Same Day Loans
How Much Do You Need?
- Same-day funding
- Loans available up to £5,000
- No late, hidden fees
- Bad credits considered
Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable).
Same Day Loans?
Same day loans essentially allow you to receive cash in your bank account within the same day that your loan application is approved. This makes them a great short term finance option for those in need of a quick solution to cover sudden and unexpected costs like household and vehicle repairs, medical expenses, or even utility bills that need to be dealt with urgently in-between paydays. And since these same day loans are designed to act as a quick financial reprieve, they can usually be easily applied for via your computer, tablet, or mobile phone, which ensures a speedy payout, shortly after the lender has reviewed and approved your application.
They are also a great option for those with a bad credit score, as most same day loans UK lenders are willing to provide funding, as long as you meet their eligibility criteria and can prove that you are able to repay your debt on time. However, the trade-off with same day loans compared to mainstream options is that the loan limit usually doesn’t exceed £1,000, the repayment period is often between 3 and 12 months and the interest rates are usually higher.
Same Day Loans
The biggest advantage of a same day loan is that, unlike traditional loan options that can take weeks to receive the cash, same day loans come with a short and simple application process that will provide you with an almost instant decision on your application. And if successful, you can expect to see the amount borrowed in your account within a matter of hours, if not minutes, making them the best choice to get a loan today, especially if you need to handle an emergency.
They are also very convenient to apply for, as you can comfortably do so online, without ever having to head to a physical location. Also, since they come in smaller sums and same day loan lenders are usually less stringent with their requirements compared to banks, this means that even with a bad credit rating, you can easily qualify for one, without even needing a guarantor or collateral. Moreover, instant loans for bad credit tend to be quite flexible, as lenders are also open to tailoring your payment terms to best suit your individual circumstances and the frequency of your paydays.
Do I Qualify for
a Same Day Loan?
For you to qualify for same day loans, you will often need to be able to meet a certain set of eligibility criteria. However, since each lender applies their own set of approval metrics during the evaluation process, there is a possibility that you can be declined by one provider, but be approved by another. Luckily, the requirements that generally need to be met are often basic, as you just need to ensure that you:
- Are 18 or over
- Are employed with a steady income and live in the UK
- Have an active bank account and valid debit card
- Have not been involved in any bankruptcy proceedings
As long as you fit these requirements, then you should be able to successfully apply for a same day loan without any problems. However, keep in mind that during your loan application, you may find yourself being asked some personal questions about your place of work, marital status, as well as your monthly income, and expenditure. These questions are usually asked by the lender just to gauge your financial circumstances and see if you will be able to pay back the loan without any issues.
How Do I Apply for a Same Day Loan?
You can typically apply for a same day loan online, and all you need is a computer or a smartphone then head using our credit broker service, browse for and connect with a credit lender, input the amount of money you need to borrow, fill out the online application form, upload the required documents, and wait for it to be reviewed.
If approved, you simply accept the loan with an ‘e-signature’, and depending on the amount you borrowed, as well as your bank’s processing times, you can expect to see the cash deposited into your checking account within the same day, if not within the hour since most lenders tend to use faster payments as a transfer method.
However, do keep in mind that every same day loans lender usually has their own eligibility criteria, which can be found on their respective websites. As such, take care to ensure that you do meet their requirements before applying for a same day loan. In most cases, this means making sure that you are a UK resident, employed, have a regular income, and have an active bank account.
How Much Same Day Cash Can I Borrow?
Back in the day, same day loans used to be limited to just small amounts that had to be repaid after only a few weeks. However, things are now very different, as people now have more loan options and longer time frames available to them. In this respect, the minimum amount that you can expect to borrow for a same day loan is £50, with the maximum amount being £5000, with no extra fees. This means that if you would like to make a large purchase or consolidate your debts, then you now have the opportunity to borrow larger sums of money.
However, do keep in mind that the interest rate on the borrowed amount will usually vary depending on the lender, as well as the amount of money you borrow. Luckily, the good news is that even if your credit rating isn’t that good, there is still a high acceptance rate, so there is no harm in applying for same day loans for bad credit, as long as you fulfil the eligibility requirements expected of you by the lender.
How do same day loans work?
Same day loans will usually vary between lenders, but most of them are usually applied for and dispersed online using automated processes to review applications. This ensures that same day loans UK lenders are able to speed up the application process and provide borrowers with their money within the same day, if not hours. This makes them ideal for use by those in need of urgent cash, but have neither the time nor the perfect credit score to get approval from banks and other financial institutions.
Can I get a loan the same day I apply?
If you apply for your same day loan online, it will be reviewed through an automated system and if the data input does not match the minimum requirements of the lender in question, then your application may be automatically rejected. It is for this reason that we encourage you to always check and confirm the lender’s eligibility criteria to avoid being turned away or unnecessarily complicating your loan application process.
How to get a same day loan with bad credit?
There are several same day loans UK credit lenders that are more than willing to offer same day loans for bad credit, because most of them are more interested in making sure that you can actually afford the loan, rather than reviewing your credit history. This means that they will usually prefer to check and see if you are employed and have a steady income stream to dependably make the repayments each month.
What can I use a same day loan for?
If you manage to successfully apply for a same day loan, most borrowers often use the loan to help pay off small unexpected costs like medical costs, utility bills, car repairs, household maintenance, etc. Others also borrow same day loans to consolidate their loans to simplify the repayment process and reduce excessive interest payments by owing only one lender. It is important that you only use these loans to deal with real financial emergencies that can’t wait and not for personal enjoyment, as this can lead to serious money problems.
Is there any extra cost for same day loans?
There are a few credit lenders that will sometimes add an extra fee, in order to expedite the application process of your same day loan. However, the benefit of using PaydayLoansUK is that you can easily find a number of credit lenders that will be more than happy to offer you a same day loan without any extra costs to worry about.
Who can apply for a same day loan?
Anyone that is over the age of 18 years, is a UK resident, has a UK bank account, is employed, and has a steady income source is suitable enough to qualify for a same day loan.
Apply for Same Day Loans in the UK Today!
Sometimes, you may need to get yourself a small amount of cash to quickly cover a sudden expense. However, the problem with banks is that they take too long and ask for too many requirements, but with same day loans, you can easily get yourself a cash fix almost instantly, so why not let us connect you with the right lender today!APPLY TODAY