You don’t need to hit the streets, you don’t need to hit the phones, just get yourself online to arrange same day payday loans.
When you find yourself needing a short-term financial boost to deal with a one-off emergency or unexpected bill, a same day payday loan could be right for you.
The UK banking system is geared towards its customers not wanting to move too quickly, giving their financial planning some due consideration before making decisions.
That’s fine and makes perfect sense most of the time. These are important decisions; buying a house, upgrading the car, extending the kitchen, converting the loft, taking a long haul holiday, all need a little thought before committing to anything binding.
When making these decisions the banks will occasionally lend you the money you need, if you fit their lending criteria, but you’re unlikely to get a same day decision. Banks, in general, don’t do same day finance, and certainly not same day loans.
In fact, banks don’t do payday loans at all, same day or otherwise. They may, at a push, offer you an overdraft, but certainly not same day loans – and you’re definitely going to be out of luck if you’re not securely employed or have even a whiff of bad credit about you.
Payday lenders on the other hand, operate at a different pace – events tend to happen very quickly, sometimes instantly, so it’s important to think things through thoroughly before applying for a same day payday loan or any other ‘quick fix’ finance product. If it helps, write things down so you’re absolutely clear about your circumstances, your options, and your ability to repay a loan on time.
Expect the unexpected, consider all the options and deal with things as quickly as possible
So what can you do when the unexpected happens and you’re left a bit short of cash until next payday?
Thankfully, despite the banking system’s unwillingness to help, there are organisations out there that will help you with the cash that you require. Specialist lenders can easily be found online, and same day payday loans can usually be arranged entirely online within an hour or so. Some direct lenders also arrange loans over the telephone or in person via high street outlets.
How popular are same day payday loans?
Same day payday loans are, undoubtedly, very popular here in the UK. In just three years, between 2006 and 2009 the number of such loans increased fourfold, with over 1.2 million people taking them out annually, and growing. This popularity is for a good reason; payday loans are fast and mean that borrowers can obtain the funds that they need to deal with short-term money troubles without the hassle of visiting banks, making appointments and endless form filling.
With popularity, comes another benefit – more choice and options for customers of the short-term credit industry. Most will now allow you to decide on the amount you want to borrow, (usually up to £500 but larger amounts can sometimes be available), the period of time that you want to borrow it for, (normally until your next payday, hence the name), and what you want to use it for. Many High Street banks demand to know exactly what a proposed loan is to be used for but payday loans are for whatever you want or need to do, it’s up to you and you don’t have to explain to your lender why you need the money.
Can a same day loan be for longer than just one month?
Although same day payday loans are typically designed to be for just a few days – until your next payday, some lenders will offer you the opportunity of repaying over a longer period (usually referred to as installment loans, short-term loans or cash loans), and this is useful if the amount concerned is a little more than you can handle in a single month.
Always be realistic with a payday loan and in fact with any short-term loan arrangement, they are certainly quick and convenient to organise but remember that they are designed to fix a short-term financial requirement, and not as a longer term commitment for which other financial products may be more suitable.
Find the right product for your needs and consider whether same day payday loans are right for your own situation
Whilst it may very well be tempting to obtain the funds you need quickly and easily using same day payday loans, there may well be other options that are better for you. Selling something that you no longer need on eBay or at a car boot sale could be one option or perhaps there is a friend or family member who could help out for just a few days.