How Fast Can You Get The Same Day Loan And What Documents You Need?

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Individuals can avail same day loans by following some quick and easy steps. The person applying for the loan must fill up a particular form provided by the lender body and then wait for the approval. The amount sanctioned by the lender after reviewing the documents gets credited to the individual’s account generally the day after filling the application. The next day must be a business day and not a weekend or holiday. It is called the same day loan, but the money gets disbursed on the next working day of the bank or the lending institute.

Loan approval to personal loan disbursal can take several weeks to only a few minutes, and the process depends on the lender. The peer to peer and online lenders have the ability to approve any loan for an individual in a few minutes whereas few credit unions and banks might take a bit longer as to a week or two.

Things That Are Considered By A Lending Institute Before Providing Loan

Every lending company and institutions have their own set of rules and regulations for lending money. However some of the factors like the income of the individual, credit score, history of previous loan repayments, etc. are some of the most common factors that are taken into consideration by most lenders. The chances of approval of the loan increases when a person has a relationship with the lender company or the bank.  The verification process helps the lender to decide whether the borrower will get the loan or not. These same day personal loans are unsecured loans and do not require any mortgaged property or any other bonds for lending money. The lender is therefore always at a risk of their borrowers absconding with the loan amount or defaulting on the loan, thus they cross-check several times before confirming any application. They demand a list of documents to analyze and learn about the applicant and then take any final decision.

Below are some of the most common documents that an applicant is required to submit irrespective of who is the lender company or the bank and the place where they are located

  1. One passport size photograph must be attached with the loan application
  2. Valid identity proof of the borrower that is a passport, voter ID card, driving license or PAN card.
  3. A proof of the applicant’s residence, for example, the passport, ration card or any utility bill in his or her name.
  4. Age proof in the form of a passport, driving license, voter ID card or PAN card.

The Financial Documents Required For Loan Application Verification Are As Follows:

  • Individuals who are self-employed- They must submit last one year both current and savings bank statement.
  • Individuals who are salaried- The bank statement of 6 months, form 16 and last three-month salary slip.

Documents That Are Checked By A Lender In Case Of A Salaried Person

  1. Any ID card like passport, voter ID card, driving license or PAN card for verification of the identity of the applicant or borrower.
  2. Anyone from Passport, Ration card or utility bill for proof of residence.
  3. A document containing age of the applicant for age proof like Pan Card, voter ID card, passport or driving license. These documents will have the original age of the applicant printed on them for the lender to verify.
  4. Income proof in the form of salary slip of three months and Form 16.
  5. The last six months bank statement.
  6. A passport size photograph.
  7. An experience letter and the appointment letter from the current employer to prove the continuity of the job.
  8. Sanction letter and track record of payment for previously taken ongoing loans.

Documents That Are Checked By A Lender In Case Of A Self-Employed Person

  1. Identity proof of the borrower in the form of any one document like passport, voter ID card, pan card or any other similar ID proof document.
  2. Residential proof like passport, ration card utility bills, etc.
  3. Age proof of the applicant in documents that have the date of birth printed on it.
  4. Address proof of office like a utility bill, property document or maintenance bills.
  5. Proof of office ownership that can be verified from the maintenance bill, property document or electricity bill.
  6. The existence of business proof like the establishment of the shop or three-year-old salary statement.
  7. Income tax return proof for a minimum of two years. This must of the latest two years.

Final Word

The same day loan lenders cross check all these documents and also match them with the real documents before taking the photocopy of each document. Then the officials verify them thoroughly before approving the loan application of an applicant.


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Business Borrow: Useful Alternative To Bank Loans For Many Business Owners

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Commercial lenders are not approving loans like they use to do before the economic downturn. Things have changed. Did you know that the approval rates for business loans have dropped to less than 17%? An business borrow offers many advantages to banks loans. The biggest factor for most is that an business borrow loan has an approval rate over 90%. This article will look at the pluses and minuses of an business borrow versus a bank business loan.

When we mentioned the different approval rates above, keep this in mind.  It is not a fact, but more a gut feeling. How many based business owners did not even try to get a bank loan because of bad credit or some other financial reason? I know there were times in my life I wouldn’t even put myself through the rigors of a bank loan because i “knew” there was no way I would be approved. Des that sound logical to you?  With that in mind, revisit those approval numbers.

Business Borrow

Only 16.9% of those who believed they could qualify for a bank loan got approved. That is staggering. Now over 90% of those with credit issues and the like were approved for an business borrow loan. You may be wondering how we can approve people for an business borrow loan when banks can’t? Good question. The reason is, we do not look for the same things.

Banks look at credit.  We all know that much. These days, banks only loan money to people with excellent credit.  It helps mitigate their potential loss.  I understand that argument. But that does not help out the thousands of Iowans who would like to get cash to build their businesses. An business borrow can and does help the rest of us.

We approve your business based on your revenues.  If you have a business that is generating money month in and month out, we can approve you for an business borrow. We are, in essence, advancing you monies you will get in the future. That is how we can overlook things a bank will not. And that is how we can approve you for an business borrow. But there is more for you to know.

