Next Day Personal Loan is a nationwide marketplace connecting lenders with borrowers. They offer quick loans online that are available in as little as one day, and they also have next-day loans for people who need something more immediate.
Of course, there are many concerns about using a quick loans service. What is the interest rate for borrowing large amounts of cash? When are borrowers expected to pay back the loans?
What happens if the borrower doesn’t pay back the loan? If you’re looking for these questions, then you’ve come to the right place. This Next Day Personal Loan review will answer all of your questions.
Bad Credit Loan Lenders: What is Next Day Personal Loan?
Next Day Personal Loan is a nationwide marketplace connecting lenders with borrowers. They aren’t a lender. Instead, they’ll work to pair you with the right lender based on your financial need and situation.
To begin, borrowers will fill out an application that requires basic information like employment status and monthly income (or lack thereof). The company then connects the borrower to up to three lenders based on what’s required to complete the necessary steps towards approval.
Interest rates vary from lender to lender but can range anywhere between 14% – 20%. This doesn’t include origination fees of up to $100. On top of that, borrowers will need to have a minimum credit score of 500 to qualify for most loans.
How Much Money Can I Borrow from Next Day Personal Loan?
The amount you can borrow varies from lender to lender and ranges between $100 – $40,000. The maximum allowable APR is 36%. Though, this rate can increase if you’re late on payments. Loans typically range anywhere between 60-365 days.
What Happens if I Fall Behind on My Payments?
If borrowers fall behind on their monthly payments, they could be subject to additional fees or even risk getting reported for collections in order to get them caught up with what’s owed. Interest rates also jump significantly (upwards of 120% APR), which only makes it harder for people who are already struggling financially.
Next Day Personal Loan: Pros and Cons
Before committing to Next Day Personal Loan here is some vital information to remember:
Pros:
- Interest rates are affordable for borrowers with good credit.
- It’s quick and easy to apply, meaning there isn’t a lengthy application process.
Cons:
- The interest rate is high if you have bad credit or don’t make your payments on time. This could lead to paying significantly more than the original loan amount over a shorter period of time.
Next Day Personal Loan Pricing
Next Day Personal Loan sets the origination fee at $100. This is what they charge for connecting borrowers with lenders and setting up an agreement.
The interest rates on most loans range from 14% – 20%. What’s more, these rates could increase if you’re late making payments or fail to make them all together (default).
Many people are skeptical about quick lending services because of their relationship with lenders, especially when it comes to how much money can be borrowed in a short period of time.
Thankfully, this company does offer some helpful features that other sites don’t have available like next-day payment once you qualify.
Will Signing Up for Next Day Personal Loan Affect My Credit?
Next Day Personal Loan may not have the best credit score requirements as it stands. It’s important to know that signing up will affect your credit in some way, shape, or form if you’re approved for a loan.
Signing up will not affect your credit. However, after the prequalification process, a lender may request a hard pull of your credit, which may damage your credit score.
Nonetheless, if you are looking for an easy process and quick turnaround time then this company might be worth considering (provided they don’t increase their rates).
How Long Will it Take for Me to Receive the Money?
The company states that the money will be deposited into your bank account by the next business day.
However, borrowers need to fulfill certain requirements before they can get approved for a loan and receive their funds. For example, you’ll need to have a minimum credit score of 500 or higher so keep this in mind when applying today.
How Can I Borrow Money With Bad Credit?
Overall, Next Day Personal Loan is a solid service for people with good credit looking for immediate cash. Though, there are other options available for those with bad credit.
For example, the best poor credit credit cards can help people receive cash while in a pinch. It’s also important for people with bad credit to learn how understanding credit reports and scores can benefit them in the future.
