Overnight loans are generally applied for, and approved, when a potential borrower applies with an online lender and is funded very quickly. These are usually payday loans for 1500 dollars or less.
However, lately we’ve been seeing loan applications and overnight, 24 hour approved disbursements for as high as 3000 dollars. Sometimes as high as 10000 and 5000 as well. Many borrower’s are interested in consolidating their debt – a good reason for getting a 10k loan.
These kinds of loans are not so easy to find anywhere – including your local banks conventional lenders, and the so-called online lenders.
Note: for the remainder of this post, the term “overnight” may be signified with the acronym ON on, in bold and capped text.
There are some reputable banks and lending institutions that provide the odd overnight loan, but generally for smaller amounts, and these kinds of micro-loans are usually under 3000 dollars. Your average quick, 24 hour loan, is for even less than that – more like 1500 or 1000 dollars total. When it comes to fast personal loans you are generally going to be seeing payday loan companies flogging their high-yield products.
In short, the fastest overnight loan you can get is online, and it’s usually for less than 500 dollars. What we want to talk about in this article, is getting an overnight loan for higher amounts, such as 10000 dollars, 5000 dollars, and 3000 dollars – and I mean non-payday loans and/or cash advances.
Interest Rates on Overnight Loans
When you get an overnight loan there is an interest rate issue (or APR issue). We need to discuss this here before we set out to present the possible approval of a 10000, or 5000 dollar loan. Without question the credit bureaus will be contacted digitally to check out your credit rating and FICO score.
It doesn’t matter if you are applying online in the wee wee hours of 1 AM, 2 AM, or 5 AM – your application will be processed during normal business hours. Statistically speaking, most borrowers apply between 9:00 AM and 1:00 PM, Monday – Friday, and the vast majority of applications are processed by staff members during typical business hours. So in short, if you want an overnight loan approved, you better have the application filled and submitted by 9:00 AM EST (Eastern Standard Time).
Back to the issue of your credit score. If you want to be approved overnight for funding, and I mean having the money deposited into your checking/savings account the next morning, y0u better be prepared to pay an interest rate that is quite high. If your credit score is fairly low (such as a FICO score between 500-600) you can expect an APR of between 10% and 20%. I’ve actually seen higher interest rates from overnight lenders than that – imagine that! In that case don’t bother.
Math on a $3,000 Dollar Overnight Loan
A 3000 dollar loan applied for and approved overnight, or in one 24 hour period is the most common for loans over $1500. Here we will do some math on a typical overnight loan for 3000 dollars. Note the principal loan, the interest rate costs, and compare that with the 10000 dollar loan and the 5000 dollar loan presented below. When I say desperate, I really mean it, because borrowers who need money that fast have to be desperate.
ON Loan Amount = $3,000
Interest rate on ON loan = 12%
Payment Schedule on ON loan = biweekly (payment every 2 weeks or 5 days)
Length for total ON = 2 Years
Cost on a 3000 dollar overnight loan
Total Amount to be paid on ON loan = $3,366.92
Total amount of interest ON loan = $366.92
Payments every 14 days or two weeks on ON loan = $64.57
Note that for this overnight loan of 3000 dollars the total interest to be paid over the 2 year term is three hundred sixty six dollars and 92 cents. The payments every 2 weeks (or fortnight; or 14 days if you prefer) are sixty four dollars and fifty seven cents. Not a terrible cost of borrowing, but it could be much less or much more – depending on opening and closing fees. Not to mention the cost of penalties for missed payments and the like.
Math on a $5,000 Dollar Overnight Loan
A 5000 dollar loan applied for and approved overnight, or in one 24 hour period is not as common if you look at the statistics for personal loans given out over a 24 hour time period, but nonetheless we should calculate these results as well. You can see below that the cost on this 5000 dollar loan is going to be much more than the 3000 dollar loan example above. See the 22% interest rate and the 3 year overall term of the loan.
ON loan Amount = $5,000
Interest rate on ON loan = 22%
Payment Schedule on ON loan = monthly (payment end of every month)
Length for total ON loan = 3 Years
Cost on a 5000 dollar overnight loan
Total amount to be paid: $6,695.52
Total amount of interest $1,695.52
Payments: $183.44
Notice that in this example the borrower is on the hook to the lender for interest costs of one thousand six hundred and ninety five dollars and 52 cents. The borrower’s payment comes to a total of one hundred and eighty three dollars and forty four cents. I know that this is more expensive in regards to a 24 hour loan, but I’ve seen worse than a 22% APR before.
