A Detailed Guide to Same Day Loans

(STL.News) Are you supposed to obtain a loan urgently?  The fastest way to obtain the required finances is by applying for a same-day loan.

The procedure requires borrowers to send the application early on a weekday and provide correct information.  Using a loan agent is recommended to individuals who wish to compare more than ten offers.  Borrowers need copies of their tax returns and payslips, which are sent digitally.

The following guide will teach you everything about these loans.

What are they?

Nowadays, certain Norwegian banks offer consumer loans on the same day of the application.  They obtain all the necessary information about candidates automatically online, which allows them to make the credit assessment on the day of receiving the application.  Most banks offer small sums, between 20 000 and 30 000 kronen, while some moneylenders have an upper limit of 500,000 kronen.

The repayment term is up to five years, and you can choose the period yourself.  Nevertheless, if the sum you borrow is relatively low, this term can be limited by the moneylender.  For instance, no bank would allow a 5-year term of repayment if the sum is 5,000 kronen.  It’s absolutely important for borrowers to get as many offers as possible before making a decision, which can be done by using the services of a loan agent.

Moreover, these agents can gather quotes from ten to twenty banks by taking responsibility for the application process.  Their job is to select the offer with the most favorable interest rate for the borrower.  These agents save time, provide clients with advice, and charge no money for their services.  Loan offers are valid for 30 days, after which the application process starts again.

Interest rates

Interest rates on same-day loans vary considerably across banks.  For example, lenders offering microloans up to 30,000 kronen impose an annual rate of about sixty percent or more.  The rates don’t change, irrespective of the applicant.  In contrast, larger loans have an interest between 8 and 18 percent, which is determined individually by looking at the qualifications of the candidate and the size of the borrowed amount.

Furthermore, Norwegian banks review the applications and then send offers to the applicants, which specify the interest rate.  It is believed that banks offering nothing but microloans and small loans are costlier to borrow from.  Nevertheless, you should still compare various offers before selecting the best one.

Application

The procedure for applying for a same-day loan is straightforward, as the requested information includes social security number, telephone number, e-mail address, and account number.  Also, candidates are expected to state the loan sum and desired term for repayment.  Some moneylenders may ask you to explain the purpose of the same-day loan, even though it’s designed for free use.

Nevertheless, moneylenders need to ensure the money isn’t used for illegal activities, such as money laundering.  Some of the most common purposes are buying a car, remodeling, financing a vacation, etc.  Even if the purpose you state is purchasing a car, there’s nothing wrong if you decide to use the money for remodeling instead.  If you change your mind, there’s no reason to contact the bank.

The application procedure might be delayed if several conditions are involved. Make sure to follow this link, forbrukslån.no/lån-på-dagen/, to gain insight into fast loans.  The desired amount of cash is a vital factor in the duration of the procedure.  The majority of lenders accept and reject an application within several minutes, provided the sum is less than 50,000 kronen.  In such scenarios, the process takes place automatically without the assistance of a bank employee.

Nevertheless, if you apply for a large sum of 500,000 kronen, the routine of most moneylenders is to have the application reviewed by an employee.  Although this part is usually performed quickly, it has to be done during the office hours of the bank.  Therefore, if you send an application after their working hours, you’ll have to wait until the following day.

The usual time spent on the approval of same-day loans is as short as several minutes.  It takes between two and four hours for some moneylenders to provide an answer, but almost everyone receives an answer by the end of the day.  Most banks state that it takes between one and three days to receive the money, assuming the application has been granted.  It depends on whether the application was sent on a Monday or a Friday.

When applying for a same-day loan at the end of the working week, the money transfer won’t be possible till the following Monday.  Domestic transfers occur five times daily on weekdays.  The first transfer takes place at 05.45, whereas the last one is at 15.45.  The sum will arrive at your account fifteen minutes after the moneylender initiates the transfer.

Documentation

Another important factor when applying for a same-day loan is the documentation of income.  Borrowers that don’t have this paperwork ready would have to wait more time before the application is granted.  While lenders are usually familiar with the income of borrowers from their credit check, sometimes, they want to make sure no changes have been made.

Individuals applying for higher sums are often required to provide additional documentation, such as a copy of their last payslip or copies for the previous three months.  Also, borrowers should provide a copy of the latest tax return.  Those who are self-employed need a business statement copy and an approved account for the last three years.

Furthermore, the documentation of income is sent to the online bank by following the instructions provided by the lender.  You should also include any income from hobby activities, rental properties, child support, etc.  The requirements of lenders for applicants are mainly related to their age and income.  Candidates should be eighteen years of age, but the age requirement of some banks is either twenty or twenty-three years.

Regarding the income, candidates should have a fixed income of approximately 120,000 kroner annually.  Their total debt isn’t supposed to be five-time higher than their income.  The applicant has to be Norwegian or to have a Norwegian D-number.  People of foreign origin are required to have lived in Norway for three years and to have paid their taxes.

What happens if you don’t have BankID?

Norwegian lenders require borrowers to have BankID to complete a loan agreement.  It refers to electronic identification, used for signing agreements electronically.  This system is not just considered faster but also more secure than pen signatures.  With BankID, applicants can enter such agreements whenever and wherever they are.

Individuals who have no BankID can obtain it by getting in touch with the bank they use daily.  Another alternative would be signing the loan agreement in an old-fashioned way.  However, bear in mind that not all moneylenders accept pen signatures and rely solely on BankID.

What if you have a payment remark?

The presence of a payment remark usually leads to a rejection of the submitted application.  Nevertheless, there are some exceptions made by lenders in cases when the loan is used for refinancing debt or when the remark’s severity is considered low.

Additionally, debt collection cases should be rejected, but exceptions are made in this field as well.  It mainly depends on the amount of debt.  In general, if you have a payment remark, you would need more security to get a loan, such as a guarantor.

Final word

If you need immediate finances, this option is the right choice!