Sometimes you need money urgently. Getting that extra cash can relieve you of the financial pressure. Same-day loans are cash flexibility that covers your emergency expenses with same-day funding.
They are for emergencies and speed factors in mind. When you fill-up the form for the cash needed, you get an immediate response and money in your bank account.
What does a same-day loan imply?
These are quick and short-term unsecured loans designed to meet urgent cash requirements. Lenders analyse the individual’s affordability with a relevant income source. By providing it, he can get the loan on the same day. These loans are usually costlier than long-term loans.
The reason is the convenience of leveraging the facility. One can get these loans without bad credit score obstacles or detailed credit screening. It is usually for individuals with poor credit history needing independent finance to fund their needs.
If your disposable income is more than the amount you need, the lender approves the application. These loans are income-based, just like payday loans. The repayments on these loans are easy as the borrower can choose one as per their income and finances. Spread the loan cost to pay quickly and improve your credit score.
What can you use the loan for?
As mentioned above, you can use same-day cash loans to cover unexpected expenses, but there are no usage limitations. Here are some aspects where a same-day loan can be right for you.
- To repair the broken car immediately before the official meeting
- To finance a medical emergency until it turns severe
- To cover up and pay utility bills before the due date
- To help your child with urgent education or uniform requirements
- To cover any expenses before payday.
How does the same-day loan work?
When you apply for a same-day loan with us, we conduct a soft credit check to analyse the affordability. For this, we ask you for valid income proof. You get it if your finances are strong, with no recent default or short-term loan backup.
You can receive the funds shortly after the loan approval in your account.
We do not abide by an automated process to analyse your credit score. We check it personally to provide funds you can afford comfortably. You can apply even if you are unemployed. We consider income from benefits as valid income proof.
However, you can borrow only as per your income. If you need more funds, you can provide additional income proof in the form of part-time income or other short-term bad credit loans.
After loan approval and fund disbursal, you can pay repayment as per the agreement. Usually, these are short-term loans with 14 days of repayment. But we provide a 12-month repayment period on these loans for comfort. Watch the repayment tenure you choose for your loan. Do not opt for a longer one if you can comfortably pay early. A longer duration may reduce the repayment but will increase the overall interest on the loan.
You can contact us if you want to exceed the loan repayment term. We help you provide a suitable loan term that aligns well with your finances. If you wish, you can pay a lump sum early. Regularly paying can help you close the loan quickly and improve your credit score.
Who can apply for same-day loans?
Different lenders have different criteria for loan application approval. With us, any individual above 18 years and with relevant income can qualify easily. Here are other eligibility criteria parameters:
- Should be a regular citizen in the UK country
- Have a valid debit card
- Have a valid mobile number
- Should be earning above £800/month as regular or part-time income
Our quick application screening and approval ensure that you would not be left out waiting endlessly to receive the cash timely. If we find an application form with errors in spelling or information, the application process may get a bit slow.
Thus, always double-check the information you mention on the application before clicking apply. Another important part here is to analyse whether you can afford the payments realistically or not. For this, you can use an eligibility checker. It would help you know the expected amount you would be paying as repayment.
However, the criteria do not ensure guaranteed loan approval. We identify the total disposable income and other expenses before providing you with the loan approval and cash. If the loan arrangement impacts your credit score, we never approve it.
Can you get a quick loan without a credit check?
No, you cannot get a same-day loan without a credit check. No legal lender will provide a loan without conducting the initial credit assessment.
You may need a no-credit-check loan to avoid a credit footprint on your credit report.
Relax if you are worried about getting a straightaway rejection on a loan. You do not need to fear rejection unless you hold relevant and valid income evidence.
We only conduct a soft credit check. It helps us analyse the application by basing whether you can comfortably afford the payments or not. It does not get recorded.
Compared to a soft search, a hard credit search is a detailed search of your credit score and payment history. It impacts the credit score. It stays on the report for 12 months and is visible to other loan providers and credit agencies.
Are same-day loans and payday loans alike?
Although same-day loans are also income-based, like payday loans, they do not operate similarly. In same-day loans, you can split the cost into affordable halves to pay comfortably. In payday loans, you pay a lump sum after receiving your salary.
Though you can get payday loans from direct lenders with a 12-month payment schedule, you pay the amount in one lump sum. These are ideal for emergencies where you need instant cash without worrying about your credit score.
Bottom line
Same-day loans are ideal for you to cater to any need without the wait. Individuals can apply for these loans even with bad credit and low income. Analyze the amount you can comfortably afford without falling on the finances. It would help you manage the loan without any trouble.
Hi everyone, I am Lukas Thomas. I am a professional writer and author with having specialisation in the UK financial sector. I have more than 13 years of experience as the financial writer and hope it will continue longer. I have done my post-graduation in Masters of Business Administration (MBA) in Finance. Currently, I am performing my responsibility as a Senior Loan Expert in Fundingpeer, which is the fastest-growing online direct lending company. My job is to prepare borrower-friendly loan deals as per the company’s guidelines. I also write research-based blogs for the company’s official website. You can read them and gain knowledge on any loan product.
