No matter how hard you try to save and invest, there will come a point in your life when your expenses become greater than your income. Your financial situation is hit hardest when you have unforeseen expenses such as health emergencies or home or car repairs. These are essential expenses that need to be addressed but what happens when you are out of cash? For situations like this, you can turn to urgent same day loans. There are many UK lenders that are available online but make sure you know how to screen through your options so you can get the best rates from reputable lenders.
Introduction to Same Day Loans
There are many types of financial products offered by various UK lenders and same day loans are just one of them. It is pretty much what it says it is – these are loans that enable you to borrow the cash on the same day you apply. As mentioned above, many lenders promise to make this offer but be careful as some of the lenders online will try to exploit those who are in need of cash the most.
Traditional loans will normally take a day to screen the application. However, most of them will go through a clearing process that can take up to 3 days before you can get the money. This can be tough when you need the cash immediately to cover for an expense outside of your fixed utilities or bills. Some lenders will charge high interest rates and other steep fees to borrowers in exchange for the convenience of being able to get the funds instantly.
For this reason, you need to be extra wary when browsing through various lenders to ensure that you are given a fair rate. After all, there are plenty of options in the market and there is no reason to settle.
Due to the design and purpose of same day loans, they can be categorised as emergency loans. As long as you are qualified, cash is available almost immediately.
Qualifying for Same Day Loans
One of the things that have given rise to the popularity of same day loans is the fact that credit score is rarely an issue for qualification. Even with bad credit, or no credit, you can still qualify (though it varies from one lender to another). A soft credit check will be required by all lenders so it won’t hurt your credit score – something to note for those who are already worried about having low credit score to begin with.
As already mentioned, the impact of your credit score and credit history will vary on the eligibility criteria set by your chosen lender in the UK. It does hold weight when evaluating your application but the degree of importance will vary significantly. At the very least, the credit rating will affect the interest rate that you must pay throughout the loan term.
For most short term loans, like same day loans, credit score won’t matter at all. This makes it an ideal short term solution when you have an urgent need for cash. As long as you can repay the loan in time, you won’t have to worry about qualifying or hurting your credit score. In fact, a lot of borrowers use short term loans as a means to rebuild their credit history.
There are several methods on how you can receive your cash within the same day. Some lenders enable you to receive the loan amount in cash form. However, most lenders operate online and can process your funds online, too. During application, you will be asked to provide your bank account information and they can deposit the money directly to your account once approved and cleared. In most cases, all of these processes can be done within the same day from the time of filing your application (or within 24 hours). This makes it extra convenient if you have emergency expenses and have no other means of access to cash.
Consider Alternatives First
The possibility of paying a higher than usual interest rate is one of the risks entailed when you apply for this kind of loan. The APR for same day loans are easily over 100% and some can be as high as 300%! Thus, you need to avoid them whenever possible. The cost of this type of loan can get even higher when you do not pay the loan back in time.
You have to understand the risks and weigh out the benefits alongside that. Since it might be easier to qualify for this kind of loan, you should not use it as a means to get funding when you are short on cash. Apply for this loan only when it is absolutely necessary.
Urgent same day loans are highly convenient when you need cash to cover for unforeseen expenses. However, it is important to keep in mind that you will be paying a higher interest rate than an average type of loan (especially when you have poor credit score). As much as possible, try to look for other options first before settling for same day loans so you won’t have to pay for the interest.
One option is to loan money from your friends or family. You might find it embarrassing but it is the best option available if you want to avoid being trapped in a vicious debt cycle – borrowing money and rolling over debt, and the like. When you agree on a repayment plan, make sure to stick to it so that you can pay them on time. Otherwise, it could have serious implications on your relationship. Make sure that you pay them back in full and on time.
You can also try selling some personal assets of yours. If you have any items that are of value that you no longer use, you can sell them online or consignment stores. These items provide an easy way to convert those items into cash.
