How To Apply For Same Day Loans Online?

Applying for a small loan online is fairly straightforward, it shouldn’t take much longer than one hour. The online process of same day loans requires you to first choose an amount you want to borrow. Which is usually between £100-3500 and choose for how long 1-24 months typically. You need to be at least 18, a UK resident and have a UK bank account. 

You will initially need to provide the following:

(i) Your full name and title, birth date, marital status, phone number and date of birth.
(ii) What the loan going to be used for (which is usually selected from a drop down of options.)
(iii) Your postcode, house number, street, town and county.
(iv) If you own or rent.
(v) How long you’ve been at the address.
(vi) How big the house is and how many people you share the rent or mortgage with.
(vii) Employment status, industry you work in and your employers name and number
(viii) Length of employment at your current job
(ix) How often you’re paid, your next pay day and how you’re paid.
(x) Your rent/mortgage bills, current loans, utility bills , food, transport and other costs.

After your provide this the lender will get back to you within a day and in some cases faster. A lender will usually send you a preliminary offer pending a credit check and request more information. Usually you’ll need to send a copy of your identification, a bill or something with your name and address on it, your mortgage documents if you have one and your payslips and proof of employment. The average approval time for a same day loan is within a working day, unless you get unlucky in which case it can be two.

How safe is my data online?

Same day lenders and brokers are regulated by the FCA in the UK (only illegal lenders don’t so always check the bottom of the website to see if they mentioned the FCA). They are required to treat your data with care and ensure it is well secured. You also have the right to ‘be forgotten’ in the UK so you can request any data on you is deleted. If you decide you no longer wish to proceed with the loan, the data is no longer necessary to get the loan (i.e. you already have it.) You can request your data all be deleted. The best way to do this is to write directly to the lender and ask to have your information deleted. If they don’t delete your data or don’t respond, the privacy Ombudsman is the best way to force the lender to comply.

To the question of data safety, every website is subject to being hacked. Even large banks, governments and companies are hacked. So the best way to secure your data is request deletion after you get the loan, work only with one lender or the most annoying, apply entirely on paper and ask for your documents not to be digitised.

How much can you borrow as a new customer?

Same day loans are designed for the short-term and shouldn’t be in excess of £5000. Most lenders will offer between £100 – 3500. As a new customer your loan size will depend on your incomings and outgoings mostly. So the lender will assess how much they think you can pay back. If you have a high salary you’ll be able to borrow more. 

What are online same day loans fees?

Same day lenders typically roll their fees into the APR, every lender has different fees some charge for late payments others charge a origination fee or exit fee. As every vendor is different it pays to check out their fees individually. We’ve already done that so you can check out their fees .

Same day loans process of repayment

Same day loans can be repaid in either weekly, bi-monthly or monthly instalments. Each vendor has different options and you can opt for whatever suits. Lenders are also happy to work out other plans if you need to skip a payment. Just make sure to communicate with them and get in writing the new agreement. Most same day lenders won’t charge you for early repayment either, but you may still need to pay the lifetime interest on the loan. 

Same day loans process of credit check

After you accept the initial offer the lender sends you they will do a hard credit check, where they go to a credit agency and ask for your credit score. The lender will ask for your permission to do this, but in order to get the loan you will need to say yes.

Should I use a same day loans online broker?

Brokers for online loans are often a great option if you don’t have time to spend scouring the market to find the best offers. They’re entire job is to understand the market and connect you with a lender that will take you on. When selecting a broker make sure you check their reviews online and that they have license information on their website. In order to be a loan broker they must be licensed to give advice. The only downside with brokers is they may not work with every lender (as they’re paid by the lender when you sign a contract.) If you have time to check out every lender it can mean you’ll find a better deal. It so happens we’ve made a list of same day loan vendors too.

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