Same Day Loans - Get Money Today with Payday Pixie
Whilst nobody would ever describe the financial crisis of 2008 as a positive development, it did alter the attitude of lenders and made it easier than ever for applicants to secure short-term lending options.
In fact, we’ve seen a number of short-term financial products emerge in the consumer market over the course of the last decade, creating a wealth of options that can often confuse applicants who simply want to identify the best product for them.
This issue is hardly helped by the fact that so many of these short-term loans have similar names and descriptions. From same day and instant loans to emergency and online loans, these options are all subtle variations of the same financial product and essentially offer you access to short-term credit at a relatively high cost.These product variations also refer to loans that often need to be secured at short notice, whether an unexpected bill has just been posted through your door or you need to fund an urgent repair to your car.
Same day loans are typically smaller in value, usually in the region of £100 - £500. In most cases, many lenders will transfer the money to you on the same day you have applied, which is where they get their name from.
We’ll explore the concept of same day lending below, whilst providing you with everything you need to know as a borrower!
Same Day Lending Basics - Does Requiring my Loan Today Change my Options?
Whilst the diverse and competitive world of short-term lending may include a number of financial products, the vast majority of these deliver funds into your account within 24 hours of the application being approved.
In the case of same day and instant loans, you can even receive your loan within 15 minutes of approval, depending on the policies adopted by your bank and whether or not they accept express cash transactions.
This also applies to the vast majority of online and emergency loans, so the fact remains that same day lending has become increasingly accessible and commonplace over the course of the last 10 years or so.
With these points in mind, there’s no reason why requiring instantaneous funds should restrict your lending options in the modern age, as there are clearly a number of product variations that allow for rapid transactions following official approval from the lender.
In fact, there’s arguably more options available to applicants who want to secure instant or same day loans in the current marketplace, with online lenders having adopted a simple and streamlined application process that focuses on the speed of transactions.
Provided that you pay back your same day loan in full and by the agreed date, it’s also fair to surmise that applying for this type of product won’t negatively affect your credit score to any great degree.
Arguably, taking out a small short-term loan and repaying this in full could actually improve your credit score, as this transaction will represent a positive footprint on your report.
The only exception to this rule applies if you come to rely on same day and short-term loans, as leveraging this type of finance to fund your lifestyle creates a cycle of debt that will cast doubt on your ability to manage your money and repay loans going forward.
This will also create a build-up of short-term loans on your credit report, and this will definitely raise a red flag amongst lenders when they review your history and financial credentials.
You’ll need to keep this in mind as a borrower, particularly given the nature of same day lending and the ease with which funds can be sourced in comparison with more traditional forms of credit.
Will the Money Really be in My Account Today?
The short answer to this is yes, as same day lending in the UK does exactly what is says in the tin.
As we’ve already said, this also applies to a relatively large number of lending options in the modern age, but same day borrowing is guaranteed to deliver funds immediately in almost every possible scenario.
From starting your same day loan application to receiving funds into your account, you’ll find that the whole process can take less than an hour on average.
Typically, the Payday Pixie application process will take no longer than five minutes, and once completed you’ll usually receive approval within 15 minutes or so. Following this, funds can be transferred instantly into your bank account, affording you the funds that you need to resolve your short-term crisis and restore your financial equilibrium. OK, we hear you ask, but are there any issues that may prevent me from getting my funds on the same day? There certainly are, but you should know that many of these are either caused by human error or the precise practices and policies imposed by your bank of choice.
In terms of the former, you’ll need to complete our application form in full and ensure that the data provided is completely accurate. Make no mistake; aspects of your application may be verified depending on the lender in question and your credit history, so any missing or inaccurate information may raise more questions than answers. At the same time, you’re also at the mercy of your bank when determining precisely when the loan will land in your account.
So, whilst most lenders will complete same day transactions using their express cash transfer option, this only applies in instances where such a platform is supported by your bank of choice.
If this isn’t the case, it may take longer for the funds to arrive in your account, depending on your bank’s policies and procedures when it comes to processing individual payments. In instances where a lender’s express cash transfer option isn’t supported, you may also be required to pay a small processing fee to expedite the payment.
This will usually take the form of a fixed percentage of the amount borrowed, although it’s fair to say that this is no longer commonplace in the financial services marketplace.
These unusual instances aside, however, you can typically rest assured that you’ll receive your same day loan promptly and within 15 minutes on average.
Our Representative Example
Whenever you take out any loan, it’s important that you understand your total liability as a borrower and the full amount to be repaid.
This is particularly important in the case of same day lending, which is relatively high cost and will apply an inflated rate of interest to the amount borrowed.
This is where a representative example comes into play, as this refers to a UK financial advertising regulation that aims to show customers the full cost of a product being promoted.
This includes any associated fees and interest repayments, whilst it provides genuine transparency for customers in a crowded and often confusion market.
For our representative example, you could borrow a loan amount of £200 free of charge and pledge to repay this over 10 days. You’ll pay interest of £9.89 over this period, creating fixed total repayment of £209.89 at a representative APR of 728.9%.
Just note that the concept of representative APR is annualised, so this refers to the rate of interest applied over the course of a year and shouldn’t confuse your decision making when applying for a short-term loan.
More Info on Same Day Lending - What Else Do You Need to Know?
At this stage, you may be ready to apply for your same day loan, but there are a few other considerations that you need to keep in mind before completing your application.
To begin with, you’ll have to ensure that you’re eligible to receive a same day loan in the UK. Here’s some of the key criteria to adhere to:
● You need to be a UK resident or have earned UK citizenship
● You’ll also need to be aged 18 years or older to secure a same day loan
● You’ll need a valid and UK-based bank account to accept borrowed funds
If you meet this criteria, you’ll be eligible to apply for a same day loan through Payday Pixie. Before you proceed, however, you’ll also need to consider the timing of your application and how this may impact on the receipt of funds.
More specifically, some lenders may only process same day loan applications between certain hours, typically 6am and midnight. This varies from one lender to another, but those that do operate within fixed working hours may not transfer approved funds until the following working day.
There’s no doubt that same day loans are becoming increasingly accessible and efficient, however, so in most cases you’ll be able to source funds quickly and with the minimum of fuss.
When considering your application, lenders will consider your credit history and score in addition to your employment details and the precise terms of your loan.
Fortunately, a growing number of lenders available through Payday Pixie now process credit applications from individuals with bad credit, based on the understanding that people wouldn’t necessarily apply for same day loans if they had other options available.
Of course, you may find a little harder to secure a bad credit same day loan, whilst lenders may choose to apply more stringent terms and interest rates in order to offset their risk in the worst-case scenario.
On a final note, it’s crucial that you only ever borrow an amount that you can comfortably afford to repay. Understanding a lender’s representative example and APR can help in this respect, but you also need to have a deep comprehension of your earnings and outgoings in order to make an informed decision.
With this information at hand, you can consider all loan offers on their individual terms and merits and ensure that you make the right choice for you!