When looking for a loan you may come across some websites offering one with no credit checks at all. These products don’t exist, every genuine lender will do some form of checks.
There are a lot of reasons to take out one of these loans over a traditional bank loan. Even those who qualify for a bank loan should look into this option before making a decision. A lot of people have started choosing these loans over all others, and you will need to know why before moving forward.
One of the biggest reasons to consider same day loans over a bank loan is that you will be able to get the money you need right away. Sometimes it is important to get funds immediately when you have an expense that is very important. If you need to get some crucial repair done on your home or car, a traditional bank loan will be far too slow. Most people who get a loan from a bank have to wait at least a week to get their money. With a same day loan, you can get your funds within less than a business day.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
A vast majority of banks take a very close look at the credit of applicants. It can be very difficult for the average person to get a bank loan because of the high standards for credit. Private lenders who give out same day loans don’t really care about what your credit rating is. Even those with little to no credit history have at least a chance of getting approved for this type of loan. Most people who apply for one of these loans do not get denied based on their credit alone.
Those who go to their bank to get a loan can expect to be faced with all sorts of questions, including what they want the loan for. Most private lenders will not ask you why you want the loan, so you can use it for whatever you want. It is recommended that you only take out one of these loans if you really need it though.
Some of the different reasons that people take out same day loans include:
With a same day loan, you won’t have to worry about risking any of your property if you cannot pay it back. A secured loan from a bank will require that you put up your home, vehicle or some other asset as collateral in case you cannot repay the loan. While it’s never a good idea to not pay back any loan, you won’t lose any of your property with this borrowing option. Those who want a fairly low-risk loan will find that this is definitely the best way to go.
Finally, you will find that that there is a lot more private same day loan lenders than banks that you can borrow from. You will also be able to apply online, which is extremely convenient. Because there are all of these lenders to choose from, you don’t want to rush into a final decision before doing your research. It is crucial that you find a reputable lender that you can actually trust to give you a good deal. By doing this research you will also be able to save yourself a lot of money overall. Not all of these lenders are the same, so it pays to get this information before filling out any applications.