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Same Day Loans

Need money but don't want to wait days to receive it? Worried that your credit score will mean that a lender will turn you down?

You can apply for a same day loan for between £100 and £5,000 and pay it back over a period of three months to three years.

How do same day loans work?

Same day loans are a simple and flexible type of financial product for borrowers who need cash paid quickly into their bank account.

To apply for a same day loan, all you have to do is:

  • find the lender or broker you want to work with
  • answer the questions they ask you
  • be a UK resident,
  • be over 18 years of age
  • be in receipt of a regular income
  • if you like the offer you're made, agree to it (offers are subject to status)

Can I get a loan on the same day?

Same day loans are designed so borrowers can receive their money as quickly as possible.

Depending on your lending provider, the cash may be in your bank account within minutes* after you've completed the full application process.

Same day loans for bad credit applicants - do they exist?

In fact, many of the lenders we work with specialise in lending money to borrowers with bad credit

Why do people take out same day loans?

Borrowers generally take out sameday loans to help them cover an unexpected personal financial emergency.

Some of the more common reasons customers give when they apply include:

  • their car has broken down and they need it for work and to take the kids to school
  • funeral expenses
  • vet bills (if they don't have insurance for their pet or if their pet's illness is not covered by their policy)
  • household appliance breakdown (for example, if the boiler breaks down over winter and there's no heat to the radiators or hot water to the taps)

We understand how smart borrowers are with their money. We know that you'll always try to put money aside for a rainy day but, sometimes, a bill comes along that you didn't foresee or that your savings just won't cover.

You should only use this type of finance if you really need the money instantly. If it's not really an emergency and you can wait until you next get paid, you should not apply for one.

You should also try to minimise the amount that you ask for. If you have an unexpected bill of £500 and you have £300 in savings, try to use as much of your savings as possible and then top it up with same day loans. The interest you earn on your savings is very likely to be much less than the interest you'll pay on same day loans.

Remember too that you will pay interest on every pound you borrow so it makes financial sense to borrow as little as possible.

Same day loans UK - how can I get an instant loan?

There are two ways you can apply for a same day loan in the UK. You can either:

  • apply direct to a lender or
  • apply through a broker

We'll explain how the process works but, before we do, it's important that we let you know the answer to one of the questions that most lenders and brokers are asked - do same day loans with no credit checks exist?

Can I apply for a same day loan with no credit check?

No. No credit check same day loans are not regulated by the Financial Conduct Authority (FCA). The FCA set the rules about personal lending here in the UK including deciding which companies can either offer or broker personal loans.

When you apply for any type of finance, including same day loans, a lender must do two things:

  • run an affordability assessment to check to see that you can make the repayments on a loan without causing hardship, and
  • run a hard credit search on you.

We understand why people search for same day loans with no credit check. It's because they're worried that what's on their credit report will mean that their application will be turned down.

Same day loan providers work with people who have a less than perfect credit history. What's on your credit report is still really important to them but they also consider your current financial situation when they're making their decision.

There are two different types of credit search - a soft credit search and a hard credit search. What are the differences between them?

What is a soft credit search?

A soft credit search is used by lenders to give them an indication on whether they're likely to approve your application or not. Only you and the lender you apply to can see the search on your report.

What is a hard credit search?

A hard credit search is run by a lender when they need to make a final decision. It's much more in-depth than a soft credit search. A hard search may stay on your report for up to 12 months and it can be seen by other lenders.

Same day loans - direct lender

As we mentioned earlier, a lender has to be authorised and regulated by the Financial Conduct Authority to offer same day loans legally and legitimately.

To make a loan application directly with a lender, you first must complete the application form on their website. Once you've done that, they'll run a hard credit search on you as part of their decision-making process - they have to do this under FCA guidelines.

Once you've completed your loan application and the lender has run a hard credit search on you, you're likely to very quickly get one of three responses from the lender:

  • "we will offer you a loan for the amount you want"
  • "we will lend you less than the amount you want"
  • "your application for a loan has been declined"

If you have been approved for a loan, your lender will show you the following information:

  • how much they're willing to lend you
  • how many repayments you have to make (repayments may be weekly, fortnightly, or monthly)
  • the frequency of those repayments (including the dates)
  • the amount that they will collect from you on each repayment
  • the interest rate (your interest rate (APR) is fixed for the term of the finance)
  • any early repayment fees (many lenders don't penalise you if you want to pay your loan back early - by doing so, you'll save money on interest)
  • any fees you have to pay if you miss a repayment

If you're happy to go ahead with the loan, please then read and understand the terms and conditions of the loan. If you agree, let the lender know by pressing the button shown on their website.

When you do this, a separate and legally-binding agreement will exist between you and your lender. Your lender will then transfer the money into your bank account within minutes*.

To make a loan application directly with a lender, you first must complete the application form on their website. Once you've done that, they'll run a hard credit search on you as part of their decision-making process - they have to do this under FCA guidelines.

