Same Day Loans – Get Cash Fast

Are you looking for a same-day loan to help plug an unexpected expense?
Are you worried that your credit score could mean that a lender will turn down your application?
Whether your credit score is excellent or poor, Little Loans makes it possible to search for a personal loan between £100 and £10,000, with repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow. If approved, your money could be sent today.*

Can I get a same-day loan?

If you need money in a hurry, a same-day loan could be one option to think about. A same-day loan is a sum of money borrowed from a lender, which is sent to your bank account on the same day as your application is approved.

It could be possible to get a same-day loan, but this will depend on a number of factors, including when you apply, the lender you apply with, and the policies and procedures of your bank.

Please be aware that while same-day loans could be a possibility with certain lenders, they are not guaranteed.

Before you apply for a same-day loan

Many of us have had the unfortunate experience of being faced with an unplanned financial emergency at some point in our lives. Whether it’s a broken washing machine or urgent car repairs, these situations are undoubtedly stressful and it’s natural to panic and search for a prompt resolution.

Applying for a loan isn’t something that should be done on a whim. Before you decide to search, you should take the time to look into all the options that may be available to you.
It’s very important to understand that a loan will come at a cost. When you take out a loan, you don’t just repay the amount you’ve borrowed; you’ll also be charged interest, which will be included in your monthly repayments.

Understanding the monthly cost of a loan is crucial. You should be able to comfortably afford your monthly repayments alongside your essential outgoings, such as rent or mortgage, bills, and food.

Can I get a same-day payday loan?

You might be able to get a same-day payday loan, although if you’d prefer to apply for a short-term loan, it may also be possible to receive your money on the same day.

While they are both a type of short-term borrowing, a payday loan and a short-term loan have one key difference: their repayment terms.

A payday loan is usually required to be repaid in full within four weeks, whereas a short-term loan offers a range of extended repayment terms.

Little Loans does not work with any lenders of payday loans. The lenders on our panel offer short-term loans with repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow.

What can I use a same-day loan for?

Borrowers who search for a same-day loan typically require money in a hurry, usually to help them cover the cost of an unplanned expense that cannot wait, such as funding urgent repairs for a car that’s needed for commuting.

We would always encourage borrowers to exercise responsible spending. A loan should never be considered a long-term financial solution, and you should only ever apply for a loan if you’re certain that you’re able to afford your monthly repayments.

I’d like to search for a same-day loan; how much money could I apply to borrow?

With Little Loans, you can search for a loan between £100 and £10,000.

Before you search for a same-day loan, you should take the time to work out exactly how much money you need. You should never borrow more than you need or can afford to repay; doing so could lead to financial stress further down the line, and if you make a late repayment or miss one altogether, your credit score will suffer.

Can I apply for a same-day loan?

In order to search for a same-day loan with Little Loans, you must:

• Be over the age of 18;
• Be a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

Can I apply for a same-day loan if I’m on benefits?

Some lenders might be willing to consider applications from people in receipt of benefits. This will depend on several factors, such as the type of benefit(s) you receive, whether you have any other type of income, and your credit score.

If you do find a lender willing to consider your application for a loan on benefits, you’ll need to ensure that you can afford to make the monthly repayments.

Do I need a guarantor to apply for a same-day loan?

Little Loans do not currently work with any lenders of guarantor loans; however, even with less-than-perfect credit history, it might still be possible for you to be considered for a no-guarantor loan.

Will I be charged a fee to search for a same-day loan?

Little Loans does not charge any fees for our service.

Searching for a loan with Little Loans is completely free.

We will never contact you and ask you to pay a fee or money upfront to ‘release a loan’. If you are contacted by someone claiming to be from Little Loans, asking you to make a payment for a loan, this is a scam.
You can read more about loan scams, and how to protect yourself from them, in our guide.

Can I apply for a same-day loan with bad credit?

Many of the lenders we work with specialise in lending money to borrowers with poor credit history, but while you might be able to get a same-day loan with bad credit, it’s important to bear in mind that you could be offered a higher rate of interest. There’s also a possibility that you might not be approved to borrow as much money as you need, and you may be offered a lower amount.

Can I get approved for a same-day loan without a credit check?

You cannot get a loan without a creditworthiness assessment.

The Financial Conduct Authority (FCA) requires all authorised and regulated lenders in the UK to carry out a creditworthiness assessment on potential borrowers as part of their decision-making process.

A creditworthiness assessment will include either a hard search or Open banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time could damage your credit score. Open Banking allows an authorised third party, such as a lender, to access your online bank account with a read-only view. Rather than relying solely on your credit score, Open Banking gives third parties an insight into your recent financial transactions.

How do I repay a same-day loan?

Your same-day loan will be repaid in monthly instalments throughout your chosen term.
Depending on your lender, you should be able to select your repayment date.

The Annual Percentage Rate (APR) is the annual cost of borrowing and includes the interest and any standard fees. The lower the APR, the lower the cost of borrowing. Applicants with bad credit history may find that they’re offered a higher interest rate.

Will a same-day loan affect my credit score?

Any type of loan will affect your credit score.
When you apply for a loan, the lender will complete a creditworthiness assessment. This will include a hard search or Open Banking. A hard search provides lenders with a complete insight into your financial history and will leave a mark on your credit file. Multiple hard searches within a short period of time will harm your credit score.

If you’re approved for a loan and you make your repayments in full and on time each month, you might notice an improvement in your credit score, but you’ll need to make sure that any other credit commitments are also paid on time.

Making a late repayment or missing one altogether will cause your credit score to decline.

Why was my loan application declined?

If the creditworthiness assessment shows poor credit management or bad credit history, the lender may not approve your application.

Being turned down for a loan can feel frustrating and disheartening. Factors that could affect your chances of meeting the loan approval criteria include your credit history, credit score, income, and any existing credit commitments.

Please remember that these checks are in place to protect you. The lender will want to be confident that you’re able to make your monthly repayments, for your sake just as much as theirs. Making a late repayment or missing one altogether will harm your credit score, and you could be charged a late fee.

Depending on the lender, there may be a contact procedure that you can follow to request further information as to why your application was declined.

Improving your credit score

When it comes to applying for a loan, a healthier credit position could better your chances of approval and unlock more desirable rates of interest.

Credit history rebuilding

There are things you can do to take steps towards an improved credit position.

• Register to vote.
• Regularly check your credit report for errors.
• Pay your bills on time each month.
• If you have a credit card, you should stay well within your credit limit, keep your credit utilisation as low as possible, and avoid using your credit card to withdraw money from a cash machine.

If you can’t afford to repay your loan…

If you’ve taken out a loan that you can no longer afford to repay, you should speak with your lender. They may be able to offer a solution to temporarily reduce some of the financial pressure you’re facing.

You can also access free, financial advice through organisations such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.

*While some of the lenders on our panel could send your money on the same day as your application is approved, the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.