Typically when people need extra cash, they get a loan from their bank. Among many loan options include personal loans and home equity loans. Of course, a personal loan requires a credit check during which you will have to have a pretty good score in order to be considered eligible. For people with no credit, a cosigner is often necessary. For home equity loans, of course, you will have to have a home in order to be eligible. At the same time, these instant loans can take quite awhile to finally receive if you do qualify for them. If you need cash for something immediately then same day loans may be an option for you.

Loans that you can receive on the very same day come in a few different forms. The most popular are payday loans and also no fax loans. For these loans, you borrow money against your next paycheck. This means that essentially the lender will give you a payday advance. They will give you a portion of the money you plan to receive from your next paycheck with your promise that you will pay it back on your next payday. Eligibility for these loans is easy. You just have to be employed full-time with a steady income and have a bank account.  A faxless payday loan is also often more convenient because you can fill out the application and submit it online.

Payday loans are more expensive than your traditional loan because they do not require a credit check and the process is so quick that you typically can receive the cash you need the very same day or the next morning. These same day loans are structured in a way that makes it necessary for you to pay the balance off with your very next paycheck or you will risk getting into deeper problems with the added interest and fees.

Another type of fast loan is from a pawnshop. This is quick and easy as well. You simply bring a valuable item into your local pawnshop and the owner will tell you the amount of money he is willing to loan you in exchange for temporary possession of the item. If the trade goes through the money will be given to you immediately in cash You will then have a certain amount of time to pay the money back in order to receive your item. If not, the pawnshop will sell your item in order to get their money back.

Auto title loans are additional types of same day loans. With these loans, the only requirement is that you must have the title of your vehicle, be in possession of your vehicle and have a valid driver’s license. When you bring your car to a business that offers this service, they will look at your car and determine its value. The loan you may receive is based on that amount and your ability to pay it back. If you fail to pay it back, the lender gets to seize your car. These types of loans are just as risky as payday loans. Except with this type, a default on your loan can result in the loss of your car and your transportation to and from work.