Same day loans, or payday loans as they are also known, are an incredibly popular short term lending solution. Why is this the case? Well, it has a lot to do with the current financial climate and the ease at which people can borrow money with same day loans.
In terms of the current state of the economy, people are finding it increasingly difficult to pay for essential items just to get by each month. The rise in the cost of living and the stagnation of wages has caused a lot of people to seek other forms of income to help. It might not necessarily mean thousands and thousands of pounds, but just a little to get by.
If someone needs a little extra income to pay for something, it might not be worth taking out a second job (they might not even have the time). To get a small amount just to pay for a bill or an emergency repair, it is far easier to seek a short term financial solution; and there is no better short term financial solution than a same day loan.
Why are they so easy?
Same day loans were designed as a hassle free and incredibly quickly way to obtain a short term loan. These are great for people with a poor credit history or people who don’t have the time to apply for a loan through a traditional financial institution such as a bank.
In some instances, someone with a poor credit rating won’t necessarily be approved a traditional loan from a bank; this is where payday loans have become so useful. Bank loans are also time consuming and are only really suitable if you need to borrow a larger amount over a longer period of time e.g. to buy a car or for career development.
Same day loans are different, they’re meant to help with those short term financial struggles for when you need a little bit of money and quickly. This is why they are far easier to apply for, and almost anyone can be approved. You just need to make sure you adhere to their recommendations:
- A UK resident
- Over 18 years old
- Working full time, part time, temporarily or contractually
- Earning over £500 per month
- Get paid by direct deposit into your bank account
- Have a bank account with a valid debit card
When would a same day loan be a good option?
As mentioned, these types of loans are really meant as a short term financial solution; you may find that you desperately need a small amount to pay for a utility bill, or you have to pay for an emergency repair job on your home or car.
Whether you’ve spent all of your wages or you’ve allocated your outgoings for the month, something like an emergency repair can really throw you off course. This is where same day loans can help. You don’t have t worry about not being able to afford that bill payment or getting your car fixed; you can pay for the things you need hassle free. There really is no rival financial solution.