Same Day Loan and How It Works

If you happen to receive news that family member is in the hospital and needs money the same day, it could be depressing if you do not have cash. Borrowing from friends at such short notice may have negative result. Why not try applying for a same day loan? As the term implies, the same day loan is a loan that you apply for and receive the same day. The lenders understand that you need the amount immediately. Hence, they make it as easy for you as possible to get a loan.

Here are some steps to follow to make sure that you will have a successful same day loan application.

Prepare All Necessary Documents

All lending companies require some documents for people that want to apply for a loan. It is imperative that before applying for the same day loan, you must prepare all the documents for your loan approval.

To qualify for a loan, one must be at least 18 years old, a resident of the UK, must be earning a regular income, and must have a bank account. To prove your age and your address, the lender will ask you to submit a personal identification card that contains your name, birthday, and place of residence.

To prove that you have a stable job and a regular income, you must secure an employment certificate from your employer. Besides, you must submit a copy of your payslips to show lenders the amount that you earn every month. Same day loan lenders would also ask for your income statement to determine if you can afford to pay the loan after deducting all your expenses from your income.

Decide How Much to Borrow and How to Pay

Before you apply, decide how much you want to borrow. Most same day loan lenders offer a maximum of £1,000, which the borrower can pay within three to six months. Once you have all the requirements, the next step is to decide how much you need and the payment schedule that you prefer. You can borrow any amount as long as it will not exceed £1000.

Always check the interest rate and how the lending company computes it. Remember that when the interest rate is high, your loan can cost you a lot of money. Learn to shop for the best loan offer first before submitting your application to the first lender that you find on the internet. The maximum payment period is six months. Nevertheless, you can start making payments before the due date. You may pay back what you borrowed in full but it must not be earlier than three months after you got the lawn.

Complete Your Online Application

Once you already have all the documents you need and have decided how much to borrow, and the payment period you prefer, you can now complete the online application. The application process is easy. The form will ask for additional details regarding your address, job, income, monthly expenses, and banking details.   

Wait for Instant Decision

Once the lender receives your loan application, they will immediately decide whether to extend you a loan or not. Evaluation of your application takes only a few minutes, and you will know the decision in an instant. In an instance that some documents are missing, the lender will inform you and ask you to submit them as soon as possible, after which the lender will approve and release your loan.

Receive the Funds

A few hours after the approval of your loan application, you will get a notification that the lending company has deposited the funds to your account. You can withdraw the funds anytime you want.

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