Same Day Loans

Same Day Loans – Fast Cash in Your Bank Today

There are times when the gap between paydays can seem almost endless. This is never more true than when you’re facing a sudden financial crisis. Ideally, there’d be some cash tucked away to cover the crisis. A little nest egg you can raid to smooth over the bumps and get you back on track. Unfortunately, that’s not always an option. Sometimes there just isn’t any ready cash going spare.

A small loan would surely fit the bill and these days, borrowers have more options than they realise. A same day loan can help you get the cash you need in a hurry giving you fast access to cash when you need it most.

What Do We Mean by Same Day Loans?

Same day loans are a type of short-term lending product designed to meet the needs of borrowers in a financial crunch. Sometimes referred to as payday loans they provide the quick cash borrowers need to cover any sudden financial shortfalls. Like other short-term loans in their class, they involve relatively small sums of money. Just enough to cover the borrower’s immediate needs. They also typically feature highly structured, and fairly brief, repayment schedules.

One of the most important features of a same day loan is speed. Qualifying applicants typically receive their funds within hours of being approved for a loan. That money can then be used as the borrower sees fit. The most common uses of a same day loan include:

• Home repairs
• Car repairs
• Utility bills
• School fees
• Travel costs
• Rent/mortgages

How much would you like to borrow?

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Representative Example: Rates from 48.1% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Monthly Repayment of £89.22. The total amount repayable is £1605.96. Interest amounts to £605.96, an annual interest rate of 59.97% (fixed). Representative APR: 79.5% (variable).

How Does Your Credit Score Impact Your Borrowing Options?

A person’s credit history is a concise record of their financial past. Conventional lenders use this information to help determine a customer’s eligibility for a loan or line of credit. Your overall score is an indication of your perceived risk as a borrower. The higher the score the lower the risk and vice versa.

In the UK there are three primary Credit Reporting Agencies: Equifax, Experian and TransUnion. Each has it’s own proprietary scoring system but they all consider the same data when compiling your score. A poor credit rating is usually the result of a few common factors, including:

• A history of missed or late payments.
• A history of overdrafts.
• A history of applying for, and being denied, credit.
• A history of defaulting on a loan or legal debt.
• A history of bankruptcies or County Court Judgements.

Conventional lenders tend to shy away from borrowers with a bad credit rating. However, that doesn’t mean you’re out of options when you need money fast. Alternative lenders have stepped in to fill the gap left by more timid traditional lending outlets. So even if your credit history is less than stellar you can still qualify for the same day loan you need to help you handle a sudden financial shortfall.

How to Apply for a Same Day Short-term Loan

At Pounds to Pocket we can match you with a direct lender looks beyond your credit score to consider your real life ability to repay a same day loan on time and in full. While your credit score is an important factor in the approval process with most lenders it is not the only metric our partners will use. They also look at your current income vs expenditure and any outstanding debts you are carrying. The entire process is quick, easy and seamless.

The first step is to tell us how much you want to borrow. We will then need to collect some basic information to get the approval process started. In order to qualify for a same day loan you will need to meet the following criteria:

• All applicants must be 18 years of age or older.
• All applicants must be UK residents.
• All applicants must have an active UK bank (current) account.
• All Applicants must provide a valid e-mail address and other contact information.
• All applications should receive income via employment or benefits.

Once we have collected the information we need we can begin processing you loan request. On submission, our lending partners will perform a soft credit check. This will not impact your current credit score and will not show up in your credit history. This is simply a preliminary check to help us authorise your loan and determine your eligibility.

You will receive an instant on screen decision after submission and here you will have the choice as to whether or not to go ahead with the loan. Once you accept the offer, the lender we have matched you with will complete the processing by performing a hard credit check. This will show up in your credit history. However, at this point your loan has already been approved and your money is on its way.

Are Same Day Loans Safe and Affordable?

At Pounds to Pocket we are dedicated to offering safe and affordable short-term lending opportunities for all cstomers. However, all quick loans come at a price and it is important that you understand your responsibilities as a borrower when applying for any loan regardless of size.

Before applying for a short-term same day loan consider the following:

• Total Cost of the Loan – In addition to the sum you are borrowing you be responsible for paying interest, fees, and closing charges on your loan. Taken together this will increase the total cost of your loan.
• Repayment Schedules – Same day loans come with highly structured repayment schedules. The window to repay your loan will be brief. This helps to make the loan more manageable but it also leaves little wiggle room for the borrower. Late or missed payments are not an option.
• Penalties for Late or Missed Payments – Late or missed payments should be avoided at all costs. Not only will it put you in default it will also deal another blow to your credit score. If you fear you may be late on a payment you should contact us immediately.

Can a Short-term Loan Help Your Credit?

The most important thing anyone with a poor credit score can do is work towards rebuilding their credit history. This can often be harder than it sounds. It takes time to repair the damage that’s been done in the past and the opportunities to rehabilitate your credit rating are limited. But there is good news too.

Same day loans just like payday loans provide an invaluable opportunity for consumers to improve their credit scores. Every on time payment is a mark in your favour, and will add points to your credit rating. When you successfully pay off a loan, even a relatively small loan, it increases your overall credit score. As your rating improves you’ll find yourself gaining the kind of borrowing power that leads to greater lending opportunities.

Learn How to Better Manage Your Personal Finances

If you’re struggling with poor credit you’re not alone. Millions of people across the United Kingdom have less than impressive credit scores. The key to improving your credit score is learning to manage your debt effectively and responsibly.
If you would like to learn more about managing your finances the following UK government websites provide free advice and counselling for all UK residents:

• The National Debt Line
• Step Change
• Money Helper