Banks also look for collateral. They want to use it to ensure you fulfill your obligation to them. Don’t pay?  Lose something of value to them. That can hurt. What if the collateral was an important and expensive piece of equipment? That could grind you to a halt real fast. An business borrow is a safer option.  You do not need to put up any collateral.  You do not need to guarantee us on a personal level as well.  It is really an unsecured loan form.  An business borrow is they way to go to keep all of your assets safe.

An business borrow as simple to apply for as it is to get approved for. Here is how it works.  You download and fill out a one page application.  You fill it out, sign it and send us some banks statement. Done. You have just applied for an business borrow loan. The whole process can be successfully completed in minutes.

We keep it going fast by reviewing and giving you an answer within one business day. We are experienced professionals.  We know what to look for and can get you approved faster than anyone else in the industry. We know that time is precious.  You have a lot to do to run your based business.  We are business owners as well and know the feeling. The process of applying for an business borrow was design with real world business owners in mind.

Business Borrow Loan

Once you are approved, we take the time to go over your options.  We do not tell you have it is going to go down.  We have a better way. We present you with different options to pay back the business borrow.  Not everyone is in the same boat. We get that.  We want you to be comfortable with the deal.

Once we have worked out the details, we fund the business borrow loan.  We get the money to you in a couple of days. Three on the outside. We understand that you came to us because money would be beneficial to your business right now…not 2 – 3 months from now. Our business borrow loans fund fast.

Would you like to learn more? We offer free advice to any Iowan. We feel that our business borrow programs are a good fit for many of our state’s business owners.


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Instant Same Day Loans, Why Wait Anymore To Achieve Your Dreams?

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Loans have been a way out for dreamers to become achievers. In modern generation taking loans have become easier and faster than before, even though loans today still need credentials and collaterals. Traditional loans are still quite slow, and the borrower has to go through a number of investigation and still there may be a chance that he is denied.

Personal loans are a confused way to obtain loans, but lenders have made a way out for the borrowers. Same day loans and also one hour loan is the solution that lenders have come up with.

Need For Same Day Loans

Same day loans are needed at times of extremity. Some of the emergencies maybe:

  1. Repairing vehicles. In today’s generation, everyone is busy and has to be punctual; owning a vehicle helps fight these problems. Accidents are unpredictable, brake fail, breakage of window glass, etc., needs attention as soon as possible.
  2. Repairing house, furniture’s, plumbing, repairing holes on the ceiling or floor, etc.
  3. Recovering the cause for flooding in the house and getting the necessary services done.
  4. Certain business requires a lump of money as quickly as possible.
  5. Emergencies like these require a certain amount of money which may not be available with the borrower. At that time the same day loan comes into play. The amount that is present with the borrower at the time of need may not suffice, but with same day loan, the borrower does not have to worry about the emergency financial crisis.

Features Of Same Day Loans

Same day loan is beneficial because:

  1. Strict credit checks are not done.
  2. As the name suggests, same day loan can be accessed on the same day the application for a loan has been submitted.
  3. Poor credentials do not affect the lenders (bank, financial support institutions), so approval for the loan is not a problem for bad credit score borrowers.
  4. Same day loans are perfect for low scale amounts.
  5. Processing for same day loans is hassle-free, unambiguous, safe and secure.
  6. Least to no documents required at the time of application.
  7. These loans are accessible to everyone.
  8. These loans allow the borrowers to get out of the financial crisis at the time of immediate need.
  9. Lenders of same day loans have given the borrowers unlimited options through which they can repay.

Facts About Same Day Loans

Before taking same day loans, the borrower should be informed about certain facts. Some of them are:

  1. Same day loans though are very attractive, but they charge a very high interest rate over their loans.
  2. It is preferred to use same day loans at the times of immediate financial crisis to avoid the debt that the loan causes.
  3. Since it is a short term loan, the borrower must be updated about the payment period, exceeding the payment day charges a penalty fee.
  4. While taking the loan, the debtor must also consider the processing fee which is cut down from the loanable amount. So the debtor must add the processing fee with the amount required and then apply for a loan.
  5. Same day loans do not require too many documents or collaterals, but they do need an active bank account with active cheques.

Why Do People Opt For Same Day Loans?

The borrowers opt for same day loans when:

  1. They are unable to raise money by themselves.
  2. Too embarrassed to ask relatives or friends.
  3. Having a poor credit score.
  4. It is easier to access same day loan than any other loans.
  5. The urgency for money.

Traditional Loans Vs. Same Day Loans

  1. There is a large amount of difference between traditional loans and same day loans. Some of them are:
  2. Traditional personal loans require a large number of documents and collaterals for loan approval whereas same day loans require a minimum amount of documents and no collaterals to approve the loan.
  3. Traditional personal loans require a great deal of time to process the loan, and it is never on the same day as the application was submitted. Same day loans as the name suggest requiring a minimum amount of time to process the loan.
  4. Traditional personal loans charge a cheaper interest rate and are available for a longer period of time. But same day loans charge high-interest rate and are to be paid in a shorter time period than personal loans.
  5. Traditional loans can provide a large amount of money wherein same day loans are perfect for a small lump of money.
  6. Traditional loans are usually prolonged loans but same day loans are short term loans.
  7. Traditional loans do not cut the processing fee from the loanable amount whereas same day loans do.

Same day loans are quite different from traditional loans. These loans are made available to those who are going through an unaccounted financial crisis. These loans are basically for emergency purposes; hence they are faster than regular personal loans.


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