Same Day Loans – Easiest way to meet unexpected financial emergency!
As we know that the loan processes have always been cumbersome, here is good news for the people who need instant loans. “Same Day loans” are here to meet your financial crisis with its earliest payout. A survey revealed that 53% of borrowers opt for the payday loan to meet their living expenses as a utility bill and other emergency expenses.
Under some circumstances, waiting for a loan is not that viable, say, you need to repair your car to go to work or you need to pay your unexpected mobile bills, Can you wait long for your loan to be sanctioned? The answer is ‘NO’. Not just the loan approval is instant; the process to apply for a fast loan is also simple. All you need to do is to fill an online request and the money will be credited to your bank account with an instant decision if you stand eligible as a borrower. So, same day loans are here to suffice all your need for instant money requirements. Most of the loans are processed by next business day, you also have the flexibility to collect you fast cash earliest from a brick and mortar store. It is a lifeline to more than 11 million people in the UK who have no credit score.
To qualify as the borrower for same day loan, you need to be eligible for the following mentioned criteria
- You must be aged 18 or above
- You must be a resident and employed in the UK
- You should receive your wages directly into your valid UK account and you must possess a valid debit card for that account as well.
- You must not currently sign or plan to sign an Individual Voluntary Arrangement, Debt Management Plan or stand as a debtor under any bankruptcy proceedings.
Factors considered by the lender for releasing a loan
To obtain a Same Day loan, you will be crosschecked on the following parameters and if you successfully cleared the below mention checklist as a lender, your chances of getting an instant loan are high.
- Identity: A thorough check is conducted in the context of your identity to ensure that there are no chances of any fraud with the company providing the loan. You need to have sufficient documents with you which support your identity as the citizen.
- Credit History: Various factors like the number of existing loan you have undertaken, your capacity to pay these loans on time, any previous default etc are assessed in this section. If your credit history is clean, you have higher chances of getting a fast loan.
- Affordability: This section assesses your income and expenditure to figure out if you are in a position to repay your loan or not. If your expenditure exceeds your income, chances are minimal that your request can be approved by a lender.
Benefits of obtaining the payday loan
- The loan process for this instant loan is completely transparent and there are no catches and hidden information in them. In most of the cases, there is almost no request or administration fee.
- The entire process is online and you are not required to rush to any office with papers and documents.
- This loan will not surprise you with hefty charges at later stages. The entire cost of the loan is clearly spelled during application.
- Flexible payment plans are offered to keep mind your capacity to repay. In case you fail to repay, all you need to keep the lender informed so that it can ensure no more accumulation of fees and interest.
In case of default, if you will not get in touch with the lender, it will assume that you have no intention to pay it back and you may be listed as a defaulter. This will have an adverse impact on your credit history and you will have a trouble in procuring any loan at a future date. Hence, it is always advisable to get it touch with the respective lender to keep it informed about your repay status.
The whole process of same day loan is online and you receive the money in your bank account once your application is approved. After receiving an email for the confirmation of loan, you will require furnishing some information to cross-check your legitimacy as a borrower. For all the loans ranging £500 to £1000, you need to have a good account history. If you repay any short-term loan successfully, you will be eligible to apply for higher amount loans in future as well.
Cautions for applying the same day loan
- The application form must be filled up with due diligence as a mere mistake may lead to the rejection of your application
- Extra fee for the same day payout is charged by many companies, so you need to read the terms and conditions thoroughly before applying for same day loan on the web.
- To make sure that you are dealing with a legitimate lender, you need to check the FCA registration number on their website. If you find that the terms and conditions mentioned regarding are not that clear and the FCA registration number is also missing, then you should avoid applying for a loan with such lender.
- Entering your personal details to a website that looks suspicious and trashy may put you in trouble. Online safety must be your first concern while applying for any payday loan.
There are no restrictions on the usage of money acquired through same day loan. From fixing your car to paying off your utility bill, you are free to use the amount as per your discretion. The name ‘same day loan’ suggests that you can receive the loan same day but it rarely happens as most of such loans get processed by the next business day.
You need to be sure if you really require a payday loan as these loans cost you high in parity to their convenience offered.