CLF loans
CLF loan menu



Same Day Personal Loans

If you are trying to get approved for a personal loan with same day approval it is no surprise that you have chosen to use the Internet in your search. It is also will surprise that conventional lenders will not approve you for a loan the same day that you apply. Conventional banks just don’t do business with that way it if you are looking for same day approval on a personal loan you likely understand that conventional banks are not going to be in the equation. You will be applying with non-conventional lenders and this can pose some perilous issues.

Personal loans that actually do get approved on the same day of application are generally cash advance loans with high interest rates and high fees attached to the agreement. As we have discussed on the CLF web site many times, you need to be careful when dealing with non-conventional lenders in the cash advance sector. The other problem of the same day approval is that you are always limited in the amount of money you are able to borrow. Usually you can only get approved for between $100 and $1500 which is typical of these fast-track style loans.

To be quite honest, you should try to avoid ever putting yourself in the situation where you are applying for loan that you need to have approved the same day. Personally I would never attempt to get approved for financing the same day that I apply. Even the a week is sometimes not long enough to get the gears of finance rolling. First you have to set up an appointment with your bank (loan officer), gather your information, and to make a plan. Even after you have had your employment with the loan officer you will not get approved that day. You will have to wait until the loan officer considers your loan application and consults with his or her superior in the bank, and then even after that it is usually a few days before you get a call from the loan officer to come down to the bank and sign the papers. Even after that it can take up to five working days (bankers hours) before the money is transferred into your account. Of course I have just described a conventional loan with a conventional lender, and I know most of my readers will have given up on a conventional lender before they even got to this post.

There are some online solutions that I have seen promise you will get your cash on the same day you apply (so they claim), and they usually only goes high as $1500 and you will be taking on a high interest rates and possibly some nasty extra fees added on to the loan. If you have a good credit rating and perhaps some collateral to offer the bank as a form of security you may be able to fast-track the loan application process, but if you want to borrow more than $1500 and have they reasonable interest rate, you will be getting your money on the same day.

The the true reality is that when you apply for a same day personal loan you are considered a high risk borrower and this means you could fall victim to predatory lending practices. I realize that you may require some emergency funding and that you could possibly be in dire straits, and in this case you may have to bite the bullet and take out a high fee and high interest loan for short-term purposes. Fine, if that is what you need to do that is what you need to do, but please do yourself a favor and pay back this loan on time and in full. Once you have paid back the loan and in the short term of things

Consider how you got yourself into a position where you needed a desperate same day loan approval. I am not here to give some kind of lecture or cast judgment on how you are handling your personal finances (I claimed the bankruptcy myself so who I to talk fiscal responsibility) – I am here to talk about different lending practices taking place in California and throughout the United States.

I am not going to go into great detail about the wisdom of planning for a rainy day, or the discipline of saving money and budgeting your monthly expenses, because that is a subject for a whole new post. In the end any lender that offers a personal loan with a same day per approval will 99 times out of 100 be a car title loan lender, a cash advance they day loan lender, or a combination of these pointed out. Take a good close look at the fees you will have to pay and the penalties you’ll have to pay if you are late paying back your personal loan.

Before I go I would like to keep up with the practice of California Loan Find by doing an example loan scenario.  So here we go.

Let us assume that Dennis applies for a same day loan, and actually gets approved and gets his money. For the sake of argument let us say that the loan is and installment loan for $3000 and needs to be paid off in one year, with an interest rate (APR) of 36%. The terms of the contract between the lender and the borrower state that all payments will be made monthly so just for the sake of argument and make this easy I entered the number of days between payments as 30.4.

Using our calculator above and to the right we enter this information and do the calculation of interest on the term of the loan. These are the numbers:

Total Amount to be payed: 3585.00
Total amount of interest 585.00
Payments: 298.59