Same Day Payday Loan: What Is It and How to Apply

Published: 23/02/2017 and written by P Smith

Same Day Payday Loan: What Is It and How to Apply

Sometimes a financial emergency is simply unavoidable. No matter how hard you try and stay on top of your finances an unexpected bill or car repair can throw your plans off course. Taking out a payday loan can often be the quickest, most convenient solution to these problems. In some cases you might find that you need short term credit immediately and cannot wait until the next day, let alone pay day. While it is impossible to find a lender who offer payday loans with instant approval, a same day loan is an option.

Same Day Payday Loan: What Is It and How to Apply

How to apply for a same day payday loan

Most lenders will provide payday loans on a ‘same day’ basis. Once the application has been completed and a decision is reached, the funds could be deposited in under an hour if approved. The time it takes to receive the funds does however depend on your bank, and how quickly they are able to process the transaction.

When looking for a ‘same day payday loan’, you can usually complete an application online, by telephone or through an app. There are also usually a number of requirements which you need to meet in order for your application to be considered. Most lenders require you to be minimum 18 years old, a UK resident and usually in employment. You also need to hold a bank account for the funds to be deposited.

A same day payday loan compared to a more traditional loan

If you need short term credit to see you through, a same day payday loan can be the quickest option. Applying for more traditional means of credit such as a loan from a high street bank can take much longer, and will involve a great deal more paperwork. When applying for a loan through a bank, you will often need to prearrange a meeting to discuss the application. With a same day payday loan, a decision can usually be reached relatively quickly, and does not involve a prearranged meeting, or excess paperwork.

Taking out a same day payday loan while abroad

Regardless where you are in the world, some lenders will allow you to take out a same day payday loan while you’re travelling abroad, as long as you are a UK resident and meet the additional requirements. The funds would also need to be deposited into a UK bank account. So if you are on holiday and need a same day payday loan, contact your bank to find out if you are able to withdraw cash while abroad. Some banks may charge a fee to do this, so always check before applying.

While some banks may charge a withdrawal fee as well as a number of other bank fees, lenders are required to make clear if there are any additional charges and fees before approving a loan. A same day payday loan is a short term credit solution to help cover the cost of a financial emergency until pay day.