How much do you need?
Same Day Loans
Same day loans can be an effective way of dealing with life’s emergencies. While it’s important to try to put money aside for these situations, there are often unforeseen circumstances you can’t anticipate. A same day personal loan can be the right solution in times like these.
What are Same Day Loans?
Same day finance allows you to make an application and if approved, have the funds deposited into your bank account on that very same day. You can then repay the loan amount including interest rates on the repayment dates agreed upon between you and your lender.
A low credit score can be caused due to one or more of the following reasons:
Can I get a Same Day Personal Loan with Bad Credit?
There are many reasons why you may have a less than perfect credit score. More often than not it is due to being unable to meet your financial commitments in the past. People with a poor credit rating are often seen as untrustworthy which makes it more difficult to secure finance.
If you feel you have a poor credit history, it may mean that lenders are less likely to offer you short term finance because of potential money problems. However, this doesn’t always mean your application will be declined in all cases. Some lenders do offer bad credit finance. Yet the rate of interest for these loans are often higher, due to the level of risk you pose.
Do I Qualify for a Same Day Quick Loan?
Under the right circumstances, this form of finance can be useful in emergency situations such as:
Being 18 and over
A UK resident
Earning a minimum of £500 per month
Being in full-time employment
Having a UK bank account
This information alongside your marital status, place of work and monthly income is required in order to give lenders a complete picture of your financial circumstances.
How much can I Borrow?
How much cash you can borrow, largely depends on your personal circumstances. In some cases, you can borrow up to £25,000. Usually, a loan of this level will be secured against a property.
Most short term loans, however, range from £100 to £5,000 and are repaid over the course of 3 to 36 months in smaller instalments.
What if my Application is Rejected?
If you are not successful in your application for a same day loan, it could be because you don’t meet the eligibility criteria as set out by the lenders. Lenders have this criterion in place to ensure you can afford the money you wish to borrow. Otherwise, the burden of monthly repayments could put you into a cycle of debt.
Another reason could be the financial decisions you have made in the past which has left you with a poor credit score. If this is the case, you can take steps to begin rebuilding your credit history which should in time, improve your chances of being approved for a loan.
Advantages and Disadvantages of Same Day Loans
The application process is Fast
Decision and access to cash on the same day
Protected by FCA price caps
Borrow what you need
Affordable repayments over time
Can be more expensive than other borrowing options
You might not be offered the exact amount you applied for
Could fall into a cycle of debt if you do not meet your repayments
Why choose iLoans for my Same Day Loan?
iLoans is a credit broker authorised and regulated by the Financial Conduct Authority (FCA) and our services are completely free of charge. Because we are members of the ICO, you can be confident in the knowledge that your personal data is safe and secure.
Due to our fast, online application form, you could be in receipt of a loan offer from one of our lenders in a matter of minutes. Once you apply through our website, one of our specialist lenders will evaluate your application in real time. Furthermore, the process won’t impact your credit file.
We believe that applying for same day loans should be as uncomplicated and painless as any other type of financial assistance. It is our goal to ensure you only engage with regulated and responsible providers of credit who we approve personally.