It’s finally happened. You need more than will be covered by a payday loan and you also need it fast. It might be time to look into same day installment loans.
Let’s Talk About Same Day Installment Loans
If it has a quick turn around time, it’s probably to going to be a pretty small installment loan. It may not be possible to get it this quick if it’s not.
What do we mean by small? Well, maybe something like a 500 dollar loan. Enough that you can’t pay it back in one lump sum, but not much more.
You may be talking about 90 day installment loans. That would be just three monthly payments to wrap up your obligation.
Same day installment loans do exist, but they have their limits. They aren’t likely to be an amount adequate to cover a new car or a house.
It’s typically going to be a little more money than you might get with a payday loan. It’s probably not going to be tons more.
A Little More Detail About Same Day Installment Loans
There are two broad categories of installment loans. They are secured and unsecured.
Secured loans are loans tied to some asset, such as a car or car title. If you fail to pay, the lender has a backup plan.
Such loans tend to charge a little less interest because they are less risky for the lender. The catch is you need to have assets to qualify.
If you have no assets with which to secure a loan, you can get an unsecured loan. These are no collateral loans. You may also see them called personal loans or signature loans.
Let’s Cover Some Basics
As with any loan, you need to be a legal adult and a citizen or legal resident of the US. A copy of your identification will be required and may be enough to prove those two things, in addition to providing some of the other information they need.
Common forms of acceptable identification include:
- A driver’s license.
- A state-issued ID card.
- A tribal ID card.
- A military ID card.
You will also need to provide some proof of income, such as a pay stub or recent bank statement. But, because they tend to be pretty small, same day installment loans don’t typically require much more paperwork than a payday loan.
Find Same Day Installment Loans
TheGuaranteedLoans if a loan finding service. We keep a database of loan products on file to help people like you get what they need as easily as possible.
You just fill out one online form and we look for a match. When we find one, we contact the lender and they get back with you to complete the process.
This helps save you time and protect your credit score. Applying for multiple loans can harm your score.