Qualifying for same day loans requirements

February 11, 2020

Qualifying for same day loans requires you to provide two pieces of information to ensure your loan is funded in time:

Your income and credit history

Your guarantor's name and ID number. You may be asked to provide both pieces of information in order to qualify. This is because some lenders, such as Sallie Mae, require proof of your guarantor's identity before making a loan to you. If you cannot provide this information, your account will be placed on hold.

If your income and credit history are solid, you may qualify for an instant no credit check loans, so long as:

You submit the income and credit history online to your lender, before the loan's due date

You meet the income and credit history requirements for the loan, based on your own financial information

You can return to Sallie Mae anytime to get this information updated.

Instant loans are guaranteed by the federally insured lender (known as an FDIC insured lender). Instant loans come with lower interest rates than regular loans, and are available for as long as the lender needs them. The total amount of the instant loan is applied to a loan balance and may be rolled over from one loan to another. Instant loans are not available to non-profit organizations, for-profit education organizations, or federal or state government agencies. Instant loans may not be used to pay a debt, to provide for a family member's health needs, or to purchase a consumer debt cancellation. To be eligible for an instant loan, the lender must be licensed or registered by a state or a local government to offer loans.

Instant Loans are only available to borrowers who are "qualified" or who meet eligibility requirements set by the lender. Qualification for an instant loan is determined by the lender based on their business andor credit history. Qualification is dependent upon the type of instant loan and the requirements set by the lender. Instant loans will not be issued if a borrower is not a full-time student. Instant loans are only available to borrowers with a regular monthly income of $600. To be eligible for an instant loan, the borrower must meet the criteria as outlined in the instant loan guidelines. Instant Loans are issued up to 24 hours from the time you place your order for your next payment.

Who can get Instant Loans?

All undergraduate students enrolled at the University of Southern California (USC) are eligible to receive a Loan Purchase Program loan.

What are the loan terms and payment? Loan Purchase Program loans are issued on a monthly basis similar to cards. A monthly loan term is a fixed time period for which you will be expected to make all your loan payments. Paying the loan off in this amount of time will be the total amount of the loan and will be due no later than the first day of the following month. Loan purchase loans have no fixed monthly payment amount; borrowers will receive a payment at the time their loan is paid off. Each Loan Purchase Program loan has a specific interest rate.

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