Key features of Same Day Loans:
Real life tends to come with its fair share of unexpected surprises, and these can lead to financial emergencies, both big and small, requiring extra cash TODAY! Things like:
There are situations when sometimes grandad can fix it… Sometimes you’ve got enough savings to cover it… Sometimes you can wait until your next payday to sort it… but sometimes you can’t!
When life’s unexpected surprises turn out to be more expensive than you can afford at that moment in time, the issue of covering unexpected costs quickly becomes a real problem.
Same Day Loans have been developed, mainly by online lenders, to help out customers in the trickiest of situations. When you’ve already reached your budget for the month, but you really need an advance of extra cash straightaway, and you don’t have anywhere else to turn – that’s when you might think about taking out a payday or short term loan that can be in your bank account and available to use that very same day, subject to approval.
Try looking at our page: Do I Need a Loan? if you are asking yourself that question.
A loan is money that you borrow under an agreement. You will need to repay the money at a later date with added interest on top of the original amount you borrowed. Interest is calculated on the original loan amount and usually increases daily according to a percentage fixed in your loan agreement.
Payday and short term loans can cause you serious money problems if you do not repay on time as your balance will continue to increase. You can quickly end up with a much bigger bill than you expected, or can afford, and this can lead to serious, long term debt.
Late repayments can also do damage to your credit file, such as Defaults or even CCJs. Your account could be transferred to a debt collector and your financial situation can generally become a lot worse if you do not use loans in a responsible way.
The cost of same day loans varies from lender to lender. High Cost Short Term Credit providers generally offer payday loans and short term instalment loans. The amount you borrow will usually be a relatively small amount and the time you can borrow for is generally limited to a few months, so although there is a high interest rate on the cash loan that you borrow, the small amount and short time can keep the overall cost down.
Payday loans have one single repayment date which is generally on your pay date, or just after, so we compare payday loans with a loan term of up to 35 days. Find out more here.
Short term “multi-month” or instalment loans allow you to spread your repayments over multiple monthly pay dates. This will usually increase the overall cost of your loan, however it may make the loan more affordable for you given that the amount you pay each month is smaller. Find out more here.
The application process for same day loans from UK lenders is intended to be easy and streamlined so that you can get your funds as soon as possible, subject to approval. You fill in some personal details about yourself and your monthly income and expenditure and it’s usually very easy to apply for a Same Day Loan on a smartphone or tablet.
Creditors will carry out credit and affordability checks when you submit your application to ensure that they are lending responsibly to people who can afford their loan repayments. Same Day Loan lenders in the UK do not want to cause their customers financial difficulty as a result of using their service. That’s why, even if you are desperate for a same day pay-out, you should always be totally honest when completing an application for a loan online. If you think you need a loan, always carefully consider your financial situation and your future circumstances and make sure that you can afford your loan repayments before you apply.
Find out more about the credit checks that lenders will run when you apply for a same day loan.
To compare Same Day Loans today, try out our Clear and Fair loan comparison which quickly and simply shows you the best deals for the loan that you need.