Where can I get a same day loan with a bad credit history?

What is a same day loan?

A same day loan is a loan where you receive the funds on the same day that you make your application. Sometimes examples of same day loans are payday loans, short term loans and instalment loans, and often they allow you to borrow a small amount of money over one to three months to help you with any unexpected expenses or emergency cashflow issues. These types of loans are also sometimes known as bad credit loans because unlike most credit products, a bad credit history does not necessarily restrict the availability of or access to this kind of credit.

You can get different kinds of same day loans. Instalment loans spread your repayments over a few months whereas payday loans have just one repayment date, but nearly all same day loans are available online.

Online Same Day Loans

Most same day loan services operate online which allows for quick applications and fast lending decisions so this means that if your loan application is approved, you will usually get the funds on the same day – and often as quickly as in 15 minutes.

Why can I get a same day loan with a bad credit history?

A lot of payday lenders understand that the reasons for you having a bad credit history might not still be applicable, and it can be unfair to let your past self rule your financial future. After all, the information on your credit file will stay there for six years, and a lot can change in six years – especially with your finances. Lenders will take your credit file into account, but they won’t base their decision solely on how your credit file looks.

Another reason it’s possible to get a same day loan with a bad credit history is because the reason for having a poor credit history might just be because you don’t have one. If you’ve never borrowed money or even had a mobile phone contract in your name, there is no credit record for lenders to base their decisions on. In other words, they don’t know if you are a responsible borrower or not and so may choose not to lend to you based on this lack of information.

If you are just starting out on your credit file journey, here are some tips to help you improve your credit score.

Where can I get a same day loan with a bad credit history?

Normally, if you need a same day loan it’s because you have an urgent expense that needs paying immediately – and therefore you can’t wait until payday. So, it makes sense that you need the money quickly and the quickest way to get access to a same day loan is via an online lender or comparison site. While using a direct lender might be marginally quicker, using a comparison site, or a broker, will ensure you are applying for the cheapest same day loan to meet your needs. Whether you are looking for an instalment loan or a one repayment payday loan, using an online loan comparison site will allow you to compare different online direct lenders so you don’t end up paying more than you have to.

All lenders on Clear and Fair loan comparison site are authorised and regulated by the FCA, which means they’re also regulated in the amount of interest they can charge; however, this doesn’t mean all loans will cost the same amount of money. There is still a small variation in interest rates among online lenders and there is also a difference in the amount each lender charges as a default fee or missed payment fee – should you unfortunately miss your repayment, so comparing lenders is a really good way to make sure you make the right decision before submitting your application.

And, as with any application for a credit product, you need to be honest and only apply if you really need the money. If you’re able to wait until payday then it’s probably better to use the funds you’ve earned, rather than funds you’ve borrowed and will repay at a high interest rate. Missing your repayments can cause you serious money problems and make credit harder to obtain in the future, so make sure you take all your financial commitments into consideration before applying for a same day loan online.