A same day loan is a loan where funds may be transferred to your bank account on the same day your application is approved. However, it does not necessarily mean instant approval or a guarantee that money will arrive within minutes.
While the term sounds straightforward, it’s worth knowing what it actually means and what factors can influence how quickly funds arrive.
What are same day loans?
Same day loans refer to the possibility of receiving funds on the same day that your application is reviewed and approved. Every lender has its own process, and the speed at which funds are released can depend on several factors.
At QuidMarket, approved loans are paid into customers’ bank accounts on the same working day, where possible. If applications are submitted outside normal working hours, they will be processed as soon as possible on the next working day.
How do same day loans work?
1. Check you meet the eligibility criteria
Before applying, applicants must meet our eligibility requirements, which include:
- Being a UK resident
- Being employed
- Earning at least £1,250 take-home pay per month
- Having a UK bank account
- Being aged between 18 and 67
2. Complete your application
Applicants choose how much they would like to borrow and their preferred repayment term, before providing personal, employment and financial information. We use this as part of our affordability assessment, so submitting accurate details is important.
3. Affordability and credit checks
We’re focused on making the application process quick and easy. Our assessment uses information supplied by the applicant alongside information held by a credit reference agency. This helps us make responsible lending decisions based on affordability and the customer’s circumstances.
4. Review your loan documents
If provisionally approved, applicants are provided with key documents, including the Pre-Contract Information and Loan Agreement. These should be reviewed carefully before the agreement is electronically signed.
5. Funds are sent
Once approved, we aim to transfer funds on the same working day, where possible. However, this depends on the circumstances of the application and when it was submitted.
What can affect how quickly you receive funds?
Several factors can influence the speed of the same day loan process:
- When you apply – Applications submitted during working hours have a greater chance of being reviewed and processed that day.
- Accuracy of information – Providing complete and accurate details helps avoid delays and supports the affordability assessment process.
- Additional verification – Some applications may require further checks before a final decision can be made.
- Banking timelines – Even after funds have been sent, bank processing times can vary depending on who you bank with.
Why do people need same day loans?
People may consider a same day loan when an unexpected expense arises and they need access to funds quickly. While every financial situation is different, short-term borrowing is often used to help cover urgent costs that cannot easily be delayed until the next payday.
Some examples include:
- Emergency car repairs needed to get to work
- A broken boiler or essential household appliance
- Temporary cash-flow gaps
- Unexpected bills or one-off expenses, like a vet bill
Are same day loans a good idea? What to consider before applying
This depends on your individual circumstances. For some people, it can provide a way to cover an unexpected expense when they need access to funds quickly. However, like any form of borrowing, it should be considered carefully before making an application.
Take a moment to consider the following factors:
- Can you afford the repayments?
- Is the expense urgent?
- Have you explored other options?
- Do you understand the total cost of borrowing?
- Are you borrowing for a short-term need?
If you’re experiencing regular difficulties meeting everyday expenses, taking on additional borrowing may not address the underlying issue. Independent organisations such as MoneyHelper, Citizens Advice and StepChange may be able to provide free guidance and support.
What are the risks of same day loans?
Like any form of credit, same day loans should be used carefully and only when you’re confident the borrowing is affordable. It’s important to understand the potential risks before applying:
Higher cost than some other forms of credit
Short-term loans are an expensive form of credit and there may be cheaper alternatives available. Compare all your options to decide whether there are other ways to cover the expense.
Difficulty meeting repayments
Taking out a loan means committing to repayments over an agreed period. If your financial situation changes unexpectedly, you may find it more difficult to keep up with those repayments. Review your budget carefully and make sure the repayments fit comfortably alongside your existing financial commitments.
Borrowing when under pressure
Many people consider same day loans when facing an urgent expense. Making financial decisions while feeling stressed or under pressure can sometimes lead to more borrowing than is necessary.
Take the time to understand the loan agreement and the total cost of borrowing, as this will help you make a more informed decision.
Learn more about same day loans with QuidMarket
Apply online for a short-term loan from £300 to £1,000 as a new customer, with flexible repayment terms of three to six months. If your application is approved, funds will be transferred to your bank account on the same working day, where possible.
Explore your options and discover how our straightforward application process could help if you’re facing a temporary financial shortfall.
