Same Day Loans from £100 to £5000^†

A same day loan is a term loan that if approved, can be in your bank account on the day that you applied.

You’ve come to the right place to find out about same day loans. The ins, the outs and everything in between! Take a scroll and find out everything you need to know to get the money you need.

What is a same day loan?

It’s exactly what it says on the tin. A same day loan is usually applied for online, and you receive the money the same day, if you are approved. We can all fall victim to unexpected bills or repairs, so same day loans can come in handy when something unforeseen happens. Same day loans can come in a few different forms. So whether you’re looking for a quick loan of a small amount to help you in an emergency where you pay back within a short term. Or a loan of a larger amount that you pay over a long-term time scale.

What is a same day loan used for?

Typically, they are used for unexpected emergencies. So a bill arriving that you weren’t expecting or maybe a parking fine or emergency dental work. 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.

What are the pros of a same day loan?

The obvious one is how quickly the money is deposited into your bank account. Many lenders have a really simple application process on their websites with quick decisioning and fast approval. Using handy little sliders, you can see how much you want to borrow against how much you will pay back. This no-hassle way of borrowing means there’s no lengthy paperwork or waiting in lines. Most applications take as little as 15 minutes, and you can apply straight from your smartphone. Borrowers with bad credit seem to have this notion that they won’t be accepted for a same day loan. A credit check will be done once you have applied, but many lenders are now seeing that people with bad credit can actually be responsible borrowers. Alongside the credit check, they will also check your employment status and perform an affordability check. This means that borrowers who haven’t been able to obtain a loan in the past may actually be able to get access to the funds they need.

What are the cons of a same day loan?

Same day loans are great when you need the money quick. However, they do carry a higher interest rate than say, your standard loan. The nature of this loan is very simple in a way that you receive the money so quickly, through a fairly easy process. A credit check will be done, however, because lenders now realise that people with a bad credit scores still have the ability to be responsible with money. This gives borrowers with a bad credit score a chance to show that they can be responsible with their finances and help them get on the path to a good credit score.

What to consider before applying

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. 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 make it harder for you in the future to obtain a loan if you don’t keep up with your current financial responsibilities.

What to do now

So, number 1 always do your research. You want to find a lender who’s completely open about their process. You also want to know exactly how much you’ll be paying back and how long you have to fulfil your credit agreement. And number 2, always check that the lender you use is registered with the FCA (Financial Conduct Authority). If they aren’t, move along and find one who is. You want to have complete trust in your lender. Therefore, a little bit of research really does go a long way. Then it’s just a case of applying, straight from the device that you’re currently reading this on.

Where do I go for help if I’m in financial difficulty?

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 The Money Advice Service, National Debtline or debt charity StepChange.