Same Day Loans
Same day loans are short-term, small amount of borrowings. A same day loan is an easy way to get your hands on extra cash immediately. For whatever reason you may need the money for, you can get it covered with a same day loan.
While you can get a loan from banks, the application and processing of a bank loan may take days and even weeks. And, if your credit record isn’t looking good, a bank loan might not be suitable for you. Most personal loans offered by banks and traditional private lenders require you to have a good credit history.
What are same day loans?
Same day loans are short-term, small borrowings that are unsecured. This means the loan has no guarantee or collateral. The lender grants you a loan with the trust that you will repay the loan. These loans come in handy for those who are in the middle of unforeseen situations such as a financial emergency, or perhaps a rush of payables shortly just before the paycheck arrives.
Like any other form of credit, same day loans are to be paid in full within a specific period. A same day loan’s repayment period is usually a minimum term of two week to two months, depending on the lender. You are expected to pay back the loan amount, which comprises the amount borrowed, the interest, and other possible fees by the time the agreed loan term is due.
However, same day loans are not recommended for long-term financial expenses, as these loans are only an interim solution to short-term problems. These loans are most especially not recommended for people in serious debt because of the high interest rates.
Since same day loans are unsecured, the loan is only dependent by the borrower’s creditworthiness, which is typically based on the credit score. The higher the score, the lower the interest and the higher the chance you will be approved.
If you borrow unsecured loans, you are usually required to have good credit scores to qualify. However, many same day loans lenders consider those with a not-so-good credit record. As long as you meet the requirements, which are so basic, the loan application is fast and easy. What’s important is that you have a regular source of income, whether you are employed or on benefits.
Other requirements for a same loan application are general such as being a permanent resident in the UK, being over 18 years old, and having an active bank account. Collateral or loan guarantee is not a requirement to access same day loans, so the process is quick and hassle-free.
Same day loans online are the fastest and one of the most easily accessible ways of getting the money you need. Many lenders have designed easy, flexible, same day loans online that allow you to have cash in your hands instantly.
Highlights of a Same Day Loan
Fast approval and processing
When compared to traditional loans and credit cards that take a long time to process, same day loan approvals are almost instant. You can’t argue with that, from the name itself. There’s no filling out of lengthy forms, sending a bunch of documents, and no waiting for several days.
Most same day loan lenders give feedback instantly. This is a good thing because if you don’t get an approval with a lender, you can seek elsewhere immediately.
Same day loan lenders must maintain quick services to stay competitive. The number of payday loan lenders in the market is increasing each year.
Most same day loans are online, and this is their main advantage. The convenience you get to apply for these loans are their edge. You can apply for a loan remotely. With the internet and the lender’s website, you don’t have to get an appointment or wait in line at a local lender’s branch. You can submit your loan application from your own home or office with only minimal paperwork involved, if any.
Most same day loan lenders do not do hard credit checks and loan approval is not based on your credit score. Regular loans require collateral or a sort of guarantee, but with same day loans, you don’t need one. Even if you have a low credit score or no credit at all, it does not have influence in your loan application. What is needed from you is to have a stable income.
Helps rebuild your credit
Most lenders, if not all, pull out your credit record each time you apply for a loan. That is why it is important to maintain a good credit score as much as possible. If you have a low credit score, you cannot get a loan approval from most banks and traditional lenders.
However, you can qualify for a same day loan even with a poor or bad credit, as long as you have an income. Once you get a loan grant, you can rebuild your credit record by paying the monthly repayments on time. Once you get back on track with your finances, you can get loans in the future easily.
Online applications for same day loans get an almost instant feedback as long as you give all the data required. Getting a same day loan is a quick and easy procedure. You will be informed immediately if your loan application is approved or turned down.
In taking out same day loans, all the interaction involved takes place on the lender’s website, since most of these loans are online. You don’t have to pop up at the lender’s branch office or call the lender to request for a loan application. You’ll be able to submit a loan application online straight from the comforts of your own home or office at any time of day or night. These lenders operate even beyond business hours.
Once you get a thumbs up, it takes as little as a few hours for a lender to transfer the funds to your bank account. You can expect to get the money within 24 hours, hence the name “same day” loan. These loans are clearly a huge help in times of urgent financial crises.