If you are worried about your credit or financial situation, you need to thoroughly consider if same day loans are best for you. There are plenty of options available and you can get the best rates if you know what to look for and where. With Money Pig, you can rest assured that you will get the most competitive rates from reputable lenders in the UK. Since we are FCA-regulated, we only refer you to lenders who are also regulated by the FCA for your protection.
Emergency cash needs are part and parcel of everyone’s lives. But don’t let your urgent need for cash put you into a vicious debt cycle. Be smart when you need to take out same day loans to ensure that you get the best rate possible.
Frequently Asked Questions on Urgent Same Day Loans
Are you thinking about getting same day loans in the UK? You have come to the right place. In addition to the tips and guidelines above, here are a few questions that you might find yourself asking if you need one and the corresponding information that will help you decide if this is the right type of loan for you.
- Do I qualify for a same day loan?
- Who are good candidate for same day loans?
- How long does it take to apply?
- How do same day loans work?
- How do I apply for same day loans?
- Are there different types of same day loans?
- Can I get this loan even with a bad credit?
- What is the maximum amount that I can borrow?
- Can I apply for a loan even if I have bad credit?
- How long will it take to get the loan amount?
- How will the money be deposited?
- What happens if I am unable to pay back the loan on time?
- What are the benefits of same day loans?
- How secure are same day loans?
- Is a same day loan the right option for me?
- Will I need a guarantor for same day loans?
- Why same day loans are an ideal short-term solution?
- Why work with Money Pig to get your same day loan?
Do I qualify for a same day loan?
It depends on the lender you are applying for as each one has different eligibility criteria for those who want to borrow same day loans. In general, most UK lenders require you to meet the following when you are looking for urgent same day loans:
• You must be over 21 years old.
• You must be a UK resident.
• You must be employed or have proof of income.
• You must have good credit (or meet a specific credit score minimum requirement).
Who are good candidate for same day loans?
Anyone can apply for same day loans if you have a need for extra cash and if you qualify based on the eligibility criteria set by the lender. However, this type of loan was created primarily for those who are in need of cash infusion and have no other means to get access to such funding. It is also ideal for those who have credit issues and won’t qualify using traditional financing methods.
Same day loans are available for anyone with a job and a checking account (where the money will be deposited). In particular, this is a good option for anyone who does not want to utilize credit card cash advances.
How long does it take to apply?
It varies from one lender to another. But since this is a same day loan, you can expect for the entire process to take no more than a day. In some cases, lenders in the UK can release the funds within an hour from the time of your application. But then again, there are many variables involved that can shorten or extend this process.
Make it a point to have all the required documents ready upon the submission of your loan application. This will help to speed up the processing of your loan application.
How do same day loans work?
As the name implies, a same day loan is a type of loan that enables you to access the loan amount within the same day that you send in your application. It is similar in concept with payday loans because they are designed for those who are in urgent need of cash to cover for unforeseen expenses. As such, the amount of money you can borrow with this type of loan is not substantial. It is enough to cover for emergency costs such as home or car repairs, or any other emergency purchases.
When you find yourself in this similar situation, it is a good idea to apply for same day loans.
How do I apply for same day loans?
It is easy to apply for same day loans online. You can verify the list of requirements and submit them online for faster processing. Once approved, you can get the loan deposited to your account within the same day.
Are there different types of same day loans?
No. All same day loans are the same in the structure and process of application. The only difference is in terms of the loan amount and term on the loan. Gone are the days when this kind of loan has gotten a negative image because this kind of loan has become highly competitive and is one of the most sought after types of loans for borrowers.
Can I get this loan even with a bad credit?
Yes. This type of loan is accessible even for people with bad credit. At Money Pig, we understand that not everyone has good credit to qualify for a loan. That is why we work with a large panel of lenders that we can match to your unique credit situation. Make sure you do your research to find lenders that can offer competitive rates for people with bad credit or work with Money Pig to simplify your search for the right lender that can offer this type of loan.
