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Same Day Loans[edit]
What does a same day loan mean
Same day loans are loan companies that can get you your money on the same day as you apply. Same day loans refers to how long it takes to get the money into your account from applying. If you've had some unexpected expenses or bills, a same day loan could sort your problems right out.
Many same day loans can be applied for online and often you will get an instant decision. Some same day loan companies are no credit check loans which means they do not credit check you when you apply. However, same day loans will sometimes have a much higher interest rate.
Other same day loans can be provided by your primary bank. If you already hold an account with them, they will be able to look at your account and see if you are eligible for a same day loan. If you are, they will be able to transfer the money into your account the same day as you apply.
If you are applying for a same day loan, especially if you are unemployed or are on benefits, make sure you can afford the repayments before taking out a same day loan. The most common same day loans are payday loans in the UK which are available for people with bad credit. Payday loans can get you a same day, emergency loan online.
Types of companies that offer same day loans
High street bank loan – you can only get a same day loan from a high street bank if you have one of their current accounts, as it is so much easier for them to transfer the money into your bank quickly
e.g. Northern Bank, Barclays, HSBC, First Direct, Smile, NatWest, Ulster, Lloyds, Metro Bank
High Street loans – this is quite rare but they may be able to pay the money out the same day as you apply if you are able to get to one of their offices to pick up the money
e.g. Everyday Loans, Oakam Loans, Cherry Godfrey, Sarnia Mutual, One Stop Money Shop
Peer-to-peer loan – they may offer same day loans as an option but they will charge you extra for the transfer of the money
e.g. Zopa Loans
Car finance loan – although the loan is not directly transferred to you, some car finance companies can transfer the money to the dealership that same day, whilst you are waiting
e.g. Infinity Finance, ACF Car Finance
Guarantor loans – money can be transferred into your guarantor's bank account on the same day with certain companies. You can also apply for a guarantor loan if you have bad credit.
e.g. FLM, FLM Quick, Guarantor Loans Online
Payday loans – a lot of payday loan companies now have the capabilities to get the funds into your account on the same day, check with them to ensure whether it's free of charge or extra charges will be added onto your loan.
Text loans – once you have registered with them, they are very quick at transferring the money into your account, usually on the same day.
e.g. TxtLoan, Mobile Quid
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