Apply for Short Term Loans from Direct Lenders with allthelenders
allthelenders offers a free and simple way to compare the cost of payday loans and short term loans from direct lenders – we do not work with brokers. Compare loans or check your eligibility without affecting your credit score and get your loan today.
If you have a history of bad credit or are finding it hard to get a loan, we are here to help. We compare more lenders than anybody else and we are completely independent and impartial.
If you need a loan today, try our Eligibility Checker to find a lender now
On this page:
- What is a Same Day Loan?
- What are the benefits of a Same Day Loan?
- Why choose Same Day Loans from allthelenders?
- Do I qualify for a Same Day Loan?
- When is it a good idea to get a Same Day Loan?
- Are Same Day Loans the same as Payday Loans?
- Can I apply for a Same Day Loan if I have bad credit?
What is a Same Day Loan?
A same day loan is a personal loan that is paid out to you on the same day that you apply. They are typically for smaller amounts (up to £500) and would be borrowed for less than 12 months.
Same day loans are typically offered by payday and short term loan lenders so it is important to check the cost of the loan before applying, you can do that here on allthelenders using our free to use price comparison tool.
What are the benefits of a same day loan?
Of course the most clear benefit of a same day loan is that it can get to you extremely quickly so if you need the cash for an urgent bill or repair then a same day loan could be the solution.
You can apply for a same day loan from your mobile phone or computer and usually, you’ll get a decision straight away without the need to provide further information or documents to the lender. Loan agreements are signed online and once approved, the lender will deposit the loan into your bank account usually within the hour.
Why choose same day loans from allthelenders?
We are one of the UK’s longest established and biggest price comparison websites for payday loans, short term loans and same day loans.
We are 100% independent and impartial from any lender and our interest is in securing you, the customer, the best deal possible from a panel of the best lenders the UK has to offer.
All of the lenders we work with have been thoroughly vetted by ourselves and they are all FCA authorised – as are we.
Do I qualify for a same day loan?
The application criteria for a same day loan would be comparable to that of a payday loan or a short term loan.
You would need to be over 18 years of age to apply and also be a UK citizen. Most lenders will also require you to be in some kind of paid employment, whether that be self employment, full time or part time employment.
If you are a zero hours worker you would still more than likely be able to qualify for a same day loan. Other application criteria would include the need to have a UK bank account and a debit card.
You would also be required to have a mobile phone and a valid email address. Most lenders will use your mobile to verify your loan request and your email is needed for the lender to send you your loan agreements.
When is it a good idea to get a same day loan?
Same day loans are usually more expensive than most other forms of credit, so you should only consider using a same day loan when you have no other alternatives and if you need it to cover an emergency expense.
If you need cash quickly then a same day loan would certainly be able to help you – most lenders also operate outside of normal working hours so if you find yourself stuck perhaps at the weekend or in the evening a same day lender may be a suitable solution.
It is always important to compare the cost of high cost loans like this before you apply with a lender. You can also make use of our eligibility test that will tell you the lenders that would accept you without having to run a full credit search.
Are same day loans the same as payday loans?
Not necessarily, it really depends on the time the lender allows you to pay it back. If you choose to repay the loan in one instalment on your next payday then yes, it is essentially a payday loan because it will come from the same lender at the same rate as a payday loan.
If you choose to spread a same day loan over the course of a few months then would be more akin to a short term loan.
If you feel like repaying the whole amount in one go could put you more financial difficulty then it may be best to think about spreading the loan over a longer period, although you should be aware of the costs of doing so.
Can I apply for a same day loan if I have bad credit?
Yes, you can. These types of loans are there to help people with all types of credit histories so some adverse credit may not be a problem.
It is extremely important to lenders that they can prove you are able to afford the loan – if they feel it could worsen your current situation then you may find that lenders will decline you.
One way to find out what lenders will accept you without it affecting your credit score is to use our Eligibility Checker which is completely free to use and you could save money by picking the best deal.
Same day loans are great for a convenient and quick cash injection when you need it for life’s emergencies, however, they come at a price. Same day loans should be considered a last resort, it is important to use a site like allthelenders to compare the cost of same-day loans before making an application to make sure you get the best deal possible.