Are Same Day Cash Loans Safe?

Secondary keywords: immediate cash loan | cash loans today | cash loan interest rate

What are cash loans?

A cash loan is simply a sum of money borrowed from a lender and repaid, with interest, over a set period of time. This can range from a few months to a year with short-term cash loans in the UK.
Repayments on long-term loans are frequently spaced out across several years.

The amount people borrow and how long they take to repay it is largely determined by their needs.Short-term loans are frequently used to cover modest unexpected bills, although long-term loans might be useful for larger expenses.

Most cash loans are available both online and in person, but the time and effort required to apply and receive a response varies from loan to loan and lender to lender.You may apply for a quick cash loan online right now with Dot Dot and have the funds in your bank account the same day you’re approved, assuming you’re eligible.

Most lenders don’t actually give you cash though, it’s typically a bank transfer to your account. Any lenders that offer cash be sure to check they are FCA accredited (or a well known bank) as it’s not a typical way to pay out a loan.

Difference between online small loans and cash small loans?

The reality is these terms are used interchangeably, small loans and cash small loans means the same thing.

How safe are small loans and cash loans ?

Small loans and cash loans safety is based on one major factor. That is if they’re regulated by the FCA. If they are you should be able to google the lender name and FCA and see if it is indeed regulated by them. If so you’re safe. If not you could be dealing with an illegal lender, which will charge higher rates and can often by run by gangs or criminals. If you’re not sure about a lender we recommend you avoid it until you can verify it is regulated by the FCA.

How do I acquire a same day loan?

Applying for a modest loan via the internet is simple and shouldn’t take more than an hour.
To get a same-day loan online, you must first decide how much you want to borrow.
Which is normally between £100 to £3500, and for how long (usually 1 to 24 months).
You must be at least 18 years old, a UK resident, and have a UK bank account to participate.

You will need to submit the following information at first:

(i) Your full name and title, date of birth, marital status, phone number, and birth date.
(ii) What will the loan be used for? (which is usually selected from a drop down of options.)
(iii) Your postal code, address, street, town, and county.
(iv) Whether you own or rent your home.
(v) The length of your stay at the address.
(vi) The size of the house and the number of persons who split the rent or mortgage.
(vii) Your employment status, the industry in which you work, and the name and phone number of your employer
(viii) How long have you been at your current job?
(ix) How often you are paid, when you will be paid next, and how you will be paid.
(x) Rent/mortgage payments, existing loans, utility bills, food, transportation, and other expenses.

The best same day loan vendors for the UK here

There are a lot of same day loan lenders out there, so it really makes sense to compare the different lenders. Here are some of the most competitive offers based on representative APR:

TSB Bank allows you to borrow £300.00 to £999.00 for a period of 3 to 12 months. Interest rate is 39.9%, APR 34.1%

Now Loan is a company that offers same day loans for those in need – the amount can be chosen in the range of £100.00 to £10,000.00. The representative APR is 49.9% and the interest rate is set at 41.16%. It is required to pay the credit back in the period of 3 to 12 months. The money is received in 2 minutes after application is approved.

1 Plus 1 Loans allows to borrow £1,000.00 to £10,000.00. The APR is 47.8%, interest rate is 39.7%. The period to repay the loan can be chosen between 12 to 36 months.

TFS Loans offer guarantor loaning options. It allows to borrow between £2,000.00 and £15,000.00, to be paid back over 24 to 48 months. Representative APR is 44.9%, and yearly interest rate at 22.79%. Online application is completely free.

Light Finance offers loans of £100.00 up to £10,000.00. Payment period can be from 3 to 60 months, depending on the amount borrowed. The representative APR is  49.9%.

Likely Loan allows to borrow £500.00 to £5,000.00 for APR 59.9% and annual interest of 59.9%. Repayment period is 12 to 36 months, the money is transferred to the borrower the next working day after application is confirmed.

Little Loans offer loans from £100.00 to £10,000.00 for period of 3 to 60 months. Interest rate is 49.9%, APR 49.9%

Check out the full list of same day loan vendors here.