Quick Loans Online Same Day
QuickWhen you’re dealing with a financial emergency, promises made by quick loans online same day lenders sound appealing. But beware. Most of these websites are not operated by lenders. Some are downright scams. LoanNow provides real quick loans online from a direct lender. See for yourself why we’re the better than a bank loan!
The Automated Clearing House System
One reason that claims made by quick loans online same day lenders are too good to be true is that many online lenders use the Automated Clearing House (ACH) system to process electronic deposits into their borrowers’ bank accounts. ACH deposits typically require at least one business day to be processed. This means that if you apply today and are approved, your loan will be deposited into your account the following day, usually in the morning. It’s a totally legitimate way to process loan disbursements, and very convenient for borrowers – but it’s not “same day.”
Brokers and Aggregators
Some quick loans online same day lender claims are made by websites that are not operated by lenders at all. Some are loan brokers that work with a specific group of lenders. Your application is distributed among the lenders, which then decide whether to extend a loan offer to you or not. Many borrowers receive multiple legitimate loan offers from such websites, but rarely for same day loans.
Other claims made for quick loans online same day are made by aggregators, many of which sell borrower information to the highest bidder. If you’re unlucky enough to submit your information to one of these websites, you’ll know it immediately. Your email inbox will almost certainly be flooded with dozens of loan “offers” from outfits you’ve never heard of. Many of these “offers” are from spammers hoping to obtain even more information that THEY can sell. Others are scam artists, running phishing schemes or attempts at identity theft. Bad news.
You’ll probably have to do some digging, but online direct lenders do exist. Online direct lenders often display their status prominently on their websites. Nonetheless, direct lender quick loans online same day claims are often no truer than those made by brokers and aggregators. Many online direct lenders operate out of state; some even have their headquarters overseas, which makes it impossible for you to pick up a check. Some lenders offer repeat borrowers dedicated debit cards that make same day deposits possible. But such cards are usually unavailable to first time borrowers.