Sometimes people need money fast. Same-day loans can help. These loans give cash the very same day you apply. Having quick money is super useful when cash is needed now. But it’s important to know the rules before getting one.

Same-day loans are short-term loans that provide fast cash. The money bridges a gap until your next paycheck arrives. These loans work great for emergencies like medical bills or car repairs. Their speediness makes them a good choice when money is required immediately.

Lenders have certain rules people must follow. Meeting the rules makes it more likely to get approved. The main rules are:

  • You must be a legal adult.
  • You must have a job with income.
  • You must have a real checking account.
  • You must have paid back loans properly before.

Age Requirement

For same-day loans in 2024, you have to be an adult. The minimum age to apply is 18 years old. There are good reasons for this rule:

  • Only adults can legally sign contracts and agree to loans
  • Adults have more money smarts to handle loan repayments responsibly
  • Prevents young people from ending up in difficult debt situations

Employment Status

Lenders want to see you have a steady income before giving a loan. They must be sure you can make all the payments on time. Having a permanent job that pays every week or month shows income stability. The lender will check:

Your Work DetailsHow They Verify
Your job title/dutiesRequesting pay stubs, job letter
Your employer’s namePossibly calling your workplace
Your income amountLooking at recent bank deposits
How long you’ve worked thereChecking with prior employers, too

Let’s say you want to take same-day payday loans with no credit checks and no brokers. Then you need to give all the info for a hassle free process. The stronger your work situation, the better for loan approval. A permanent, full-time job is ideal. Part-time or temporary work may not pay enough regularly. Lenders need proof of reliable, recurring income to cover that new debt.

59% of Brits have borrowed between £5,000 and £20,000 through these same-day loans. When applying for same-day loans, over a quarter of people wanted to borrow a huge sum. 28% asked to borrow half of their yearly income.

Income Threshold

For same day loans, there is usually a minimum income requirement. Lenders need proof you earn enough steady income to make the loan payments. The exact threshold varies by lender but may be:

  • £20,000 yearly for smaller loans under £5,000
  • £40,000 yearly for larger short-term cash loans

To show you meet the income criteria, you can:

  • Provide recent pay stubs or employment letters stating the salary
  • Allow lenders to review your bank statements for deposits
  • Give prior year’s tax returns as income documentation

Credit History

In addition to income, lenders closely evaluate your credit history and creditworthiness. They obtain your credit report from the major bureaus to assess:

Credit FactorWhat Lenders Assess
Credit ScoreHigher is better, above 670 is ideal
Payment HistoryAny late payments on other debts?
Credit UtilisationHow much of your available credit is used
Derogatory MarksBankruptcies, charge-offs, collections accounts
Account AgesLength of credit history

A strong credit profile shows you are a responsible borrower. Poor credit may eliminate approval or result in higher interest rates to offset risk. Providing “trade lines” like utility bills can also help showcase positive repayment.

On a typical £5,000 same day loan last year, the interest rate was 7.6%. That means one ended up owing £5,380 total to cover the interest costs.


You must be a citizen or permanent resident of that country. Lenders need you to live and work there legally because:

  • They can only give loans to people allowed to be in the country
  • Your citizenship/residency helps verify who you are and your finances
  • Laws say they cannot give loans across international borders easily

If you were born a citizen, show a government ID and Social Security number. For permanent residents, you’ll need papers like:

  • Your Permanent Resident Card
  • Immigration documents proving your resident status
  • Work permit or employment authorization

Valid Identification

In addition to citizenship proof, you have to provide a valid government photo ID to get approved for same day cash loans. This ID verifies:

  • Your full legal name matching citizenship documents
  • Your current home address for the right state/province’s laws
  • Your date of birth shows you are an adult

Commonly accepted IDs are:

  • Drivers licence or state/province ID card
  • Passport
  • Military ID if you’re in the service

Having your actual ID ready makes applying easier. Many lenders let you submit documents online for faster convenient approval.

Bank Account Requirement

Lenders require you to have an active checking or savings account at a bank or credit union. This is because:

  • They need account details to deposit and disburse the loan funds directly
  • Bank accounts allow setting up automatic loan repayments from your balance
  • Stated income and pay stubs can be cross-referenced with account deposits

Lenders typically ask for your bank name, account number, and routing number during the application. Be prepared to submit recent bank statements as well.

Loan Amount and Term

Same day loan amounts and terms vary across lenders, but generally:

Loan AmountTypical Term
£50014-30 days
£1,00030-45 days
£3,0003-6 months
£5,0006-12 months

Higher loan amounts require meeting stricter eligibility criteria like:

  • Having a better credit score and history
  • Proving higher monthly income to afford larger payments
  • Providing additional documentation to verify employment and identity

So, the amount you qualify for depends on your overall financial profile. Lenders adjust the approved amount and term based on risk assessment.

Collateral or Guarantor

For most same day loans, reputed loan lenders in the UK do not require collateral or a guarantor. These fast cash loans are unsecured. This means you don’t have to put up any of your valuables or assets as security for the loan.

Instead of collateral, lenders look at your income, job situation, and credit history. These factors determine if you qualify and for how much. Having good finances shows you can responsibly repay.

However, some lenders may allow a guarantor to strengthen your approval chances. A guarantor is someone trustworthy, like a family member, who agrees to repay the debt if you cannot. Their income provides the lender extra assurance about getting repaid.


To get a same-day loan, you must be at least 18 years old, be employed and earn money, have an active checking account, and have a full history of paying back loans.

Doing all these things shows you can pay back the fast loan.

Before applying for a same-day loan, make sure you fit all the rules. Checking first improves your chances of getting approved. Remember, these fast cash loans should only be used for true money emergencies. Using them carefully prevents money troubles later.

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