What is the maximum amount that I can borrow?
The amount of money that you can get from this type of short term loan varies significantly based on your need and your qualifications as a borrower. For this type of loan, you can borrow as little as £50 to as much as £3500. The numbers can differ from one lender to another, though. It is important that you do a thorough comparison of various lenders.
Can I apply for a loan even if I have bad credit?
Yes. There are plenty of UK lenders that are willing to provide a loan even for people with bad credit. Most lenders do not consider the credit history of the borrower but also take into account their present financial status. As long as you have proof of income or you can present evidence of your capacity to pay the loan, then most would have no problem loaning the money to you.
How long will it take to get the loan amount?
Your loan application will go through the normal processes for urgent same day loans. But once you are approved, the money will be available within minutes to an hour. You need to ask the lender directly about this upon application, especially if you need the money for urgent reasons.
How will the money be deposited?
There are several methods to access the funds you need once you are approved for the loan. The most common method is via direct bank transfer. This is why most UK lenders will require you to provide a valid bank account upon application since this is where they will deposit the money you loaned from them.
What happens if I am unable to pay back the loan on time?
Circumstances are constantly changing. Therefore, it is not uncommon for borrowers to fail to make payments for same day loans on time. When this happens, it is best to talk to your lender about your inability to pay your loan on time. This will show your sincerity in paying the loan whereas not communicating at all could mean that you do not have plans to pay the loan.
If you fail to make payments on time, though, it could mean you have to shoulder penalties and other fees. If you do get a same day loan, make sure that you can pay it off on time as this kind of loan already entails a high interest rate to begin with.
What are the benefits of same day loans?
There are several benefits you can get when you opt for this type of loan. The most obvious benefit is the fact that you no longer have to wait a long time in order to get your loan funds. As long as you satisfy all the requirements, you can get your cash in a short period of time.
Another obvious benefit to getting this type of loan is that the lenders that offer them are more forgiving towards borrowers with less than perfect credit score. If your credit standing means you do not qualify using traditional financing options, then you can look at this as an alternative.
How secure are same day loans?
An urgent same day loan is generally secure. As long as you have done your research on the specific lender you are working with, then you have nothing to worry about. There are many legitimate and FCA-regulated lenders in the UK that can provide you with competitive rates and will keep your personal and financial information secure. It is your responsibility to do the research beforehand to ensure that you work with reputable lenders only. This is the only way you can ensure that your loan is secured.
Is a same day loan the right option for me?
It depends on your financial situation or needs. When making a decision, you need to consider all other possible options. You can try borrowing money from friends or family. You can also see if you can make adjustments in your monthly budget in order to cover for this unexpected cost. If you have exhausted all other possible options and it still is not enough, only then should you consider getting a same day loan.
If you work with Money Pig, you can not only find the best lender but also the best rates for your loan application. Using the information you provide, we will recommend a list of legitimate UK lenders who can give you the loan based on those that best fit your requirements.
Will I need a guarantor for same day loans?
Most same day loans do not need a guarantor, especially since this type of loan typically involves a small amount. But it will vary on a case to case basis as some lenders might require a guarantor if your financial circumstances warrant it.
Why same day loans are an ideal short-term solution?
Same day loans are ideal for short term emergency cash needs. Unlike traditional loans wherein you have to wait a few days before you can get approval, this type of loan can be accessed in a few hours or within the same day. This particular feature makes it ideal for short term cash needs or emergency purposes since you can get your cash quickly.
Why work with Money Pig to get your same day loan?
One of the most important steps when getting a same day loan is to choose a legitimate and reputable lender. While this step sounds easy, it is anything but. At Money Pig, we do the hard work for you. We have a panel of lenders in the UK that offer various types of loans, including same day loans.
When we refer a lender to you, you can guarantee that they are legitimate. You no longer have to do research on various lenders for comparison. You have the information readily available so you can choose; in the process, you can also speed up your application process.