So your car broke down? Or do you need some money, but there is still a week left until you get your payment? How will you get all the money? It’s urgent! Same-day loans are the key to opening the door for immediate money loans.
Same day loans can provide you with the cash you require when something comes up all of a sudden. Same day loans are like payday loans, and people tend to be confused between them; we will cover that up too in this article. But first, let us understand what a Same-day loan is.
What is the Same Day loan?
- As the name suggests, same day loans are immediately available; they provide you with money within 24 hours, sometimes within a few hours.
- Same day loans are short term loans, generally a few months.
- Several websites can provide you with same-day lenders.
- The creditor sets the limit to the amount that you can lend. The limit could be anything; it could be £100 to several thousand Euros. Usually, they are small loans.
- Same-day loans are often applied and credited online, so you do not have to worry about paperwork.
- People often fear that same day loans might ruin their score, but it is not valid. Same day loans have no impact on your credit scores.
Are same day loans safe?
Everything in this world comes with some risks. Even in the case of same-day loans, there is enough chance of getting scammed as everything is online. You do not usually meet the creditor or debtor in person.
The only way you can keep yourself is by being well aware of the creditor or the debtor you are dealing with. You must check if the Financial Conduct Authority legally authorises the person or organisation you are dealing with.
How do I apply for the same day loan?
- As said before, there are plenty of websites that can provide you with the same day loan. Check the legality of the website and the organisation and the application to fill out.
- Fill out the application and wait to get approved. Once you get approved, you will receive your money the same day.
- Most creditors have some eligibility criteria for taking a same day loan. A few requirements you need to meet are;
- You must be 18 or above age.
- You must have a steady source of income.
- You must have an active United Kingdom bank account.
- And lastly, you must be residing in The United Kingdom.
If you meet all the criteria mentioned above, it is most likely that your application will get approved, and you will receive your money within 24 hours.
Are all the same-day loans the same?
- All the same-day loans do share the similarity that they lend you money the same day as the approval of your application. Same-day loan requirements, interest rates, and other factors may depend on the lender.
- The amount of money you will have to pay in the form of instalments and the duration of your loan will depend on the amount you borrow and how much you can pay back.
- Though taking a Same-day loan does not affect your credit score, not repaying within the allotted time could affect your credit score and bother you in later loan-related events.
- Another variation of same day loans is payday loans which we will discuss ahead.
As promised before, we will discuss what a Payday loan is and some basic information about it.
What are payday loans?
- Payday loans generally mean a loan until your next payday but do have some alterations according to the situation.
- Like same-day loans, payday loans are short term loans as wee, usually about one to six months long.
- The money lent in a payday loan generally ranges from £100 to £1000.
- Payday loans are unsecured loans. An unsecured loan means it does not need collateral; you have to pledge on a precious item.
- Payday loans do not have many credit requirements and have a comparatively higher acceptance rate.
- Both payday loans and Same-day loans must not be used for long-term emergencies. It is better to take advantage of Payday loans and the Same-loans when in a money crisis.
What kind of interest rate do Payday loans have?
Payday loans have comparatively high-interest rates. But do not get feared by this. Regular banks count interest annually, but since Payday loans are short term loans and must be paid within a few months, they calculate interest month wise. Since Payday loans calculate interest month-wise, and you will pay back the money within months, you will not have to pay a large amount of extra interest money.
How do I get a Payday loan?
- Getting a Payday loan is very handy. You can get it anywhere in high street shops or online websites. But make sure the Financial Conduct Authority regulates the website you are working with to get a Payday loan.
- Same as Same-day loans, you can apply for a Payday loan online, but do consider comparing it with other sites or shops that are offering you payday loans.
- You must ask your lender to clearly explain the features of the loan to you so that you do not end up in trouble later.
- Before lending you money, the creditor will check if you can pay back the loan.
- Repaying of the Payday loan like any other loan must be done on time. You are facing difficulties in paying back the loan or instalments of the loan. You may ask your lender to extend the loan.
- While extending a loan, you may be required to have a new agreement written as well. But an extension of loans comes with its problems as well. You may end up paying extra interest and fees.
Conclusion
Same Day loans, as the same suggests, are loans that can lend you money within the time frame of 24 hours, but they are short term and require to be paid within months. To get a same-day loan, you can find websites that provide same day loans and apply for one.
Before applying, you must check if you are eligible for it or not. To be eligible, you must be 18 or above, have a job, you must have a U.K bank account and be a resident of The U.K.
Payday loans are similar to Same-day loans but have very high-interest rates, which are not too costly if understood properly. Before getting a Same-day or Payday loan, you must check if the Financial Conduct Authority regulates the website.
So next time you suddenly need money for a small amount, you can always turn to Same day or Payday loan.