Once you've completed your loan application and the lender has run a hard credit search on you, you're likely to very quickly get one of three responses from the lender:

  • "we will offer you a loan for the amount you want"
  • "we will lend you less than the amount you want"
  • "your application for a loan has been declined"

If you have been approved for a loan, your lender will show you the following information:

  • how much they're willing to lend you
  • how many repayments you have to make (repayments may be weekly, fortnightly, or monthly)
  • the frequency of those repayments (including the dates)
  • the amount that they will collect from you on each repayment
  • the interest rate (your interest rate (APR) is fixed for the term of the finance)
  • any early repayment fees (many lenders don't penalise you if you want to pay your loan back early - by doing so, you'll save money on interest)
  • any fees you have to pay if you miss a repayment

If you're happy to go ahead with the loan, please then read and understand the terms and conditions of the loan. If you agree, let the lender know by pressing the button shown on their website.

When you do this, a separate and legally-binding agreement will exist between you and your lender. Your lender will then transfer the money into your bank account within minutes*.

Same day loans - how do brokers work differently?

Brokers are different. Brokers like Little Loans bring together lenders and borrowers.

How do brokers do that? It all starts when a broker starts working with a lender. Brokers ask the lender a lot of questions in order to understand what type of loans they offer and who they like to offer them to - questions like:

  • what is the minimum and maximum amount you're prepared to lend?
  • how long will you give borrowers to pay back what they borrow?
  • what is the lowest amount a borrower would have to earn before you consider an application from them?
  • when the borrower has spent everything they need to spend in a month, what's the lowest amount of "disposable income" you'll consider as acceptable?
  • do you charge any other fees for your service?

The answers to these questions form something called a "borrower profile". Each lender has their own borrower profile and brokers use them to match the right borrowers with the right lenders.

When you fill out an application form on a broker's website, they use the information you provide them with to pair you with the lenders on their panel who are most likely to approve your application.

This all happens automatically and within just a few seconds.

Your broker will then send your details to the lenders they've matched you with in turn based on the information on your application.

Each lender will then consider your request for finance and run a soft credit search on you. When a broker receives the first positive response from a lender, they'll re-direct you to that lender's website.

When you're at the lender's website, you'll go through a second application process. A hard credit search will then be run on you.

If your application is approved, agree to the terms and conditions of the loan and the money could be in your bank account within minutes*.

Lender vs broker - which should I choose?

It's up to you. You may end up paying a slightly higher interest rate for your same day loan if you choose a broker - you may not.

However, your chances of being approved for this type of finance may be higher if you apply through a broker.

Why is that?

If you apply direct to a lender and they don't tell you the type of borrower they prefer working with on their website, you may end up asking for a same day loan from a company which would never have approved you for it in the first place.

That's no personal reflection on you - it's just that you don't meet their criteria.

If you apply to lender after lender trying to find the right deal, you'll rack up a lot of hard credit searches on the way. The more hard credit searches on your credit report in a short space of time, the less likely your loan is to be approved.

There'll only ever be one hard search with a broker and that's only if you complete the application form on the lender's website.

Working with a broker will save you from making application after application - that saves you a lot of time.

Look out for this whenever you apply for a same day loan

Some brokers insist that you have to pay them money before they find a lender for you.

The vast majority of brokers, like Little Loans, do not charge borrowers any fee at any time. If a broker does want to charge you a fee, please bear in mind that this does not increase the chances of your being approved for a loan.

Same day loans - FAQ

Can I apply for same day loans on benefits?

Most lenders will need you to be in regular employment before they consider you for a loan. That doesn’t mean you can’t get a loan when you’re on benefits – there are lenders who will consider your application as long as you have regular income and you can afford regular payments.

The best way to find out is to use our eligibility checker and if see your likelihood of being accepted.

Are there same day loans for the unemployed?

Being unemployed doesn’t necessarily disqualify you from getting a loan. Some lenders may consider income from buy-to-let property and other investments, but others won't.

The best way to find out is to use our eligibility checker and if see your likelihood of being accepted.

Can I apply for same day loans with no guarantor?

You don't need a guarantor to apply for a same day loan (or an online payday loan).

Do I have to put up any form of security?

You don't have to put up any form of security for a fast same day loan.

How quickly before my application is approved?

You will receive your decision on whether your request for a same day loan has received approval within seconds.

If you accept the terms and conditions of your fast same day loan, the money could be paid into your current account within minutes*.

How much can I borrow?

You can borrow between £100 and £5,000 over a period of three months to three years.

If you're borrowing between £100 and £1,000, you can choose from:

  • three monthly repayments,
  • six monthly repayments, or
  • twelve monthly repayments.

Will my bank offer a same day loan?

Banks generally do not provide fast same day loans to bad credit applicants. Minimum fast loan amounts offered by banks tend to be much higher (starting at £1,000) than the minimum offered by specialist same day loan providers.

Would it be cheaper to take out the money on a credit card instead?

If you have the ability to withdraw cash from your credit card, it may be cheaper to do that than to apply for a same day loan. However, if you only ever make the minimum repayments on your credit card, the cost may be similar or higher to a same day loan although that cost will be spread over a number of years.

Worried about money?

The following organisations help if you feel that your current level of borrowing is too high and you are concerned about your ability to manage and service your debt - StepChange, PayPlan, National Debtline, the Debt Advice Foundation, the Money Advice Service, and Citizens Advice.

Applying online for a same day loan through Little Loans

Little Loans is authorised and regulated by the Financial Conduct Authority for your peace of mind. We do not charge any fees for using our service.

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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. We’re a fully regulated and authorised credit broker and not a lender