Same Day Loan FAQs

Same Day Loans - How Do They Work?

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Same Day Loans - How Do They Work?

Not very long ago, the only way to borrow a loan was to head to your bank personally and go through a lengthy loan application process. This would take anywhere between days to weeks, depending on the in-house formalities of the bank. However, with the increase in trade and commerce, the financial services sector has become more versatile than it was before. In fact, most banks and credit societies now offer same day loans. This type of loan is approved and sanctioned on the same day when it is applied for and the entire process is carried out on the internet or phone.

By eliminating the need for physical presence and interaction with the borrower, financial services providers speed up the entire process. Payday loans and other same day loans work great for those who wish to make a quick borrowing. We understand those sudden unpleasant situations where you may need quick cash right away and simply cannot wait another day. This is precisely when our same day loans can help save the day.

At Money Pig, we consider it our duty to help our customers get out of financial troubles and one of the ways in which we do this is by facilitating same day loans. We do this as sincerely as possible and that too without any hidden costs.

We know that in times of urgency, you barely have enough time to skim through the offerings of various banks and direct lenders. So, Money Pig does the groundwork for you and brings you a whole bunch of direct lenders willing to lend you same day loans. This accelerates the entire process, making it convenient for you to receive the required amount without having to step into a bank. So, if you are in dire need for same day loan sanction, then do not think twice before reaching out to us.

Most of our short term loans are processed on the same day, making us one of the most trusted and efficient same day loan compare services in the UK. By handpicking direct lenders who are focused on creating a win-win situation, we ensure that you do not have to wait too long.

Same day Loans |FAQs

  1. What is a same day loan?
  2. How do I apply for a same day loan?
  3. Would I be obligated to borrow same day loan after application?
  4. Are same day loans secure?
  5. What is the eligibility criteria for same day loan?
  6. Is a credit check mandatory for same day loans?
  7. Do I need a guarantor for a same day loan?
  8. Can I get a same day loan on a weekend?
  9. What interest rates are charged on same day loans?
  10. Can I borrow a same day loan with bad credit?
  11. Why should I choose Money Pig for same day loans?
  12. What same day loan options does Money Pig offer?
  13. Can I borrow two same day loans, simultaneously?
  14. What are the benefits of same day loans?
  15. How soon do I need to repay same day loans?
  16. How much can I borrow through a same day loan?

same day loan how they work

What is a same day loan?

Same day loans are a category of loans that are processed and sanctioned on the same day you apply for it. However, you need to bear in mind that most same day loans are short term loans which are sanctioned for a relatively smaller amount. Nonetheless, we have other loan options that can be processed in a couple of days and you may consider having a word about those loans with our Experts.

As the same day loan application, processing and approval takes place online, the entire process is extremely fast. Although Money Pig receives hundreds of applications for same day loans, we make it a point to process them on a priority. Thereby, we ensure that you receive the loan amount in your bank account on the same day. Our same day loans are extremely useful in dealing with sudden expenses without hurting your monthly budget. Also, the quick same day loan processing and approval process guarantees that you don’t miss out on opportunities to get a good deal due to lack of liquidity.

How do I apply for Money Pig’s same day loan?

To apply for Money Pig’s same day loans, you need to fill out and submit an online application. Once we receive your loan application, we process it almost immediately and the concerned direct lender would sanction the loan. This allows you to quickly deal with whatever situation you are in — whether a serious emergency or a Black Friday deal.

Most people assume that getting a same day loan requires you to have an ongoing relationship with the financial services provider. That is absolutely untrue, and Money Pig has several direct lenders within its network who would be willing to sanction your loan even if this is the first time you are applying through us. After we receive your application for a same day loan, we then process it in under 15 minutes, depending on whether you qualify for it. Always remember that we are not required to run a credit check on you, as Money Pig is not a direct lender. So, we only connect you to the right direct lender willing to sanction your loan on the same day. Next, the direct lender performs a quick soft credit check and sanctions your loan instantly.

However, in the case of banks and credit societies, this may not be possible and unless you are their existing customer, you may be denied a same day loan or offered a smaller borrowing. None of this happens when you approach Money Pig for your same day loan. Depending on the details provided in your same day loan application, we make it a point to find you a lender in no time and ensure that the loan is credited to your account on the same day.

