In a financial emergency, there’s little time to wait. Same day loans can be a lifeline when you have urgent costs to cover and need to access cash quickly. If you’re unfamiliar with same day payday loan products, you’ve come to the right place to find out more.
Take a scroll and find out everything you need to know about urgent same day loans. The ins, the outs and everything in between!
A same-day loan is any funding product that is issued and received on the same day of application. Commonly referred to as an emergency loan, same day loans are an expensive form of borrowing that can help you access the money you need in a hurry.
We can all fall victim to unexpected bills or repairs, and same day loans come in handy when these unforeseen events happen. Same day payday loans come in different forms, you could access a small amount to cover a short term emergency, or a larger amount that is paid over a longer loan term.
A same day loan can be used to cover unexpected financial emergencies. They help to fund unexpected costs, such as your car breaking down, a parking fine or emergency dental work.
Common same day loan uses:
These emergency cash loans shouldn’t be used for casual spending, like money for a night out or a weekend away. It shouldn’t be an impulse decision to apply for a same day loan, so really think carefully before deciding what to do.
While same day payday loans can help you access cash straight away, this is usually at a higher cost. Before deciding to apply for a same day loan in the UK, it’s important to understand how they work, as well as the advantages and disadvantages.
Same day loans are continuing to grow in popularity as more and more people discover the benefits of being able to access cash quickly - as and when you need it. Find out more about the main advantages of same day loans:
Same day loans are great when you need to access money quickly. However, they do carry a higher interest rate than say, your standard loan. The main con of same day loans is that they can be more expensive to repay, as they carry higher interest rates.
The nature of this loan is very simple in the way that you are able to receive the money so quickly, through a fairly easy process. Although a credit check will be conducted, lenders now realise that people with bad credit scores still have the ability to be responsible with money.
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Yes, you could still be eligible to receive a loan on the same day with bad credit. Luckily, lenders now look at a wider range of criteria before making a decision to approve an applicant. Previously, same day loans for bad credit were difficult to obtain, but we work with a panel of lenders able to dispense funds within 10 minutes² after approval, regardless of credit score.
This gives borrowers who have a bad credit score the chance to show that they can be responsible with their finances and help them get on the path to a good credit score.
When making an application, the lender will conduct a soft credit check while assessing factors like income, expenditure and proof of employment. Once the lender has a better understanding of your ability to make repayments, they will make their decision. If approved, the lender will go on to run a hard credit check before issuing the same day bad credit loan.
No, it is not possible to receive a same day loan with no credit check in the UK. Credit checks form an important part of a lender’s assessment of your profile, without it, a lender can’t accurately determine your creditworthiness.
When searching online loans for the same day, please approach websites offering same day loans no credit checks with caution. You should also be wary of companies offering guaranteed same day loans, as it is impossible for a loan to be guaranteed prior to application.
Remember: If you are unsure of an online lender’s legitimacy, check to see if you can find them on The Financial Services Register.
It’s important to always ask yourself if you really need the loan. As noted before, it shouldn’t be used for impulse purchases or casual spending. Write down all of your outgoings, what you have coming in and calculate how much you will need to borrow.
Even in a financial emergency, it’s crucial to think about and get a structured plan in place, so you know how much you’ll be paying back each month. You don’t want to get to the end of the month and find that you just don’t have the funds to fulfil your credit agreement.
Defaulting on your payments could mean you have to pay a late payment fee. Which you really don’t want, on top of the money that you already owe. It will also result in a black mark on your credit score, making it harder for you in the future to obtain a loan if you don’t keep up with your current financial responsibilities. Considerations for same day loans:
Applying for same day loans through ThisLender couldn’t be easier. Our online application process will only take a few minutes to complete, you don’t need any extra paperwork. After submitting your application, we will do our best to match you to a lenders from our panel that offer same day loans.
Shortly after this, you will receive your online no-obligation quote, entirely free of charge. At this point, you decide whether to accept or decline the loan offer. If you proceed, you will finalise your same day loan application directly with your lender.
As a broker, we help to save you time and effort searching online for same day loan providers. We use our long term relationships to find you trustworthy lenders, all of whom are registered with the Financial Conduct Authority.
Dealing with financial stress can take a huge toll on your health, both physical and mental. Remember, before applying for a same day loan it’s important to be certain you will be able to comfortably make repayments, and not get into debt you won’t be able to get out of.
If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan you can get free and confidential advice from MoneyHelper (formerly The Money Advice Service), National Debtline or debt charity StepChange.
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Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
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