Same Day Payday Loans Online
You have probably seen Internet ads or received solicitations in your email inbox offering same day payday loans online. Even though you may be skeptical, you may also wonder if it’s really possible to get same day payday loans online. The bad news is that 99 percent of the time, such promises are false. The good news is that it is possible to get the money you need with a convenient online application from LoanNow.
How Online Payday Loans Work
Many online payday lenders advertise same day loans. But while you may be approved immediately, you most likely won’t get your money any sooner than the next day. If you apply on a Friday evening, you may not receive your funds until Monday. Online payday loans rely on the Automated Clearing House (ACH) system for dispensing loans and collecting payments. ACH deposits require one business day to be processed, which nearly completely negates the possibility of obtaining same day payday loans online.
Many ads for same day payday loans online aren’t placed by actual lenders. Instead, they are aggregators that collect borrower information. Some aggregators work with a select group of lenders. Many of these aggregators vet the lenders they work with and are totally reputable. However, some ads for same day payday loans online are placed by unscrupulous players that distribute information indiscriminately, often selling sensitive financial and personal information to the highest bidder. If you deal with them, you’ll often find your email inbox stuffed with “offers” from places you’ve never heard of. Some of them are scam artists; others are identity thieves.
Online Payday Direct Lenders
There are some payday direct lenders. Their websites often feature prominent banners promoting their status as direct lenders. However, their promises of same day payday loans online are no truer than those for aggregators. That’s because nearly all online lenders relay on ACH transactions to dispense their loans and process repayments. With a payday direct lender, you may receive an approval within minutes, but with few exceptions, you won’t receive any money until the next business day.
The LoanNow Alternative
With LoanNow, you won’t see promises for same day payday loans online. That’s because LoanNow is not a payday lender. We use the power of online lending to issue real installment loans with convenient monthly payments that work with your budget. We’re the better than a bank loan. Why not check out LoanNow today?