Same Day Loans
Looking for same day loans? At Lending Stream, you can get a loan on the same day, if approved. We are a direct lender in the UK and provide same day loans online. We even consider bad credit. Apply online today.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for same day loans?
Trusted
Rated excellent on Trustpilot & 99% recommendation rating on Reviews.co.uk.
Convenient
Secure online application available 24/7. A decision in seconds, not days.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
What are same day loans?
Same day loans are a type of short-term borrowing that allows individuals to receive funds on the same day they apply. These loans are designed to provide quick access to cash for urgent financial needs like broken washing machines, car repairs…that sort of thing.
You can apply for a same day loan online, and the approval process is usually fast, with minimal documentation. If approved, the money is transferred to your bank account usually on the very same day.
With any loan, responsible borrowing and a thorough understanding of the terms and conditions are crucial to making the most of these financial products.
How do same day loans work in the UK?
Same day loans in the UK work similarly to other types of short term loans, but with the key feature of providing quick access to funds on the same day of application. Here’s an overview:
- Start by filling out a loan application either online through the lender’s website or in person at a physical location if applicable.
- Once you submit your application, the lender reviews your information to assess your creditworthiness and ability to repay the loan.
- If your application is approved, the lender will present you with a loan offer that includes the loan amount, interest rate, repayment terms, and any applicable fees.
- If you accept the loan offer, the lender will initiate the funds transfer.
- Finally, ensure that you repay the loan according to the agreed-upon schedule.
What can I use same day cash loans for?
Same day cash loans can be used for various purposes, including:
- Covering unexpected bills, car repairs, or urgent home repairs
- Meeting housing expenses to avoid eviction or foreclosure
- Settling high-interest debts with a single loan to simplify payments
- Managing temporary financial shortages until the next paycheck
- Dealing with sudden trips for family emergencies or essential events
Remember to use same day cash loans responsibly and only when necessary. It’s essential to assess your financial situation and ability to repay the loan on time.
How much can I borrow online from same day loans?
Typically, the loan amount typically ranges from a few hundred pounds to a few thousand pounds.
If it’s the first time you’re applying for a same day loan with Lending Stream, you can borrow from £50 to £800. If you’ve had a loan from us before and kept up with all your monthly repayments, you can borrow from £100 to £1500.
What is the eligibility criteria for same day loans?
The eligibility criteria might differ from lender to lender. Still, if you are looking to apply for a same day loan with Lending Stream, then in order to meet our eligibility criteria, you must:
Have a valid debit card
An active bank account
Be a UK resident
Should be at least 18 years old
Should be in regular employment with a monthly income of at least £400
During our online application process, we might ask you for proof of your income to see if you can make repayments on time. In some cases, we might sometimes verify these details discreetly.
How to apply for a same day loan with Lending Stream?
If you are looking to apply for a same day cash loan with Lending Stream, you’ll need to fill out our online application form and give us the following details:
- Choose the amount which you want to borrow with us
- Complete the application form by filling up all the necessary details asked by us
- Provide us with your employment, salary, expenses, and banking details
- Once we receive your application, we’ll run a credit and affordability check on your profile
- If approved, we’ll send the loan terms and agreement for you to review and sign
- Once signed, we’ll send the approved amount to your bank within 90 seconds*.
Are same day payday loans a thing?
Yes, same day payday loans are a real thing. But it’s essential to be cautious when considering a same day payday loan. While they can be helpful for addressing urgent financial needs, the high interest rates and short repayment periods can lead to a cycle of debt if not managed properly.
Know all about payday loans first and then see if you really need them or not.
What are same day loan direct lenders?
Same day loan direct lenders are financial institutions or lending companies (just like Lending Stream) that offer same day loans directly to borrowers without involving any intermediaries or third-party brokers. When you apply for a loan with a direct lender, you are dealing directly with the institution that will provide the funds if your loan application is approved.
What are guaranteed same day loans?