Math on a $10,000 Dollar Overnight Loan
Now for the big daddy of all 24 hour loans – the 10000 dollar overnight loan. In this example the lender is giving our borrower a very reasonable interest rate of 6% on the buck. Here you will see that the payment schedule is once a month as in example #2. The length of this overnight loan is 5 years which will mean the lender will do quite well on the this product.
Overnight Loan Amount = $10,000
Interest rate on ON loan = 6%
Payment Schedule on ON = monthly (payment end of every month)
Length for total ON = 5 Years
Cost on a 10000 dollar overnight loan
Total Amount to be paid on ON = $11,524.7
Total amount of interest paid on ON = $1,524.71
Monthly Payments paid on ON = $189.45
See how the total interest paid on this overnight loan is one thousand five hundred and 24 dollars and 71 cents. The monthly payments are fairly hefty at one hundred and eighty nine dollars and forty five cents.
What to Watch Out For When Applying For an Overnight Loan
Whenever you apply for an overnight loan you have to make sure that you are dealing with a reputable lender. A legitimate overnight lender will charge you a reasonable APR on the funding, and they will never ask you to make ANY kind of payment up front. We at CLF have been trying to pound this warning home more and more lately as we have been hearing about some loan shark companies asking for some kind of fee, or opening payment.
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20 Responses to “Overnight Loan – 10000, 5000, 3000 Dollars”
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November 13th, 2009 at 11:23 am
I need to pay off some bills and am getting a 70,000 dollar early withdrawl from my pension 3rd week of next month but need money now to hold my house and pay bills please help this can easily be verified
November 13th, 2009 at 11:31 am
need money today to pay bills and house payment recieving large pension next month
November 22nd, 2009 at 12:18 am
[...] So from my own experience with commercial loans, I would suggest looking for a money guy who will take a slice the pie in a finders fee. If your small business is a good risk and has a great chance for success, then the broker will have an easier time finding you the 200K. These brokers work with venture capitalists, and have a lists of wealthy investors who want to invest in “for sure deals”, and they do it for profit – sometimes huge profit of course. But like I said, your commercial enterprise will have to have some realistic estimates showing future profits. You need to have an offering made so these private investors can see your claims in writing. They need to have something to hold you and/or your company and existing stake holders on for security. The offering and business plan has to based on facts and solid market research, or forget it. This commercial loan may take awhile to get, like I said, and I’m sure you can see that you won’t get your loan overnight. [...]
January 15th, 2010 at 10:04 am
So where do you think I should apply for a loan that I can get approval on over night? Or at least in 24 hours. We are desperate to get a loan ASAP and we are having trouble finding ANY bank to approve us. Our credit isn’t that bad either. So frustrating.
January 15th, 2010 at 10:10 am
@carly – I know it’s really frustrating to get approved for an overnight loan by the banks these days. Even online lenders!
Have you tried using a local credit union, or moving your finances to a credit union and then applying with them?
Most banks will be more flexible giving you a loan if handle all your finances with their bank.
Have also tried getting approved with the list of overnight lenders we have listed on our approvals page. You can do a search for “lenders” in our search box at the top/right of our page.
January 20th, 2010 at 5:58 pm
My name is Kate Smyth, I saw your message online requesting for a geniune private loan provider (lender) online. I would advise you to be very careful because some lenders
online are fake. We finally found a lender that lent us over $800,000 USD from a lending institution that is online (and offline) that has really good customer service.
This is a reputable bank and they were very reasonable with interest rates and fees. I would recommend them as a true, legit, lender. They have honest employees and honest loan agreement documents (without misleading small print). A good friend of mine turned me on to this lending company, and I’m passing in on hear to the readers of California Loan Find. By the way, California Loan Find is just a name because this site has good information on sub-prime lenders anywhere in the world.
January 21st, 2010 at 10:33 am
Hi Mrs. Kate. Little bit confused here because you left this message about an honest lender that lends at good Interest rates for large amounts of money. Over eight hundred thousand dollars is a crazy amount of money to be lending as a cash loan, and I would like to hear the details of the collateral, and/or assets the bank accepted for security.
