Same Day Loans.

The APR rates that can look so scary on the adverts are primarily so high because a payday loan lender only has a very short time to turn a profit. While bigger loans over a more extended period can make money more gradually, so have a lower rate, a loan repayable over three months wouldn’t be worth the lenders time if it were charged at the same rate as a traditional loan.

Another factor that can sometimes impact the rate a direct lender sets is your credit rating. The lower your score, the higher the risk. This is also often reflected in the rates you will be quoted when applying for a same day loan.

All reputable lenders must abide by regulations and guidelines set out by the FCA (Financial Conduct Authority), who is the authority that is responsible for regulating payday lenders. These relate to transparency (Interest or APR rates must be clearly stated).

When you use Payday UK, you can select any amount between £50 and £5000. You also get to choose a repayment period that is suitable for you. You can select from 3-months up to 36-months. Lenders only perform a soft credit check when you initially apply, so you can rest assured it won’t affect your credit rating. We accept applications for people who think they have bad credit. We try to provide a service that gives the maximum number of people access to credit, regardless of their history or circumstances.

Our brokers system instantly compares the loans offered from a panel of lenders then presents the best one to you. This makes it an ideal solution for a variety of people, as the best lender for one person might not suit the next person.

Payday UK will never charge you a fee for using our services. You should never be asked to pay an upfront fee for a loan.

Online applications are perfect for people looking for a same day loan, as it quickens the process. Everything is designed to get the money you need into your bank account quickly. We keep everything as simple and user-friendly as we can to avoid any unnecessary delays.

A same day loan shouldn’t be used as a long-term financial solution. They are perfect for an emergency or to cover an unforeseen expense. We are aware of the urgency most of our customers feel when applying, so try to get the funds into eligible applicant’s accounts as quickly as we can.

Many of the lenders on our brokers panel specialise in borrowing money to people that might typically struggle. Whether that’s because you don’t have an excellent credit rating, or maybe even have a CCJ, you shouldn’t presume this excludes you from being accepted. A past financial mistake or unforeseen loss of income can end up destroying your credit rating, but we don’t believe you should continue to be punished for years. Our 95% accept rate demonstrates just how many people we help.

Some people are put off from applying because they believe if they are refused, it will make their credit score even worse. However, Payday UK only initially performs a soft credit search, which leaves no mark on your credit report. This means you can apply stress-free, regardless of the outcome.

If you accept a loan offer, the direct lender is required by the FCA (Financial Conduct Authority) to perform a full credit check before paying the loan into your bank account. You’ll already know you meet their criteria before you reach this stage. If you accept an offer and make all the scheduled repayments the same day loan should only improve your credit rating.

As the full credit check is a legal requirement, you should be wary of any company that claims to be able to give you a loan without one, as this could mean they are either unregulated or not being honest.

Whether a guarantor is required will depend on your circumstances. Most loans don’t need a guarantor, but some direct lenders will ask for one before releasing any funds. A guarantor has to be someone you trust, and who trusts you. It’s usually a family member or close friend. You will be informed if you require a guarantor after the application process.

The whole process can usually be completed quickly online. There can be exceptional circumstances where a lender requires proof of ID or income. This is more likely if you’ve recently moved to a new house and aren’t on the voters register yet. Even if extra information is needed, everything can usually be done digitally.

Same day loans can be applied for and approved 365 days per year. There are no restrictions on weekends. With some lenders, they may not be able to pay out a loan on the weekend, so you may have to wait until the next working day.

Most loans that can be granted on the same day are similar to each other. The APR rate, repayment period, and some terms may differ depending on what you apply for and what your situation is.

Modern payday loans are a world apart from the same day loans that received so much negative press in the early days. Even most major lenders now offer a product that is similar in nature, although they might use a different name. This variety is good for consumers, as some will offer better deals for people with a good credit rating, while others will be better suited to those that have had trouble in the past.