What are the eligibility criteria for a same day loan?

The eligibility criteria for Money Pig’s same day loans are extremely flexible. However, you need to meet certain predetermined standards in order to qualify for one. Most of our direct lenders require you to be a UK citizen, who is a Major and can enter into a valid loan agreement.

Also, you must be employed in the UK and must have a UK bank account in which your salary is credited regularly. This convinces our direct lenders of your capacity to promptly repay the same day loan. To make this process easier, we have a loan application on our website, which you need to fill out and submit. Once we have your application, we connect you to the most suitable lenders so that you can get a fair deal without any delay.

Is a credit check mandatory for same day loans?

In the UK, the FCA makes it mandatory for all lenders to run a credit check and the same applies to our direct lenders willing to offer you a same day loan. To legitimately offer financial services in the UK, all lenders must abide by the guidelines laid down by the FCA. So, yes, it applies even in the case of same day loans which are short term loans sanctioned on the same day. However, to speed up the process, Money Pig’s network of direct lenders run a soft credit check, which does not require a lot of time. This helps us speed up the entire process considerably.

Do I need a guarantor for a same day loan?

Most of our same day loans are unsecured loans that are sanctioned for smaller amounts and so the formalities involved are very few. Therefore, if you have a good credit score and a decent job that allows you to repay the loan amount within the stipulated time frame, then that should suffice. However, if you have a low credit score then some of our direct lenders may require you to have a guarantor. Nonetheless, we also have direct lenders willing to offer certain loans to those with bad credit scores, without a guarantor. So, for a speedy response and same day loan processing, we request you to make a mention of it in the loan application form.

Can I get a same day loan on a weekend?

Most people wrongly assume that it is impossible to get a same day loan on the weekends, and while that may be true in the case of banks and credit societies, Money Pig can make that possible for you. We are tied up with direct lenders that offer same day loans throughout the year. So, you can apply for one over the weekend or during public holidays. However, we would like to inform you that your options on a weekend or a public holiday would be limited to a few lenders only. That’s because most of our direct lenders would process the loan only on the next working day. Nonetheless, if you are stuck up in an emergency situation that cannot wait until the next day, then we completely understand and would be glad to help you out in the best manner possible.

What interest rates are charged on same day loans?

The interest rates charged on same day loans vary depending on the type of short term loan that you wish to apply for and also on your credit history. In the financial services industry, it is no secret that short term loans or same day loans such as payday loans, cash advance loans, and loans for students come with higher interest rates. This is mainly due to the shorter repayment period offered by the lender and therefore, we urge our customers to make a prudent decision.

Money Pig is a responsible intermediary that is fully aware of the tough competition within the financial services industry. With the kind of information that we have, we can definitely put you through a direct lender who would offer the most profitable deal by charging comparatively lower interest rates.

Are same day loans secure?

We completely understand your concerns about same day loans due to the fact that these are processed and sanctioned online. With the rapid increase in cybercrime, your concerns are understandable. However, at Money Pig, we set certain security guidelines for our direct lenders and they need to follow them.

So, all transfers are made through secure online accounts that are protected by encrypted communication. This minimizes security risks to the same extent as other online businesses. Nonetheless, there is no foolproof measure to keep online transactions absolutely secure.

While we do all that we can to keep online transactions secure, you need to be vigilant yourself, and ensure that you transact through your personal computer that has an active antivirus and a firewall. Also, make sure that whenever you access your online accounts, you do not make use of public Wi-Fis and instead stick to using your own personal internet connection.

Would I be obligated to borrow same day loan after application?

You need not worry about being tied up to Money Pig or its network of direct lenders in any manner for making a loan application. All the same day loan applications made to us are 100 percent no-obligation loan applications. Once we know your requirements, we communicate your options to you. Thereafter, you are free to accept or reject them. Only when you accept the offer, we channelize your application to the most appropriate direct lender who then performs the formalities quickly. Your obligation begins only when you enter into a loan agreement with one of our direct lenders and receive the loan amount.

Can I borrow a same day loan with bad credit?