Also, what is really weird is that you didn’t leave contact information for this “legit” lender.
Please add the contact information so our visitors can sniff this lender out for themselves.
January 30th, 2010 at 12:01 pm
I am legit loan lender that offer loans to serious minded customers only at 3% interest rate.my email contact is [brent.timmons@gmail.com)
May 6th, 2010 at 11:39 am
So Brent, have you got any loan/borrower leads of the comment you put on CLF?
Just wondering if lending money through other people’s blogs works?
Not being tongue-in-cheek here either – really…..wondering.
Mark
May 22nd, 2010 at 3:46 pm
I would like a $6000 dollar loan to pay rent, food, and travel. I make $1300 a month and work for the City of Boston. I am 46 years old. Thanks in advance.
May 24th, 2010 at 10:44 am
Have you tried all your reputable local lenders Lee? If so, what did they tell regarding reasons for declining your loan??
More info needed.
June 15th, 2010 at 5:25 pm
ClFadmin; Yes, you said you found a good honest lender, but you didn’t leave the name of the lender so others may check it out. Are you bluffing us, or not – what’s up? Why even write an Email about this lender if you are not willing to give out their name, contact information, and possible web site address?
June 19th, 2010 at 10:35 am
Hi Alice, that was actually a visitor who left a comment saying she new of a “good lender”, and she must be representing a lender she is working (or brokering) for. She in not a CLF member, writer, or financial underwriter.
As far as getting approved for a personal loan goes, there many pages on Californai Loan Find that point out lenders.
August 27th, 2010 at 12:44 pm
So, I’m trying to find a legitimate place to get a substantially large loan. (Well, for me anyway.) I’m looking for $25,000. This would alleviate all stress in my life.
Currently, I’ve looked at TONS of online sites trying to get this “fast” money. My husband and I are in the process of divorcing, I just found out I have cancer, and right now, my 8 month old daughter and I are living with my parents. (That’s the biggest kicker.) I need this money so terribly. It would fix my marriage, get mine/my husbands credit built back up, and get us entirely out of debt to start looking for somewhere else to live.
Where do I go to get this much money, and nearly overnight? I’ve got a good credit score, but unfortunately, no collateral, so you can cancel out nearly every bank as far as lending money goes.
Any suggestions?
September 27th, 2010 at 6:22 pm
I am currently in nursing school and do not have a job. I owe close to 3000 in credit card debt and I’m behind on payments. What should I do? I’m at my wits end.
December 9th, 2010 at 1:53 pm
I’m looking for a $5,000 loan and would like some names of actual lenders. I have a bankruptcy that was discharged in May of this year.
December 11th, 2010 at 11:41 pm
I need a 5000 loan to pay off two bills, my mother’s property taxes (she now resides in a nursing home), X-mas for our 10 grandhildren and extra cash. I am on SSI due to a work injury and my husband is employed fulltime with the same place for 37 years.
March 21st, 2011 at 2:58 pm
Hello,
I am very desperate for an unsecured loan of $20000. I have stayed behind on a lot of payments and payday loans. Reasons,brother sick,passed away,mother pulmonary embolism,husband total knee replacement and getting back disk surgery coming month. So as you can see how desperate I am to find a lender to help me catch up and payoff everything and stay with one payment of at least $500 per month. I have a good job earn gross pay 4200 but I just can’t keep up. By getting this loan I would be able to pay my debts and get my credit score up.
Please I beg anyone to give me the chance to prove that I can pay the loan back the circumstances from this past few years has placed me in a very low score and I want to bring it up and not loose my home either.
I have submitted donation requests just to get fake checks and money orders, I don’t understand how can there be so very bad and mean people that enjoy playing with our feelings. Thank you.
Elsa T
April 13th, 2011 at 1:55 pm
Hello, I would like to thank you for your services. I’m dealing with a law firm fixing my credit up. One thing i found is that there is like five bankrup on my credit that where filed wrong. the judge dismissed them and i can get copy’s of them from the court house. also there where a tax lein that is no longer in a valid. I’m going through a divorce and i’ve found alot of issues on the report. Thank you.
April 25th, 2011 at 2:18 am
I need $3000 to for my security deposit and 1st months rent on a new rental. I live in Virginia and I need it by wednesday.