Why Choose Light Loans?
How it works
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Use our home page sliders to choose the loan amount you wish to borrow and the time in which you wish to borrow for. Total Loan amount, interest rates and chosen term will be fully displayed to you.
Fill out our simple 5 minute application form and the Monevo lender matching technology will do the work for you! Receive an instant online decision. We’ll ask for your address, bank and employment details. Your application is 100% online.
Your application will be submitted to the Monevo Lender Panel. If approved you will be redirected to the lender application form where you can check everything over to make sure you are happy with it. You are under no obligation to accept and can still accept or reject the loan offer at this point.
Once you have accepted your Loan Agreement, your funds will be automatically transferred into your bank account by the Lender. You could receive your funds in just 15 minutes!**… It’s that simple!
Same day loans are quick loans which can be ideal in cases such as a financial emergency, or any scenario in which immediate costs need to be met. They can often be found most quickly online, as banks typically offer longer-term personal loans.
A same day loan, as the name implies, is a personal loan which provides access to your money on the same day that you have applied for it. This is a financial product which aims to minimise obstacles, with no underwriting, and that can make them suitable for people who suddenly find themselves in financial difficulties.
There are typically no stipulations attached to same day loans in terms of what you can, or can’t, spend the money on. It could be spending money for a holiday, an unexpected utility bill to pay, or a motor vehicle break down that has left you with an unwanted fee for repairs. Because of the absence of a lengthy underwriting period, same day loan applicants can get access to money on the same day.
As you might expect, due to their nature, same day loans often come with high interest rates and supplementary fees. This makes it all the more important to study terms and conditions before ‘signing on the dotted line’.
The two main types of same day loans which you can encounter are as follows:
Payday loans – these type of loans charge high fees and interest rates, but are typically paid back within a short space of time, once the applicant’s next paycheque comes. You should note that in addition to a high interest rate, you could also be charged a service fee.
Pawnshop loans – the alternative to online same day loan lenders are the physical pawnshops which can offer you a quick loan if you leave some kind of asset as a deposit. This type of collateral could be jewellery, electronics or some other valuable item. The pawnshop owner can then offer you a loan based on a percentage of this item’s value. You then pay back the same, along with any interest which has been accrued.
In the internet era, it has never been easier to apply for a same day loan. That’s because application forms are typically made available by lenders online, making them easy to fill in and send. A credit check isn’t typically run before the loans are approved, and that cuts down on time, as well as meaning that your credit score won’t be affected by taking one out. Before applying, you should review your finances to ensure that you can afford to take out a same day loan, calculating the interest and any other fees which you need to pay back.
The best lenders can guarantee a secure application process online, with websites that use SSL encryption, facilitating a safe transaction which means you won’t have to worry that your personal data might be at risk. This makes checking a lender’s security credentials important when applying for a same day loan.
Not all lenders offer same day loans, while some lenders may specialise in offering same day loans. Lenders which do provide these kinds of same day services usually charge more for the extra speed which is offered, in the same way that banks can charge more for facilitating a speedy money transfer.
Some internet sites may offer a comparison of varying same day loans which are on the market and provide you with a link to the application page. It should be noted that these sites are often not associated with the lenders themselves, and therefore cannot directly offer a loan or be held accountable for terms related to the same day loan offered by the lenders.
Providing an application is approved, and that tight time constraints (such as an application being made too close to the end of a lender’s opening hours) have not prevented the application being processed, there is nothing to stop the funds from a loan being paid on the same day.
Let’s look at a representative example of a same day loan, to give you a clearer picture of how they can work:
Let us say that a same day loan applicant borrowed £800 for a period of 90 days. Taking into account a representative 305.9% APR, over an agreed repayment schedule of three monthly instalments, the total amount which has to be paid back would be £1,123.84 by the end of the three months. That would be disregarding any additional fees which might be charged by the lender. Some lenders may not charge any additional fees.
Should you have trouble repaying the same day loan on time, there are a number of options open to you. The first thing you should do is contact your lender and explain your situation to them, requesting that you have more time for repayment. You might then agree an extended payment reschedule which allows you to make the payments in a series of instalments.
Alternatively, you could be permitted to use a credit card to make your outstanding payments. There are also a number of payday alternative loans on the market, which can help you to pay off your loan with a payment plan which is more affordable than the original same day loan. Debt assistance services can provide you with useful advice in these situations, and come up with a payment plan that is agreeable with your current financial situation. Before taking out any further loans, you should ensure that you are not getting yourself into more debt that will be even harder to get out of.
Typically there are a series of documents which you will need to provide as part of the application process. These could include a bank statement, and, especially in the case of a payday loan, evidence of your previous monthly salary. ID, in the form of a passport or driver’s licence, as well as a proof of your current address in the form of letters, are other documents which you could be asked for. You will need to confirm that you are over 18, and a UK resident.
We hope you found this information on same day loans useful. Always remember to read all the terms and conditions before committing to this kind of financial product.