Compare Same Day Loans

If you’re looking to get a loan quickly, we’ll explain what you can do to increase your chances of getting access to money on the same day as you apply.

Table of contents

Written by Mark Grimley
Read time: ~5 mins
Published: 28th September 2023

Can I get a same day loan?

Same day loans are designed for short-term borrowing and providers will aim to send you the money the same day you apply.

They're a fast and convenient way to access cash when you need funds quickly, but it can be a very expensive way to borrow.

As long as you fit the lender's eligibility criteria, you'll qualify for a same day loan. You'll typically need to be:

  • a UK resident
  • at least 18 years old
  • in regular employment

You'll also require a bank account with a debit card and share evidence you can afford to repay the loan.

What can I use a same day loan for?

Same day cash loans can be costly, so they're usually used for financial emergencies.

You can use a same day loan for anything once the money is in your account but only use a same day loan if you genuinely need funds instantly.

Some reasons you may use a same day loan:

  • To repair car damage
  • Urgent vet care
  • Emergency home repairs
  • Family emergency

How do same day loans work?

Same day short-term loans work in the same way a personal loan does - you borrow a sum of money from a loan provider and repay it with interest over an agreed period of time.

Loan terms for same day loans are typically under 12 months, but some lenders offer loans of up to 3 years.

Once you've found the right same day loan for you online, you'll need to apply via an online application form. You'll be asked to provide:

  • personal details, like your name and address
  • employment details or your regular income source
  • your banking details

You'll also have your credit report checked so the lender can see your credit history and how you’ve managed credit products in the past.

How quickly will I get the money?

Some lenders promise same day personal loans almost instantly if you're approved. Although, if you have bad credit or your application isn't straightforward, it may take a few days.

How much can I borrow with a same day loan?

It depends on the lender and your creditworthiness, but loan companies typically offer small same day loans between £100 and £2,500.

You may find a same day money lender who will offer more, but interest rates can be very high, so it's best to keep same day borrowing to the minimum.

How much will a same day loan cost?

Same day loans can often charge high interest rates, so can be expensive compared to other types of loans. The annual percentage rate (APR) varies and depends on:

  • your credit rating
  • the lender rates
  • the amount your borrow
  • the loan term

It's unlikely you'll find an APR less than 49.9%, and often, small same day loans come with an APR of over 1000%.

Here's an example

If you borrow £800 over 6 months with a 50% APR your monthly repayment will be £149.82. The total amount repayable will be £898.93, so the loan will cost you £98.93.

However, if the APR was 1,333% and you borrowed the same amount, your loan repayments would be £257.76, and the total amount repayable would be £1,546.44.

Where can I get a same day loan?

There are a number of providers that offer same day loans online, and a quick search will provide you with many choices.

If you need help figuring out where to start, a comparison website like ours is an ideal place to begin your search for a same day personal loan.

If you have a good credit history, you could get instant funds at a much lower interest rate once your application is approved.

What are the pros and cons of same day loans?

A same day loan from an online lender can help you raise money quickly to pay for emergencies. However, there are downsides to consider.

Here are some of the pros and cons:

  • Fast and convenient
  • Can help in a financial emergency
  • No collateral needed
  • You could be eligible even if you have bad credit
  • Very high interest rates
  • One of the most expensive loans
  • Steep penalties for late or missed payments
  • Inflexible repayment terms

The bottom line is, if you can help it, you should only take out a same day loan in a financial emergency. If you can afford to pay for urgent or unexpected costs with cash or savings, use them or explore other loan types first.

Are there any alternatives to same day loans?

If you need money quickly for an emergency, there are some alternatives - but expect to pay high interest rates if you’re hoping to find quick cash online.

Here's a couple of other options:

Personal loan

If you have a good credit score and a current account, some major banks may be able to transfer funds to your account the same day if you already bank with them. This is possible because they have your details and can quickly verify your credit rating and affordability.

Interest rates on same day personal loans from high street banks are much lower, so the loan will be cheaper. It's always worth speaking to your bank before turning to an online same day lender.


If you have a good credit score, and you only need to borrow the money for a short period of time, you may be able to agree to an overdraft limit with your current account provider.

This is a way to borrow money via your current account, by spending more money than you have in the account. Some bank account providers will allow you to borrow a certain amount using an overdraft for free for a period of time, so it’s worth checking what your bank can offer you.

Overdrafts can be an expensive way to borrow money for an extended period of time and should only be used for financial emergencies when you know you can pay anything you borrowed back quickly.

Same day loan FAQs

Can I get a same day loan with bad credit?

Yes, it's possible, but you'll typically pay a higher interest rate. Same day loans can be one of the most expensive ways to borrow, so a bad credit same day loan could be costly and plunge you into further debt.

If you have bad credit but need money quickly, specialist direct lenders may consider your application and offer better rates if you can wait a bit longer for your loan.

How long will I have to repay a same day loan?

It depends on the lender, but most same day lenders will offer a repayment term between three and 12 months - although you may find same day loans for up to three years.

The interest rate can be high for these types of loans, so if you can, it’s a good idea to borrow for the shortest term possible to keep your interest costs down.

Will a same day loan affect my credit score?

A same day loan won't affect your credit score negatively if you repay it on time and stick to the credit agreement. However, all lenders will perform a hard credit search when you apply for a loan, which will be listed on your credit report, so it’s best to avoid multiple applications for new credit in a short space of time.

If you're worried about your credit score, use a comparison site like ours with an eligibility checker to find out the providers who are most likely to lend to you, without harming your credit score.

Will I need a guarantor for a same day loan?

No, you won't need a guarantor if you fit the lender's eligibility criteria and have a fair credit score to show you’re a reliable borrower.

If your credit history is poor or you can’t show that you have a history of repaying credit , you'll likely need a guarantor to support your application.

Can I get a same day loan without a credit check?

Despite what you may see advertised online, you can't get a same day loan without a credit check. If you want a loan from a reputable lender, you'll need to be credit checked.

This is because money lenders must be authorised by the Financial Conduct Authority (FCA), which means they're bound by strict rules to lend fairly and responsibly.

Written by
Mark Grimley
Head of Partnerships & Take Control Author at Choose Wisely

Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.

Important Information.

All of the information in this guide is correct at the time of writing.

If you complete a loan search application on the Choose Wisely website, the rates shown may vary based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 13.9%APR to a maximum of 1721%APR Representative and loan repayment periods range from 3 to 60 months.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
You can access your credit report for free from Credit Karma, Clearscore or Experian.

Warning: Late repayment can cause you serious money problems. For help, go to