Why do same day loans exist?
The answer is simple — to deal with exactly the situations mentioned above!
In the past, applying for a loan usually involved filling in lots of forms, then being quizzed in-depth during a meeting. If you were lucky, several days or even weeks later, you might have got an answer.
Those approaches simply do not work for the 21st century and our e-society. That’s why same day loans exist — to put money into your bank account very quickly when you need it.
What's more, you will be able to use the cash for any purpose you require.
How they work
If you find you need cash fast, all you have to do is enter some very basic information about yourself to get the online application process started.
This is very straightforward, normally outlining where you live, what your income position is, how much you need to borrow and over what period of time you would like to repay it (plus associated interest charges). You’re not asked for your entire life history or to go into great depth about your overall position.
Typically, when applying for same day loans online, you will get a very fast and possibly even near-instant response. If that results in approval, the money might be in your account within as little as 15 or 20 minutes†. Note though, that assumes your own bank is able to process the credit that quickly.
If you have seen mention of same day payday loans, today they are generally the same thing. At one time a payday loan meant that the entire sum needed to be repaid on your next payday but that has now been largely superseded by more modern approaches for repayment.
Borrowing limits
The amounts available are usually somewhere in the range of £100 to £3,000. Exactly how much you may be able to borrow will depend upon your overall income position.
You can repay that amount over a period of anywhere between just a few weeks and up to two years.
Worried about bad credit?
Rest assured that the potential same day loan lenders will have seen every possible variation on bad credit histories. They won’t be shocked by anything on your files.
More importantly, there are providers out there specialising in same day loans for bad credit, so you may well find that you’ll be eligible for same day loans whether you are unemployed, on benefits or have credit history glitches.
'More haste, less speed'
Same day loan direct lenders want to help and to say “yes” to your application rather than “no”.
However, it’s worth keeping in mind that UK same day loan providers often use automated systems to help speed up the decision process. It is crucial, therefore, that you are honest and as accurate as possible when filling out your application, because giving the wrong information could result in an automatic decline.
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(It won't affect your credit score‡)