If you need funds urgently for an unexpected expense, one potential solution that’s available in the UK is to apply for same day loans. The beauty of our quick and easy online system is that you can do away with the queues and loan application processing delays you might experience in a high street bank. Instead, simply fill out our online application form, and once your loan has been approved you can have the money in your account the very same day.
What Is A Same Day Loan?
The term ‘same day loan’ applies to lenders who can fund approved applicants within 24 hours. Although there are a considerable number of short term loan providers out there, not all can provide you with the money you need quite so quickly. So, before you apply with a particularly lender, make sure you understand exactly when you can expect the money to arrive in your account.
“Extremely simple, no hassle or fuss. Unlike other loan companies, Wizzcash actually care about the customer and take time ensuring you can afford the loan.” – David, London
How Do I Apply For A Same Day Loan?
Applying for a same day loan with Wizzcash is simple. We’ve put together a video guide to explain how to apply for same day payday loans with us.
How Much Can I Borrow With A Same Day Payday Loan?
We offer same day loans of up to £1000 for our customers, and these can be paid back over a period of 3 months. This is different from a standard payday loan, as these are generally required to be paid back at the end of the month in a lump sum. We understand that sometimes people need a little more time than that to pay back their same day payday loan, and so we provide them the option of instalment repayments.
What Kind Of Expenses Are Same Day Loans Suited To?
Short-term loans are not the most affordable way to source credit. However, they do provide a range of benefits that, if the loan is used correctly, can make them a useful weapon to have in your arsenal.
Online loans you can access the same day are well suited to sourcing relatively small amounts of cash, fast. If your car breaks down and you can’t get to work, or the boiler gives up the ghost in mid-winter, these are repairs you need to make right away. If you don’t have the money in your account and don’t want to wait until payday, online same day loans can help you get your hands on the money you need.
As long as you borrow an amount you know you can afford to repay, and stick to the repayment plan as agreed, this can be an effective solution to a problem that could be difficult to solve so quickly.
Are There Alternatives To Same Day Loans?
Due to payday loans having a high APR, they are often left as a last resort option for those who cannot get finances anywhere else. However, there are a number of other alternatives to same day payday loans including credit unions, bank loans, borrowing from friends and family, government financial support and university loans.
When Will I Have To Pay Back My Same Day Loan?
This is dependent on the type of loan that you have taken out and what you have specified on your application. We provide same day loans that can be paid back over 3 to 12 months. Use our online calculator to work out how long you can afford to take out a loan for.
Who Can Apply For A Same Day Loan?
As a responsible lender, we have put in place set criteria to ensure that we are only lending to those who can afford it. To be approved for a same day loan you must be:
- Over 18 years of age
- A UK resident
- In current employment and taking home a minimum of £750
Can I Get A Same Day Loan With Bad Credit?
There are very few people out there with perfect credit scores. The recent economic crisis has pushed people’s finances to brink and, in many people’s cases, something had to give. The fact is that something seemingly as minor as a missed payment on a mobile phone bill can be enough to cause considerable damage to your credit score.
At Wizzcash, we are well aware of the hard times many people have been through and are willing to consider same day loans for bad credit. Of course, that does not mean we will approve every borrower who comes to us looking for a loan. As a responsible lender, we conduct affordability checks and credit checks on every applicant before making an informed and responsible lending decision.
What If I Am Offered A Loan Without A Credit Check?
While we do consider same day loans for individuals with bad credit, as a responsible lender, we work with credit reference agencies such as Lending Metrics and Equifax to run credit checks to better understand a customer’s suitability for a loan. It is now an FCA regulation that approved lenders must conduct a creditworthiness verification. If you are offered a loan without a credit check, then it is not an approved FCA payday loan lender, meaning your personal details and online safety could be at risk.
A credit check gives us an indication of how well a loan applicant has managed various forms of credit in the past. This includes things like credit cards, mobile phone bills, mortgages and personal loans. Failure to keep up with the repayments will cause your credit score to drop, while paying your bills on time and in full can improve it.
Although we do take your credit score into account, our affordability checks mean that we still approve some same day loans with bad credit. It is important to note that high cost short-term loans should not be taken out with the sole purpose of improving your credit score.
Will Same Day Loans Affect My Credit Score?
While your application for a same day loan will leave a footprint on your credit report, it will not affect your credit score unless you miss a repayment.
What Checks Do Wizzcash Carry Out?
As part of our responsible lending practices, we carry out a range of checks when you make your application. These help us to decide whether we believe that you can afford to pay back the loan, and are run alongside a credit check. This means that, even if you have a bad credit score, we may still approve your same day payday loan application.
Some of the checks that we carry out include auto employment and salary verification and overall affordability alongside a credit check.
Is Wizzcash A Direct Lender?
Yes, Wizzcash is a direct lender with one of the most competitive APRs on the short term loan market. We fund approved applicants quickly and efficiently, usually on the same day and often in less than 24 hours.
How Much Will A Same Day Loan Cost Me?
How much your loan will cost you will be dependent on how long you take to pay back the loan. Interest is accrued daily on your same day loan, meaning the longer you have the loan for, the more it will cost you. See our representative example below:
Total Amount of Credit: £300
Duration of the Agreement: 90 days
Total Amount Repayable: £454.26 to be re-paid in 3 equal instalments of £151.42 on your next 3 pay days
Interest is Fixed at a rate of 292% per year – 0.80% interest per day
Representative APR 1265%
What Is APR?
Whenever you take out a financial product, you will come across the three letter abbreviation ‘APR’. This stands for Annual Percentage Rate, and is a calculation of the full amount that you will have to pay on your loan over the course of a year, including any fees and the accumulated interest. Simply put, APR is a percentage which tells you how much your loan will cost you in total.
Who Are The FCA?
The FCA stands for the Financial Conduct Authority, who are a regulatory body that put in place guidelines and regulations for financial institutions, including payday loan lenders. They have the power to control the marketing by setting minimum standards and rules that are designed to protect consumers.
Are Wizzcash FCA Approved?
Yes, Wizzcash are an FCA approved, responsible direct lender.
How Do FCA Regulations Affect Same Day Loans?
Recently, the FCA have implemented regulations that have capped interest rates and fees on same day loans and other payday loan types. The price cap means that borrowers will never have to pay more than double what they have borrowed. In addition, there is a cap on interest rates at a daily rate of 0.8%.
Are There Any Fees & Charges For Same Day Payday Loans?
Here at Wizzcash, we are proud that we do not put any additional charges and fees on our same day payday loans, aside from a default fee of £15 which will only have to be paid as a one-off if you miss a repayment. We do not place any fees or charges on early repayment or when you apply for a same day loan with us.
Why Should I Choose Wizzcash For My Same Day Loan?
Here at Wizzcash, we can provide you with a reliable, direct same day loan service, to help you get the cash you require as soon as you need it. With our same day loans, we aim to get your money into your account within the hour of your application being approved. Our application is simple, clear, user-friendly and quick, and we are always transparent with how much your loan is going to cost you.
To apply for a same day payday loan, turn to Wizzcash.