Same day loans UK
Sometimes, an emergency will crop up when you have absolutely no cash. While getting a loan is definitely an option in such a situation, the bureaucracy in many commercial banks makes it almost impossible for you to get the cash you need within the shortest time possible.
Fortunately, there is a viable option that many people may not be aware of. Same day loans are a way out for many people in the UK who need credit within a day. If you are a salaried individual in need of a cash boost a few days before your payday, a same day loan is something you may want to consider.
These loans have helped people survive rough patches without having to sell their prized possessions. Just imagine being able to get a loan of between £100 - £10,000 within the same day and how that can save you in a sticky situation.
Here are some of the features of same day loans:
1. Instant access
The fact that the funds will be deposited into your account almost instantaneously means that a same day loan is your best bet when you have an emergency. If your car has broken down or you are under pressure to pay your rent in time, this is the loan for you.
2. Straightforward application process
Apart from the fact that you get your funds almost immediately, there is also the aspect of a very simplified process. In most cases, all that is required for your same day loan to be approved is your basic information. Completing the short application takes less than 10 minutes.
3. No collateral required
The fact that these are short term loans means that applicants are not required to provide any form of security. Most people repay the loans within a month, in most cases as soon as they receive their salaries.
4. No requirement to disclose purpose of loan
For a same day loan, you are under no obligation to disclose your reason for applying for it. Whether you need to fix a leaking roof, pay your child’s school fees or repair your car, you are free to apply for this type of loan. This is why so many people turn to it when they are cash strapped.
5. You don’t need to have a perfect credit score
Even if your credit score is not the best, there is still a good chance that your same day loan application will be approved. For people who cannot access bank loans due to their credit history, this is definitely great news.
If want to apply for a same day loan, you can expect it to have shorter repayment terms. That means that you will be able to repay your debt very quickly and, at the same time, incur less interest. The repayment period can range from a week to a month.
If you are in need of quick cash, same day loans can be your only way out. Of course, you should perform enough due diligence to ensure that you fully understand the terms and conditions of the loan.