A wise guide to…

Applying For A Same Day Loan

Same day loans are loans paid out on the same day as your application. These loans are designed to help with unexpected or emergencies and are often repaid over a short period of time.

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Representative 99.8% APR (fixed). Representative example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 monthly instalments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32.

Choose Wisely is a trading style of Choose Wisely Limited and is a free to use price comparison website. Choose Wisely Limited is authorised and regulated by the Financial Conduct Authority as a credit broker not a lender, firm reference number 730574 and is registered with the Information Commissioner’s Office number Z3106681.

How to get a same day loan in 3 simple steps.

Affordability assessment.

1 form - takes 2 minutes to complete and your data is 100% secure.

Compare products.

Choose from lenders that have accepted your application.

Speedy finance.

If approved, the cash can be in your account in as little as 15 minutes.[†]

Get accepted

Written by Mark Grimley

Read time: ~5 mins

Published: 27th July 2020 Updated: 28th July 2020

No matter how well you plan out your budget, sometimes things crop up that throw a spanner into your plans. Whether it’s a car breakdown or an unexpected water bill, there are times when same day loans could help you to keep your finances stable. We have a panel of authorised lenders who could provide you with same day loans online with cash being paid into your bank account within minutes.

What are same day loans?

Same day loans are designed to help you out when you find yourself short on funds. The loan is designed to give you the money on the same day that you apply for them. If your application is approved, a same day loan can get cash into your bank account fast so you can have access to it as quickly as possible. Traditionally a same day loan is there to help with short term financial issues like car breakdowns and home repairs.

Sometimes this type of loan is also referred to as same day payday loans. This is because it’s a short term type of borrowing that is typically repaid in around a month or two. They can have different repayment times but this will depend on the lender and loan terms you’re offered. There are longer term loans available that are same day pay out loans but offer up more time to repay.

Can I get a same day loan with bad credit?

Many people with bad credit think that they can’t get same day loans because of their credit rating. However, with Choose Wisely you could still find a same day loan even if you have bad credit. We have a range of lenders who understand difficult situations and specialise in loans for those with bad credit.

Applying for a loan through Choose Wisely’s Get Accepted loan search won’t have a negative impact on your credit file. Initially our panel of lenders will perform a soft credit check which doesn’t show up on your credit report and won’t have any impact on obtaining another form of credit in the future. Once your initial application has been accepted in principle, if you then choose to complete a full application the lender will then go on to perform a full credit check.

Some lenders will focus on your current situation rather than your credit history. This means that there is always the possibility for those who have struggled with debt and finances in the past to receive a same day loan. There are some eligibility criteria that you will need to meet in order to reply which include:

Having an active UK bank account with a debit card
Being a UK resident with a registered address in the country
Being at least 18 years of age
Having a proven source of income
Meeting the affordability criteria to prove you can pay back the loan on time

Can I get a same day loan with no credit check?

People who have a poor credit score often look for a same day loan with no credit check as they believe it could be easier to borrow money. When you use Choose Wisely to compare same day loan options you will only undergo a soft search in initial stage.

However, if after comparing your results you decide to make a full application with a lender you will be subject to a full credit check. Anyone that says you can apply for same day loans without a credit check is not correct, as all lenders need to perform specific checks to make a decision on your loan and ensure that lending to you is a responsible thing to do.

When should I get a same day loan?

Same day loans have been made as a form of short term borrowing. Therefore they are better suited to certain situations more so than others. A same day loan could be a great option if you:

Need money on a short term basis that you cannot borrow from family members or friends
Are having credit issues that prevents you from taking out a more traditional method of finance such as a bank loan
Have a job with a steady income and a bank account to receive the money into and take payments from
Don’t want to use a credit card cash advance because of the charges involved

A same day loan is often required with little to no notice. It’s still very important that you read everything about your loan before applying so you understand the agreement and the repayment terms.

Same day loans are not designed to be a long term financial solution. We understand that our customers are looking for the best lender that could help them out of a stressful situation. We have designed our online application process to be super simple to ensure you get to the best loan for you as quickly and efficiently as possible. .

Is it easy to apply for same day loans online?

Here at Choose Wisely we make the same day loan application process as simple as possible. All you need to do is take two minutes to fill in our online form. Based on the information you provide us with, we'll compile a uni comparison table of authorised and reputable lenders who suit your specific needs. The table will show you both who has accepted and declined your application in principle. This ensures you know exactly where you stand with the most suitable and best same day loan options possible.

Once this initial search has been completed you can then choose to continue to a lender’s website and complete a full application. Sometimes the entire process can take as little as 15 minutes and the cash could be in your bank account within the hour.

What direct lenders pay out loans the same day?

It all depends on what direct lender you choose to whether they will (or can) pay out on the same day you apply. The best thing you can do to get your money as quickly as possible is to provide the lender with all of the correct information in your application. This will speed up the process and could lead to the money being released a lot faster if you’re approved.

Although some same day loans can be similar there are variations based on the amounts you can borrow and the length of the repayment term. Payday and same day loans are very popular products for many lenders and aren’t seen in such a negative light as they used to be. This competition is helping to drive interest rates down.

However, we would always advise you to make sure you understand the loan before you accept the money. A reputable lender will explain the loan terms in a straightforward way so it shouldn’t take you any longer to complete your application.

How much can I borrow with a same day loan?

are loans for different amounts available online today. Some can payout up to £15,000 but it all depends on your personal circumstances and how much the lender thinks you can afford to borrow. Complete our quick loan search here at Choose Wisely to find out what lenders would be suitable for the amount of money you would like to borrow.

The length of time you have to repay the loan will also vary depending on the lender who accepts your application. Filling in your information on how much you want to borrow and how long you will need to pay it back will help us to find the right lender to suit your circumstances.

You can begin your same day loan application right here today at Choose Wisely. Before you begin make sure you have all the relevant details we need in front of you. This includes proof of income, you address history and your bank account details. If you have any questions about the same day loan application please do not hesitate to get in touch with us today.

Same day loan FAQs

Can I get a loan paid out on the same day with no guarantor?

Yes, not every lender that offers a same day pay out loan requires you to have a guarantor.

Can I get a same day loan at the weekend?

You can complete a loan search on Choose Wisely 24/7, 365 days a year. Some lenders will pay out on the weekend. If not it will be the next working day.

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.

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Important Information.

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

Rates shown are quotes 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 3.9%APR to a maximum of 1575%APR Representative and loan repayment periods range from 3 to 60 months.

[*][†] Once accepted, your loan can be transferred to you in as little as 15 minutes. The time that it takes for the loan to show in your bank account will depend on your lender and your bank.

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

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
Your score can be accessed for free via any of the main credit reference agencies such as Credit Karma, Clearscore or Experian.