Guaranteed same day loans are loans that claim to give guaranteed approval and quick funding on the same day of application. These loans are typically marketed to individuals who may have difficulty getting approved for traditional loans due to bad credit, no credit history, or other financial challenges.
However, it’s essential to understand that no legitimate lender can truly offer guaranteed approval for loans without any conditions or assessments.
What if my same day loan application is not approved?
If your same day loan application is not approved, it’s essential to understand the reasons behind the rejection and consider your next steps.
Several factors could contribute to the loan denial, for example:
- Poor credit score or bad credit history
- Insufficient income
- Previous loan defaults
- Inaccurate information
What to do if your same day loan application is not approved:
- If the lender provides a reason for the rejection, take note of it and address the issue if applicable.
- Explore other lending options or financial assistance programs that might be available to you, such as credit unions, peer-to-peer lending platforms, or local community organizations.
- Seek advice from a financial advisor or credit counsellor.
Remember to use same day cash loans responsibly and only when necessary. It’s essential to assess your financial situation and ability to repay the loan on time.
How long can I keep a same day loan for?
Generally, you can keep these loans for a few weeks to a few months. They are typically small in amount. With Lending Stream, you’ve got 6 months to pay back what you borrow. If you want to repay your loan sooner than 6 months, that’s fine too!
You can make loan repayments as early as you want with no extra fees. And because our loans are charged at a daily interest rate, you’ll save money if you repay early.
What are the advantages of same day loans?
- Quick cash: Same day loans provide fast access to funds, often within hours of applying. This makes them ideal for urgent financial needs or emergencies.
- Convenience: The loan application process used for these loans is typically straightforward and can be done online, saving time and effort compared to traditional bank loans.
- No collateral needed: Many same day loans are unsecured, meaning you don’t need to pledge any collateral (like a car or house) to secure the loan.
- Flexibility: Borrowers can use the funds for various purposes, from covering unexpected expenses to consolidating debts or meeting immediate financial obligations.
- Accessible to people with bad credit: Some direct lenders like Lending Stream may consider applicants with less-than-perfect credit. They might offer loans for bad credit to individuals who may not qualify for traditional bank loans.
- Short-term commitment: You can repay these loans quickly as they are usually small in amount and taken for a short period of time, avoiding long-term debt commitments.
What are the disadvantages of same day loans?
- High interest rates: Same day loans often come with higher interest rates compared to traditional loans, making them costlier over the repayment period.
- Limited loan amounts: These loans may have lower loan limits compared to other types of loans, which might not be sufficient to meet significant financial needs.
- Impact on credit score: Failing to repay on time can negatively affect your credit score, making it harder to obtain credit in the future.
FAQs – same day loans
Can I apply for a same day loan with bad credit?
Yes, you can apply for a same day loan with bad credit or poor credit history. Many lenders offer these loans to individuals with less-than-perfect credit scores. However, keep in mind that having bad credit may affect the loan terms, such as higher interest rates or lower loan amounts.
Can I get same day loans if I’m on benefits?
Yes, it is possible to get same day loans if you are on benefits. Some lenders may consider applicants who receive government benefits or other forms of regular income as eligible for loans.
Can I get same day loans with no credit check?
Most FCA-registered companies conduct credit checks as part of their standard procedures, although it is not a mandatory requirement. The decision to perform a credit check typically depends on the nature of the services being provided and the individual company’s policies.
Can I get a same day loan if I am unemployed?
Getting a same day loan while being unemployed can be challenging, but it is not impossible. Without a steady source of income, it’s more difficult to demonstrate your ability to repay the loan, which can result in a rejection of your application.
Are same day loans safe to use?
Generally, yes same day loans are safe to use. Of course, the safety of these loans depends on various factors, including the lender, the loan terms, and your ability to repay the loan on time.
How quickly can I get a same day loan, if approved?
If your same day loan application is approved with Lending Stream, we send the cash to bank within 90 seconds*. However, this can vary depending on the lender and the specific financial circumstances as of your loan approval.