home repairs.

Unlike the above, you don't have to go to your nearest branch. Our verification agents are more than happy to meet at your home or workplace to assess your vehicle and deliver the loan packet.

On top of that, they're better suited to those with bad credit. We regard the value of your vehicle more than your FICO score, ensuring you get approved with a great or terrible financial history.

Start Your Same-Day Lending Inquiry Right Now!

Let same-day lending put your life back on track with our friendly team at Missouri Title Loans, Inc. Get started by completing the straightforward, secure online inquiry form. We'll give you a call once we receive your request.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.