Whether it’s to fund urgent home repairs or replace an essential household item, a same-day loan could be a real lifeline during a financial crisis.
CashLady is a credit broker, and we could help you search for a same-day loan between £100 and £10,000. Depending on the amount of money you apply to borrow, you could repay your same-day loan across a term of 3-60 months.
Worried about your credit score? Several of the lenders on the CashLady panel specialise in loans for people with bad credit, and, if approved, your money could be sent the same day.*
What is a same-day loan?
A same-day loan is when you borrow money from a lender and the funds are sent to your bank account the same day.
This type of borrowing may be useful to people who need an urgent financial solution when the unexpected happens; for example, the washing machine breaks down or you need to pay for an emergency vet’s bill.
While we understand that these are situations where you may need to access money quickly, it’s always important to stop and think before you apply for a loan.
Do you have any savings that you could use? Can you wait until payday and use your own money to cover the cost? Perhaps friends or family could help?
It’s essential to do thorough research so you’re aware of all the options that could be open to you.
Guaranteed same-day loans
While it could be possible to get a same-day loan, please remember that this cannot be guaranteed. While some lenders may send your money on the same day as your application is approved, the time it takes for the funds to appear in your account will depend on your bank’s policies and procedures.
What should I think about when considering a same-day loan?
In many instances, people may apply for a same-day loan when they need money in an emergency. However, you should always step back and take your time to decide whether this is the right option for you.
Ask yourself: will I be able to make my repayments on time and in full each month? Will this affect my other essential outgoings, such as my rent or mortgage?
A loan is a serious financial commitment and requires careful consideration.
How much does a same-day loan cost?
The overall cost of a same-day loan will depend on how much money you apply to borrow; your chosen repayment term; the Annual Percentage Rate (APR); and whether there are any associated fees.
What’s the APR?
When you take out a loan, you repay the money you owe, plus interest. Sometimes there may also be standard fees to pay, too. The APR takes all of this into consideration to give you an idea of the yearly cost of borrowing.
Some fees, such as early or late repayment fees, are not included in the APR and will be charged as extra, if applicable.
The higher the APR, the more you’ll pay in interest.
How can I search for a same-day loan?
If you’re looking for a same-day loan, CashLady may be able to help you search. We’re a credit broker with access to a panel of over 30 lenders, some of whom are able to send your funds on the same day as your application is approved.*
You can search for a same-day loan with CashLady if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and debit card; and
- Have a regular source of income paid into your bank account.
Can I get a same-day loan without undergoing a credit check?
In line with guidelines set out by the Financial Conduct Authority (FCA), you cannot get a loan without undergoing a full credit check, also known as a ‘creditworthiness assessment’.
A responsible lender will want to be sure that any loan offer made to you is affordable and suitable for your circumstances.
If you borrow money that you cannot afford, you may struggle to make your monthly repayments. Defaulting on a loan repayment will cause your credit score to decline, and you may be charged a fee by your lender. You could also find yourself in a spiral of debt, which can cause serious money problems and financial stress.
To check if a lender or credit broker is authorised, you can search the Financial Conduct Authority Register. CashLady only works with lenders who are authorised and regulated by the FCA.
Can I apply for a same-day loan if I have bad credit?
Perhaps you’ve arrived at this page while searching the internet for ‘loans with bad credit’. Maybe you have missed payments on past borrowing commitments and are worried that this may have damaged your chances of accessing credit when you need it.
You should be aware that a bad credit score could restrict your borrowing options. However, CashLady works with a number of lenders who may be willing to consider applications from people with less-than-perfect credit history. If you are offered a bad credit loan, it could be at a higher interest rate. You might not be approved to borrow the amount of money that you need and may have to settle for a more manageable amount.
How can I search for a same-day loan?
You can search for a loan with CashLady by completing our online form. This should take around five minutes.
If we’re able to match you with a lender and you go on to make a full application, you could receive your loan on the same day your application is approved.*
How does the CashLady process work?
We’ve broken down the CashLady process into five straightforward steps:
- Step one: Work out how much money you need to borrow and choose a repayment term.
- Step two: Complete our online form. We’ll ask you for some personal details, such as your employment status, income, and outgoings.
- Step three: Using soft search technology, we will scan our panel of lenders for a suitable loan – this does not affect your credit score. Depending on your circumstances, we may not be able to match you with a lender. If this is the case, we may show you other options that might be of interest, such as a credit monitoring service. Some services may charge a monthly fee; you are, of course, not obliged to use these services.
- Step four: If we are able to match you with a loan, you’ll be directed to the lender’s website, where you’ll be shown the details of your loan offer. If you feel that the offer suits your circumstances and you’re confident that you can make your monthly repayments, you might decide to make a full application.
- Step five: At this stage, a creditworthiness assessment will be carried out, and this will involve a hard search or Open Banking.**
If you pass the creditworthiness assessment and are happy with the terms and conditions of the loan, the lender will let you know when your money could be sent.
I can’t afford to repay my same-day loan; what should I do?
If you’re in the process of repaying a loan that you feel you can no longer afford, you should contact your lender as soon as possible. They will work with you to come up with a resolution and put a suitable plan in place.
I’m having trouble managing my finances; where can I turn to for help?
CashLady are proud to have teamed up with StepChange, a UK debt charity, to provide a free Money Health Check quiz. The answers you provide are confidential and will signpost you to help and advice.
You can also get free, confidential financial advice through the following organisations and charities: MoneyHelper, Citizens Advice, and National Debtline.
*The time it takes for the money to appear in your bank account will depend on your bank’s policies and procedures.
** Please note that a hard search will remain on your credit file for up to 12 months, and undergoing multiple hard searches within a short period of time will damage your credit score. Open Banking is a procedure carried out by authorised third-parties, such as lenders. With your consent, Open Banking allows your chosen lender to view your recent financial activity via your online bank account.
