With the term 24/7 we usually understand something that can be done all the time either in the day time or at night. And some online loans are the only credit option that you can get in the night time. Of course not all fast loan companies offer these 24/7 loans but usually you can request a loan at any time you want but that lender will only reply to your request at their working hours. That is why you need to carefully read the fine print that is stated on lender websites where you can read if they truly offer loans 24/7 or they are just taking in those loan requests and looking trough them in the next morning.

At the beginning when online loans first started to gain traction companies often worked 24/7 to facilitate these night loans to people that really need them because sometimes there can be situations where you really need money from 22:00 till the 07:00 that are the usual lender working hours. I have seen people whose car broke down but they had no money to pay for a car evacuator or people who had an electrical or plumbing emergency and needed to call a repairman but they did not have enough money to do that. These non-bank loan companies then wanted to give people a back up option that can be used in situations like these but it turns out people are not that trustworthy and they started using these loans for parties, gambling and other activities that has nothing to do with emergencies. But usually when a loan is taken on during the night to facilitate activities like these the next morning hangover is even worse when they realize that now they have to pay back that money that they borrowed. And that lead to a huge rise in private defaults creating huge losses to those lenders. That is why most companies do not offer these 24/7 loans anymore and the ones that do are quickly shrinking.


My personal opinion is that a service like this is necessary because there can be many emergency situations starting from those that I mentioned earlier to a need for money when you are abroad in a different time zone. These restrictions are not fair and people that are really suffering now can’t take out those loans and that is a shame. But we, the consumers, are to blame because we acted irresponsibly and lenders do not want to loose money by providing a service that people take advantage of.

That is why probably you wont be able to take out a night loan and you will have to wait for the morning and only then get your money transferred to your bank account!