The Best Loans Available on the Same Day in the UK

Have you ever felt the need for instant cash?

Yes, in emergencies and short-term requirements like bill payments, medical emergencies, or car breakdowns, ask for immediate cash arrangements. Lacking sufficient cash leads to delays in approaching the condition. It may lead to adverse circumstances later. However, having access to financial facilities offering quick cash in your account eases the deal. Yes, it is possible with facilities like same-day loans.

How do same-day loans work?

Also known as quick loans, it is a financial facility that helps individuals get cash fast for any short-term purpose. It is ideal to counter emergencies and critical cash requirements in a timely. Unlike, traditional loans, it does not require detailed credit screening or documentation analysis. Instead, you can get these loans with soft credit screening without documentation.

Moreover, you do not require a stellar credit score to qualify. Individuals with regular or part-time income proof can get these loans instantly. Additionally, you may get an amount up to £5000 for 12 months of repayment. With fixed interest rates and terms, you may budget for repayments easily.

What are the criteria to get the loan on the same day?

To get same-day loans in the UK marketplace, individuals must meet a criterion. Different lenders have different criteria, but the essential requirement stays the same. Meet the following parameters to qualify:

• You must be 18+ while applying
• Must be a permanent UK citizen
• Should have relevant income proof
• Should have earnings above £2000/month
• Must possess a responsible credit profile

Is there any additional charge for same-day fund transfer?

You can get a same-day loan without additional charges. However, the cost of the loan varies according to the lender’s rules.

Which loans can you get on the same day?

There are multiple loans that you can get instantly for your needs. However, analyse your requirements, income, replayability, and affordability before choosing a loan and the loan amount. It will help you avoid default and penalties later:

1)     Payday loans

As the name suggests, these loans are specifically to counter financial shortfalls due to late income credit. If you have an emergency but cannot wait until the salary date, payday loans may help. You can get up to £1500 for your needs immediately.  The interest rates stay competitive on the loan due to easy accessibility and high approval chances.

2)     Loans for the unemployed

It is one of the best solutions for individuals facing financial hardships due to unemployment. It helps unemployed individuals get minimal cash assistance for short-term financial needs and urgency. Individuals leveraging unemployed benefits may qualify for unemployed loans from a lender. However, they must have another reliable proof of income, like a part-time income or another legal income form, to qualify.

3)     No guarantor loans

No guarantor loans are a same-day cash facility for individuals who lack a guarantor. A guarantor helps a person qualify for better interest rates if the borrower lacks a good credit score. However, no guarantor loans eliminate the guarantor requirement and base an individual’s affordability as the prime mode of approval.

If the individual can maintain regular payments without falling on finances, he may get a loan without the guarantors’ requirement. Moreover, provide relevant ID and income proof to get one. Tenants, students, and unemployed people with some basic income may get one.

4)     Doorstep loan facility

As the name suggests, doorstep loans are a facility for individuals needing instant cash at the doors. It could be due to reasons like- having a small kid at home and not going out, mobility issues, or financing a repair quickly. These loans have high-interest costs compared to other same-day loans.

Moreover, the pay-out amount is lower than payday loans. Here, you can get up to £1000 as instant cash at home. The person/ lender’s representative collects the repayment from home. It is thus doorstep loans also known as home collection loans. Other same-day loans lack such a facility. However, you can make repayments online on these loans.

5)     Loans for people on benefits

It is for individuals leveraging government benefits like- unemployment benefits (primarily). You may also get one if leveraging benefits like- disability benefits, Job seeker allowances, child care benefits, etc. You can get loans for people on benefits by revealing proof of your income from government benefits. However, the amount you get is lower than you get with a relevant income proof like- a regular salary or even part-time pay.

6)     Text loans

Text loans are the quickest form of same-day loans. It is for individuals needing quick cash without depending on internet connectivity. Sometimes, you need cash regardless of credit score or mobile data.

If you need any cash help of up to £1500, text loans may help. You can get the loan by just following an SMS pattern. Contact the best service providers for text loans and you get the money in your account just by conversing through text.

7)     Loans for very poor credit scores

Individuals with bad or poor credit scores struggle to get quick help from mainstream lenders. It is because of the compromising financial management and the credit score. Lenders deem such profiles as unreliable and thus reject the loan application.

However, some lenders provide very poor credit loans to individuals needing urgent money. It implies if your credit score stands at 560 or below, you have a poor credit score. You can use the loan to finance your emergency requirements under this score.

You may qualify for quick cash assistance if you can repay the loan amount with interest rates timely. Secondly, the loan agreement must not impact your budget and other liabilities.

Bottom line

These are some popular same-day loans available for your needs. You can identify the one that suits your requirements the best. For example- most individuals confuse quick loans with payday loans.

You may get both on the same day. However, the repayment structure differs. You pay a payday loan in a lump sum while you can spread the cost of the loan on quick loans. Likewise, educate yourself on each of these loans thoroughly and choose the right one.