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Why you might want to take out same day loans
As same day loans become easily and increasingly accessible online, many borrowers in the UK now have a legitimate credit product that they can turn to in times of cash emergencies. But if you already don’t know, the instant short-term cash loans tend to have high interest rates compared to other traditional loan options particularly those offered by banks and credit unions. But despite its more expensive price tag, more and more borrowers all over the UK continue to rely on same day loans for various reasons and below we will discuss all of them.
Same day loans in the UK
But before we dive in to the reasons as to why you might want to opt with same day loans in the UK, we might want to define what the financial products are first. Just like payday loans and other short-term cash loans, same day loans are unsecured types of credit that provide quick and seamless funding to qualified borrowers.
The kind of speed and ease that same day loans offer is what separates it from all the other unsecured forms of loans in the market especially those offered by conventional lenders. Because as its name suggests, you can have the money that you requested for ready for use in the same day you completed your application for a same day loan.
And if you want to make things even faster, easier, and more convenient for your part, you can apply for same day loans online that will only require you to complete an application form that takes less than 15 minutes of your time. And once you have accomplished and submitted your online application, you will receive an instant decision from your lender in a matter of minutes. If your application is approved, the loan amount that you requested for will be transferred to your account after an hour or two but always in the same day.
The overall speed of your same day loan transaction will differ from lender to lender and on the kind of option that you apply for whether it’s a payday loan or any other type of cash loan. But nevertheless, every same day loan lender will always look to have the money deposited into the borrower’s account within 24 hours.
And because of the internet and the advancement of technology, coupled with an increasingly competitive loan industry, many lenders in the UK are now willing and able to provide same day funding for various other types of loans that normally required at least two days to complete such as:
- Same day personal loans
- Same day guarantor loans
- Same day logbook loans
- Same day business loans
- Same day student loans
- Same day doorstep loans
- And many more types of loans
The Benefits of Same day Loans
Now we come to the main point of this discussion which is the reason why you may want to consider same day loans. Now every borrower is unique and the type of loan that works best for you will depend entirely on your personal needs and present circumstances. With same day loans however, they are reasonable financial products because:
1.) Ideal solutions to emergency cash problems
If you need to cover numerous bills and costs right away or else they will bring in some serious consequences – e.g. your landlord might kick you out when you can’t pay the rent that is due in the next few days – same day loans are solutions that you can consider. The loans can help you enjoy the extra funding that you need in the same day which makes it an ideal option if you are in an emergency situation.
2.) Very accessible
Same day loans are designed to be accessible to any type of borrower. When you have a bad credit rating, it would be extremely difficult to obtain traditional bank loans and other financial products in the UK. With a same day loans however, you can still get approved even if you don’t have that solid credit rating that many types of loans require.
3.) Flexible payment terms
If you are uncomfortable with strict and rigid payment terms, same day loans are the options that you might want to look into. Same day loan lenders generally provide borrowers with flexible payment terms that are tailored to their present financial circumstances. This makes it easier for you to pay off your loan without much stress and anxiety.
4.) Available to the unemployed
Life is unpredictable and when your company decides to cut costs or if the market becomes sluggish, you can become the unfortunate victim of unemployment. If you lose your job, your income may stop or become diminished but your expenses won’t. Thus, if you are unemployed and looking for a reliable means to secure extra funding, same day loans are options that you can consider.
5.) Available to people with benefits
There are also those who are unemployed but have been successfully making ends meet for years because of benefits. If you are one of them, then you might have already grown tired of visiting one bank to the next hoping that someone will finally grant you the financing that you have been requesting. So you won’t have to waste your precious time and energy in applying for a credit product that will only reject you in the end because of your unique circumstances, try to focus your search on numerous same day loans in the UK and their ability to cater almost any kind of borrower including those who are living under benefits.
6.) Legit financial Products
It’s easy to become suspicious with loan offers that provide amazing features like high approval rates, instant funding, and minimal to no credit checks. While majority of same day loan lenders promise these kinds of benefits to borrowers, they are basically true to their claim. This is because same day loans are 100% legit financial products in the UK that are regulated and backed by the FCA or Financial Conduct Authority, the legal governing body of UK’s loan industry. They are not gimmicks and ploys by loan sharks, scam artists, and dubious lenders and even same day loans that are offered online are guaranteed safe for use.