What are the different types of same day loans?

There is the various type of same day loans available. All types offer urgent funds into your account. Same day loan means you can get the approval for loan funds on the same day.

The same day loan is offered through the variety of services available online. But the fact is that the high-interest rates apply to the same day loan. It is also known as the emergency loan that can offer you funds the same day you get approved.

If you want to explore the options and types of same day loans, you should Click Here to read this article and get a complete understanding.

  1. Payday Loans

A payday loan is the best option for same day loans that helps borrowers to get out of their financial jam.

  • Payday loans are used to cover the unexpected expenses that come before payday, like a broken down car, a burst pipe, medical bills, etc.
  • Borrowers can avail of a small amount in payday loans. At the application time for this loan, the lender will ask for your bank details or a blank check.
  • In this way, if any amount of loan is due, the lender will automatically withdraw their amount from your bank account.
  • The final amount that you have to repay is the payday loan amount, along with the interest and fees applicable to it.


  1. Title Loans

Title loans are another type of same day loan in which the lender will ask the borrower to put their vehicles as collateral to avail the loan amount.

  • Due to this, title same day loans are known as secured loans because your vehicle is used here as a secured thing or collateral.
  • Click here, and the lender will keep your car title and provide your loan amount.
  • Within the loan tenure time, you are able to use your car. But if any loan default is found by the lender on your payments, they will have the freedom to repossess your car.
  • As same as a payday loan, title loans are also a good option for those who want urgent funds because there is less chance of a credit check.


  1. Pawnshop loans

Pawnshop loans are another type of same day loan where you can use anything to show as collateral.

  • People often used their items, like jewellery, antiques, electronics, etc., to avail the pawnshop loans.
  • In this loan, you are eligible for the specific loan amount according to the value of the item you used as collateral.