Same Day Loans

Same day loan funding allows you to receive up to £1,500 in your bank account on the same day that you have applied for finance. Whether you have pressing bills or an emergency expense, you can complete our online application and provided that you meet our checks, Payday Bad Credit can offer you can provide funds on the same day and sometimes within one hour of applying. All our loans for bad credit are available with same day funding option.

Why Would You Need Same Day Loans?

The most common reason for same day loans is to pay for an emergency expense. We never know when something unexpected is going to occur and catch up off guard. This could be getting your car repaired so that you can drive to work or take the kids to school or perhaps you have flooding issue at home and need to get your toilet or pipes fixed. In short, these are things that cannot wait and only same day funding will suffice.

There are other options though, such as borrowing from family and friends, applying through a bank or getting a credit card. The only issue is that these may not be on the same day. With the convenience of the Internet, you can apply online via desktop, mobile or tablet, fill in your details and if successful, the funds can be transferred to your bank account.

Same day loans will allow you to repay your emergency as soon as possible and help restore some order in your household. You then have the flexibility to make repayments at the end of the month or over 3 – 9 months – and by this point you should have your salary and income going into your account from work so that you can balance everything up.

How To Speed Up Your Application?

Get the basics ready: If you are serious about getting approved for a loan and receiving the funds on the same day, it can be worth sitting down in front of your screen and having everything ready. This includes having your bank card, monthly expenditure, email address and mobile phone ready to go. These are some of key things required in the application stage, so having them handy will allow you to enter accurate information and be ready for any parts of the process.

You are required to give your bank details because this is where your funds are sent to and collected from. All successful applicants must have a valid email address and phone number because this is where this is used in the early stages to verify your loan agreement.

You are sent an email verification link which when clicked on, opens up your loan agreement with the basic terms for your to read and confirm. You then need to ‘electronically sign’ the agreement using a PIN code which is sent to your mobile phone. Using these two forms of verification means you can progress to the next stage and also allows lenders to confirm your contact details for future reference.

Have average to good credit: Whilst we can accommodate bad credit loans, it helps your application if you have average or good credit score. This is because most UK lenders will credit checking as part of their underwriting process. This uses the likes of Experian, Equifax and CallCredit to get real-time data on the customer’s credit history and make an informed decision as to whether they can afford to repay their loans or not.

A good credit score is usually achieved and maintained by paying off all loans and credit cards on time. Each time you default on a payment, your credit score may slip so it is important to continue paying any outstanding debt on time. Other basics you can do include removing any accounts you do not use or need – as it makes it seem that you have a lot of access to finance, regardless of whether you are using it. Consider paying off or removing store cards and credit cards that you do not use. Also, if you want to build up your credit, there are specific credit builder credit cards to allow regular repayments to ‘build you up.’

Be ready to proceed: A same day funded loan can be processed very quickly so as soon as your application is completed, the lender will be ready with the next steps. You can be fully prepared by having your emails up and your mobile phone at hand in case the lender wants to ask any additional questions. Naturally, someone who makes an application and then goes off on to the shopping or run errands is only going to be slowed down. So be there, in front of your screen and ready to go.

What is The Criteria For a Same Day Loan?

The general criteria for same day funds is:

• Over 18 years of age
• UK resident
• Employed at earning min. £500 per month
• Valid UK mobile and email account
• Valid UK current account
• No IVAs or bankruptcy, recent CCJs considered

Further checks are usually carried out and this may include a phone call or request of a pay-slip or bank statement to confirm your name, address, bank details, income and employment.

Why Use Payday Bad Credit For Same Day Loans

How Do Repayments Work?

Customers that are successfully funded have the choice to repay at the end of the month (like a payday product) but over 3 – 9 months. This flexibility means that if you are using the funds for an emergency purpose, you have a bit of breathing space to repay over time and are not rushed into repaying the full loan and interest in just a few days or weeks time.

Repayments are always collected via your current account. It is not processed through a direct debit or standing order but rather something called Continuous Payment Authority. This is a form of recurring payments and involves the lender tokenising your card in the application and underwriting stage – so when it comes to monthly repayments, the amounts owed can be automatically collected from your account. You may think that this is giving too much authority to the lender but in fact, it saves a lot of time and hassle for the customer.

No need to worry about making a manual BACS payment, calling up to make payment or sending in a cheque – it is all taken care of automatically. You just have to make sure that you have money in your account at the time, ready for collection. For this reason, most people select their repayment date as the day they get paid from work, or the day after so a healthy amount of money should be in there. You will also receive SMS and email reminders on the days leading up to each repayment to keep you well informed.

What Happens If You Cannot Repay?

If you cannot repay your loan, there are consequences. This includes default fees which have been capped at £10 over the life of the loan and additional interest may start to accrue. In addition to the added charges, the information will be sent to the credit reference agencies and this may cause your credit score to fall, making it more difficult to get finance in the future and more expense.

If you feel that you may struggle to make your repayment at the end of the month, it is worth speaking to our customer service team to give us plenty of notice. As part of being regulated and treating customers fairly, we may allow you to repay a smaller amount but without adding any additional fees.

At Payday Bad Credit, we are a moral and trusted direct lender. Whilst we always try our best to process applications and offer same day loans, with your consent, we may pass on your application to another lender who may be in a better position to assist. We want to do what is right for the customer as part of our commitment to responsible lending – and this may involve introducing you to another lender that can assist with same day funding.