Some loan applicants encounter several challenges when trying to secure credit lines. High on the list of challenges faced is the delayed processing of loan applications. It can be very frustrating and could even defeat the purpose of taking out the credit line. This is especially true in situations in which the funds are needed for something urgent.
Fortunately, it is for reasons such as this that same-day consumer loans exist as they can be processed and granted quickly. We will give you more information about it later on for more possibility of swiftly processing this kind of special credit line.
By and large, more about this kind of consumer loan, including how to secure it with the lowest possible interest rate will be disclosed here in this article. So, ensure that you keep reading to find out more.
How to Get Low-Interest Same-Day Consumer Loans
For the record, people in need of credit lines have to be intentional about getting the best deals. Getting low-interest credit lines is a huge part of getting the best deals. This is because a low-interest loan implies that the cost of securing the loan is borrower-friendly. To this end, here are some tips to enable you to get low-interest same-day loans:
Take Care of Your Credit Score
Creditors do not operate with uniform interest rates. This means that one applicant can secure a loan with a low interest rate, while another secures the credit line with a high-interest rate. This begs the question of how lenders determine who should get a high or low-interest rate.
Well, the applicant’s credit score is a major decider. Applicants with a good or high score are very likely to get same-day loans at a very cheap rate. On the other hand, those with a below-average score are likely to be offered high-interest same-day loans. But why does it work this way?
Given how most same-day loans are unsecured, the creditworthiness of the applicant is critically examined by the lender. Having a high credit score implies that the applicant is a very creditworthy person. As a result, the creditor would be taking very little risk in offering a loan to such an individual.
Having an average or even poor credit score implies that the applicant is not very creditworthy. As a result, the creditor would be taking a significant risk by offering a loan to such an individual. For starters, the request of such an individual may be declined. This is determined by how bad the score is and the lender’s policy on offering credit lines to people with such credit scores.
All these prove the importance of having a good credit score. By the way, here are helpful tips on improving yours. This is especially true for those with a poor or even average score. These tips include:
- Prompt payment of bills
- Using payment reminders to avoid late payment
- Making financial sacrifices to cut down on expenses while you attend to bills
- Not spending beyond the ideal credit card balance limit – The ideal limit is 30 percent of your credit card balance
- Going over your credit report and reporting discrepancies (if any)
- Spending with a realistic budget
- Seeking professional help (if necessary)
- Exercising patience while adhering to the tips
The aforementioned are proven tips for improving credit scores. You can click here for more information on this.
Compare Several Offers
The credit market is a market as its name suggests. It is a market in the sense that many companies offer money-lending services there. Bearing this in mind, applicants need to make the most of the competition by profiling several lenders and only settling for the best.
Of course, the best would be the option that offers the lowest interest rate and other borrower-friendly terms and conditions. Unfortunately, many people fail to take advantage of the highly competitive market in this regard. They simply settle for the first offer they get, which may not be anywhere near the best that can be secured.
By the way, there are at least two proven ways to compare several options in the market. You can use comparison platforms and even engage the services of loan agents.
An online comparison platform presents you with many details about several lenders. This would include the average – effective interest rate, repayment range, age requirement, and maximum amounts that can be loaned to applicants.
Some comparison platforms even have special features such as a comparison calculator. Such a feature puts prospective borrowers in an advantaged position as it enables them to make an informed choice.
There is also the option of hiring a loan agent. These agents get the best deals from several lenders for their clients. To put things in perspective, we are talking about getting as many as 20-plus deals very quickly for clients. Their expertise also helps their clients in choosing the best deals.
How to Apply for Same-Day Loans
For the record, that it is called a same-day loan does not suggest that it will be granted the same day that it is applied for. Fiscal policy mandating lenders to perform credit checks on applicants is a reason this may not be possible.
But at the very least, the loan request should be processed on the same day that the application is sent. To ensure a smooth application process, below are some of the things to do:
Provide Necessary Documentation
Certain documents will be requested. This is in addition to credit checks that would be carried out by the lender. By and large, these would be details on your identity, income, debt profile, and even fixed expenses.
Apply on Time
The earlier in the day and week that the request is sent in, the more likely it is that the request will be processed quickly. Applying on time could also mean that the loan would be granted the same day (if approved). Just so you know, most banks in Norway have designated periods when these loans are granted.
For one, weekends are not an option as the processing and granting of loans do not usually happen on weekends. Furthermore, most lenders would not execute the transfer of funds to applicants after 03:35 p.m. This stresses the need to apply very early in the day as this allows the automated system and manual approvers to go over your request and process it quickly.
Apply with BankID
BankID is a prime example of how technological advancement has enabled the possibility of processing loans in a day. The digital advantage that it offers makes it possible to not only apply but consent to agreements by same-day loan companies.
It is advised that you apply using it for seamless and quick processing of your loan application. However, it is still possible to apply using other means including:
Showing Up Physically
An option such as BankID makes it possible to secure same-day loans without showing up physically at the lender’s office. Well, you may still decide to show up physically if you do not want to use the BankID option.
Frankly, this option has its advantages even though it is time-consuming and physically demanding. One such advantage is that being in the lender’s office allows you to seek clarification and guidance on the process.
Email or Physical Mail
You can request this type of loan via email or even physical mail. However, it is worth mentioning that the reply to your request would likely take a while.
To this end, neither of these is the best option for those who need to secure this type of credit line quickly. Furthermore, some lenders cannot be contacted for this purpose via email and/or physical mail.
Phone Call
Just as with the aforementioned option, some lenders do not entertain requests for same-day loans via phone calls. So, you should find out if this is an option with the lender you are considering.
While some of the said methods of reaching out to same-day loan lenders are not possible with some lenders, the BankID option is very much a possibility. This is because every Norwegian licensed lender has incorporated this much technological advancement to ease the loan application process. So, you may want to make use of the BankID method for this reason.
In Conclusion
One of the major parts of this article discussed how to get low-interest same-day loans. Having gone through especially that part of this article, it can be said that getting the right loan dagen (on the day) requires two things. The first is ensuring that you are as creditworthy as possible, while the second entails choosing the right lender in the credit market.
You stand an increased chance of getting the right same-day loan when you ensure that you are not found wanting either of these requirements. So, take note of this going forward.
Furthermore, ensure that you apply for this type of credit line the right way to avoid being denied. The details shared here would also prove very helpful in ensuring that you apply the right way.