At Money Pig, we address the borrowing needs of everyone and that includes those with both good and bad credit scores. So, if you need some extra cash on a short notice, then we enable you to borrow it despite a bad credit score. While some of our direct lenders may require those with bad credit score to have a guarantor, there are also those who are more flexible. This allows you to manage exigencies without depending on friends and relatives for financial support.

Why should I choose Money Pig for Same day loans?

Money Pig is a financial intermediary that introduces you to various direct lenders on a single platform. This eliminates the need for you to approach multiple direct lenders and ascertain whether they would be willing to lend you a same day loan. In fact, by the time you would have found a lender willing to sanction your loan, working hours of most direct lenders would be over. So, to save you the time and trouble, we make the best recommendations based on your application.

Also, you must understand that the financial services industry in the UK are regulated by FCA and a credit check prior to sanctioning a loan is mandatory. So, we tie up with direct lenders willing to run a soft credit check prior to sanctioning the same day loan, which saves time and expedites the process. Moreover, since we are an intermediary, putting in your same day loan application through us and having it redirected to suitable direct lender helps protect your credit score. Quite a few people are unaware of this, but any rejection of a loan application by a direct lender or a financial services provider like a bank or credit society can lower your credit score.

 

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What same day loan options does Money Pig offer?

Money Pig offers several same day loan options such as payday loans, short term loans, cash advance loans, and short term loans for bad credit. In addition to that, we also offer loans for students which is usually processed on the same day. So, all these loan options offered by Money Pig fall under the category of same day loans. However, to have your loan processed on the same day, you need to make it a point to mention that in the loan application.

You need to understand that all same day loans offered by our direct lenders are short term loans. So, if you have a decent job or a steady income stream, our direct lenders would have no problems processing your loan on the same day. However, if you have a bad credit score then this could take some time, but we do our best to speed it up and have the money transferred to your account as early as possible.

Can I borrow two same day loans, simultaneously?

As mentioned earlier, all our same day loans are short term loans that come with high APRs. So, depending on your wages and other income streams, you may be able to pick two same day loans, at the same time. However, doing this would attract high-interest rates on both your borrowings, which makes borrowing two short term loans at once, highly undesirable. This is why we urge our customers to stick to borrowing only one same day loan at a time. Once you have repaid that, you are free to borrow another one.

What are the benefits of same day loans?

Same day loans are extremely useful when you need some fast cash and cannot wait another day. Money Pig’s direct lenders offer an assortment of same day loans which can be of great use during such times. By minimizing the formalities involved and by processing the loan online, we help you save time and effort. So, you get faster cash and need to fulfill fewer formalities. Also, when you apply for same day loans through Money Pig, you do so absolutely free of cost. Yes, at Money Pig, we do not charge our customers for the unbiased services that we extend to them.

However, we would like to caution you against the downside of borrowing same day loans, which would be the high-interest rates charged by most direct lenders. To help you through this, we would be connecting you with those who offer lower interest rates as compared to others. So, when you apply through us, you can be sure that we are here to genuinely help you and not profit from your financial condition.

How soon do I need to repay same day loans?

Usually, same day loans are short term loans advanced for a period ranging between 3 months to 3 years. So, the borrower and the direct lender are free to mutually decide on a convenient time frame. However, to enable us to accelerate the process and put you through the right direct lender, we strongly recommend that you mention the desired repayment duration in your loan application.

While deciding the duration for the repayment of your same day loan, you need to take into account factors such as your existing credit score and your monthly or weekly income. If you are someone with a mediocre or low credit score, then we highly recommend that you choose a longer repayment duration. That ensures you do not miss periodical payments and further damage your credit score. However, remember that this would require you to pay a higher interest rate. Therefore, depending upon your monthly financial obligations, consider arriving at the right decision.

How much can I borrow through a same day loan?

Money Pig’s lenders offer several short term loan options such as cash advance loans, payday loans, short term loans, short term loans for bad credit and loans for students. All of these loans can be grouped under the category of same day loans. Most of our direct lenders would be willing to offer you anywhere between £200 to £5000, depending on the terms that you agree to. These terms are decided based on your credit score, employment, and existing loans if any.

 

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