Same Day Loans for Bad Credit

Compare Same Day Loans with a Guarantor & borrow up to £15,000

What is a same day loan?

You never know what life’s going to throw at you, and when you may need money fast. Even if you have savings there are chances that something could happen that mean you’ll need a same day loan. A same day loan can get you money quickly, and you can pay it off over a period of time, so you’ll be able to meet those unexpected charges with confidence.

A same day loan allows you to apply for, and receive, a loan all within the same day. It’s as simple as that. There are a number of reasons why someone may need a same day loan, and they are open to most people, even if they have bad credit. A few of the reasons people may need to get money fast include:

  • Funeral costs – the unexpected loss of a loved one can often leave people struggling to afford the expenses related to the funeral, especially if that person did not have life insurance.
  • Vet bills – A pet, in particular one without insurance, could cause sudden and hefty bills that need to be covered. Some pet health issues may not even be covered by some insurers.
  • Sudden home or car maintenance – sometimes an appliance, or your car, will break down and you’ll be left in the lurch. Either your insurance won’t cover it, or the costs are too high.

We understand that many people put money away just in case scenarios like this occur, but that money isn’t always enough. Same day loans may also be beneficial for those that:

  • Don’t have friends or family that can help them out financially
  • May have credit issues that prevent them from other finance options

While same day loans are incredibly useful, we’d always recommend keeping the amount you borrow low, using your own savings to cover as much of the unexpected cost as possible. Same day loans work best when they are supplementing your own money, as the lower the amount borrowed, the less you’ll be paying in interest.

We can help you find the best guarantor same day loans. If you need to find out more about guarantors, and what that means for a loan, then check out our guides on guarantor loans.

What Guarantor Lender’s payout the same day?

As experts in guarantor loans, we can help you compare all of the best guarantor loans available. This includes those who offer same day loans with a guarantor. We’ve laid out everything you’ll need to know about same day guarantor loans in the table below.

Lender Same Day Payout What the lenders say
Buddy Loans “At Buddy our goal is to pay out your money on the same day of application” Compare Guarantor Loans
TrustTwo Loans “We aim to get the loan paid out within 3 working days of receiving a successful application” Compare Guarantor Loans
Amigo Loans “The majority of our loans are paid out within 2-48 hours” Compare Guarantor Loans
UK Credit “We’ll work as hard as we can to pay out loans as quickly as possible” Compare Guarantor Loans
1Plus1 Loans “Most of our customers have the money in their account the same day they apply” Compare Guarantor Loans
George Banco Loans “FastTrack same day payout” Compare Guarantor Loans
Bamboo Loans “Once the applicant and the guarantor have signed, the money is paid out typically the next weekday after 3:30 pm” Compare Guarantor Loans
TFS Loans “On average, a TFS Guarantor loan takes 2-4 working days to process” Compare Guarantor Loans

Would I qualify for a same day loan, even with Bad Credit?

There are a few criteria you need to meet before being eligible for a same day loan. It’s worth keeping in mind that even those with bad credit may be eligible, especially if they use a guarantor. But at the very least you’ll need to meet the following criteria:

  • Be aged 18 or over
  • Be gainfully employed
  • Be a resident of the UK
  • Receive a regular wage into your UK bank account
  • Have a debit card for that account
  • Have a UK address, phone number and email address

For those with bad credit, you may still be eligible for a same day loan. We can help you find guarantor loans that are available on the same day as you apply. A guarantor loan is a loan where you can use a guarantor, i.e. someone who will make the payments if you fail to, to provide reassurances to a lender that the loan will be repaid. Check out our guides for more on guarantor loans:

How can I apply for a bad credit loan and receive it the same day?

If you have bad credit we can help you with finding the right same day loan to apply for. Use our comparison tool to find out which is the best guarantor loan provider for you. Some lenders, like Buddy Loans or Amigo Loans, make it their mission to payout loans on the same day, whereas some, like George Banco Loans, offer a fast track service. Others don’t have a same day option so make sure you check before you apply.

The process for applying for a same day loan is typically as follows:

  1. Fill out an application for a guarantor loan on our site. For other types of loan you may need to apply through the lender.
  2. When applying through Guarantor Loans you’ll undergo a soft credit search before being redirected to the lender.
  3. The lender will do a hard credit check to see if you are eligible – don’t worry many lenders offering same day loans specialise in doing so for people with bad credit. This is also when a guarantor’s credit check will happen.
  4. You will then find out whether you have been approved or declined and the lender will let you know whether they’ll lend you the amount you asked for, or less
  5. At this stage the lender will provide you with information on the amount, the repayment schedule (frequency and amounts), the interest rate and any early payback or missed payment fees.
  6. Once you are happy with the above you will enter an agreement and the lender will release the money.
  7. For a guarantor loan the money will be transferred to the guarantor and not the loanee.

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How much can I borrow with a same day guarantor loan?

Same day loans can be incredibly useful for those who need them. If you are eligible for a same day loan you’ll likely be able to borrow between £500 and £15,000, but the higher amounts may be more limited depending on your credit score. Having a guarantor will help if you are applying for a larger loan.

We would always advise that you should borrow as little as possible and use savings where you can as the more you borrow the more you’ll be paying in interest.

Is there a fee for a same day transfer?

Lenders will not charge any additional fees for a same day transfer, but some may require you to specifically apply for a fast track loan. Just double check that the lender you are looking at offers same day loans before applying and you should be good to go.

Compare same day loans through guarantor loans to find the best guarantor loan rates for you, and make sure you choose a lender that offers same day loans if you need cash quickly.

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