It’s important to know all the facts and figures when considering a loan to avoid any future financial complications. To help you get in the know, here’s what you need to know about same day loans. This includes what they involve, what situations they are suited to, what their advantages and disadvantages are and how to take out a same day loan with Sunny.
What are same day loans?
Same day loans are handy for life’s little emergencies. As suggested by the name, same day loans generally mean that if your loan is approved, you can receive the money into your bank account the same day, so you can quickly and easily cover unexpected expenses. This type of loan is usually for a small sum on a short-term lending basis.
These loans with a same day pay-out are a popular financial solution when struggling to make ends meet. Because you don’t have to wait for the loan to be approved, you can tend to your financial needs as soon as they arise.
Why would someone need a same day loan?
Same day loans are intended to help with unforeseen circumstances. For example, if you need car repairs, if your boiler breaks down, or if you’re experiencing a family emergency, a same day loan can be a helpful solution to get you through until you have more money to repay the loan.
What are the advantages or disadvantages of a same day loan?
The biggest advantage of ‘same day loans’ is, as their name suggests, that the money is transferred into your account the same day as you apply if your application is approved. The online application process is usually quick and straightforward when compared to other traditional loans. This way you can avoid excessive paperwork and time-consuming meetings. You can apply for a same day loan online from the comfort of your own home and see the money in your account within minutes.
Will I be accepted for a same day loan?
Whether you are eligible for a same day loan is dependent on the checks we carry out, so we cannot be sure if your application will be accepted until you have applied. A big factor affecting whether you are suitable is your credit score.
To check your credit score you can use Noddle, Equifax or Experian. If you find you have a low credit score, there are simple and quick ways you can go about improving it. One solution is to get on the electoral roll if you are not already, which increases your credit rating. You can also close any old credit card accounts that you are no longer using, as unused but active cards can lead to a low credit score. Making sure you repay all your bills on time each month and trying to keep well below your credit card limits will also help. Finally, try to end any financial associations and close bank accounts with those who have a poor credit rating, as this can also affect your ability to get credit when you need it.
Sunny’s same day loans
At Sunny, if you’re fully approved, then we can offer same day loans which don’t require excessive paperwork or a guarantor. This means if you can’t find someone to co-sign the repayment of the loan, you needn’t worry. The online application simply involves providing personal information such as your name and date of birth, your address, and your bank and employment details. We then return a decision to you within minutes and if successful, your money will arrive in your account in as little as 15 minutes.
Based on the above factors, the decision we make is intended for your security, to ensure you are lent an amount that it is possible for you to pay back. The checks are quick and non-invasive and offer much more safety than no credit check loans.
Our instalment loan sizes range from £100 to £2,500, over a variety of terms. Therefore, there should be a flexible loan suited to your specific financial situation if you’re accepted. We offer one of the most flexible emergency financial solutions in the UK. You can even manage your loan through your online account, so you can spread the overall repayment over a range of terms depending on your budget.
The amount of time you have to repay your loan depends on how much you want to borrow, but you can of course repay early at any time if you want to save money on interest fees. You can also change your mind in our 5-day cooling-off period, during which you can repay the principal amount with no added fees and no interest.
Why choose Sunny?
As well as the flexibility that we offer our borrowers, we make our loans as straightforward as possible. Our same day loans involve no brokers and we don’t charge additional fees for late repayments. On top of that there are no hidden administration or application fees, so all you have to pay back is the amount borrowed plus interest.
While we do carry out checks on all borrowers who apply to us, our checks are intended for the borrower’s security, and we ensure that they are done as quickly as possible. Making sure our customers don’t get into financial difficulty is our first priority, and this is why our checks are important. We aim to act as a lifeline for each borrowers’ financial needs. Even if they are struggling with making their repayments, we work with them to help them through any difficulties.
While same day loans may seem like a welcome solution, it’s not wise to use them on a regular basis, as this could lead to a build-up of debt and increase financial insecurity. It’s also important to never borrow more than you can afford to pay back. Last but not least, ensure you research the loan you are applying for thoroughly before putting in an application.
If you have any further questions regarding our same day loans our any of our policies, please check the Frequently Asked Questions area of our website. If you cannot find the answer to your question, don’t hesitate to get in touch with us via our live chat, and our friendly advisers will be happy to help.