What Are Same Day Loans?

Often, when we want to borrow a payday loan or short term loan, it’s due to an emergency. Being struck by a financial emergency can create a very stressful situation for those who have not accumulated some kind of emergency fund. This, therefore, means that a lot of people do not have any savings that they can freely fall back on without creating further debt. In this case, after testing other possible routes, many people tend to opt for a short term loan to fix their emergency temporarily. Due to the urgency of the issue, same day loans are often requested. This allows the consumer to afford their current emergency and repay the loan in smaller instalments. So, what are same day loans actually?

How Do Same Day Loans Work?

As we mentioned, same day loans are a type of short term, unsecured loan that you can borrow from a lender or broker. Typically, depending on where you are applying, all up-to-date, modern lenders will offer same day loans, for example, PM Loans. Once you apply through the direct lender and submit your application, they will review your request and, if accepted, you could receive your funds in less than an hour. Following your funds landing, you will gradually repay the overall loan in smaller amounts. This makes the repayment process a lot easier with a decreased amount of stress involved, helping not only with your finances but also with your mental health.

How Much Can You Borrow With Same Day Loans?

Again, what you borrow and how much you can do is up to the lender you choose to borrow from. Some lenders offer larger amounts, whereas others only range within the short term bracket. This is typically between £100-£1500, but some lenders offer even smaller amounts like £50 for those who do not need the full £1500.

Can I Get A Same Day Loan With Bad Credit?

Bad credit is something that millions of people deal with. Unfortunately, it can impact your chances of approval in many situations. However, there are still lenders who will help you find what you are looking for. However, it may come with higher risks or higher interest rates. Despite this, you can definitely still find a lender to suit you if you look hard enough.

Are Same Day Loans Safe?

When borrowing money, you need to be cautious about who and where you are borrowing from. Giving your details to a fake lender or fraudulent company can definitely impact your financial situation. Therefore, when borrowing, you should ensure that all the lenders are correctly registered with the right companies. This way, you will be informed whether borrowing a same day loan is safe or not.