We can’t always plan for the financial emergencies that life throws our way, and sometimes, we don’t have the money needed to cover the costs.
If you’re facing an unexpected expense, you might wonder what options are available to you.
A same-day loan could help to alleviate some of the pressure, but what could be the chances of approval if you have bad credit?
The Growing Power guide to bad credit same-day loans aims to provide the answers to some common questions.
Is it possible to get a bad credit same-day loan?
It might be possible for you to get a bad credit same-day loan, although there are various factors to take into consideration, including your creditworthiness; the time of day that you apply; and the payout timeframe of the individual lender.
Same-day loans cannot be guaranteed. While some lenders, including several of those on the Growing Power panel, could send your money on the same day as your application is approved, the time it takes for the money to become available in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.
When searching for a same-day loan, you may wish to check your chosen lender’s payout timeframe before you apply.
What are my chances of getting a same-day loan if I have bad credit?
If you have bad credit, you might find it difficult to find a lender willing to consider your application. A bad credit loan could come with a higher rate of interest, and you might not be approved to borrow as much money as you need.
Growing Power is a credit broker, and several of the lenders we work with specialise in loans for people with bad credit.
How can I search for a bad credit same-day loan?
You can use Growing Power to search for a bad credit same-day loan if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account with a valid debit card; and
- Have a regular source of income paid into your bank account.
How to search for a loan with Growing Power
Our online form should take less than five minutes to fill out and can be completed 24 hours a day, 7 days a week.
- Tell us how much money you need to borrow and for how long. Our form will also ask you to provide some key information, such as your address and employment status.
- Using the information you’ve provided, we’ll run a soft search on your financial history, with no impact to your credit score. Next, we’ll scan our panel of lenders for a suitable loan. This stage should take around 60 seconds.
- If we’re able to match you with a loan, you will be redirected to the lender’s website. If you decide that you’d like to make a full application with the lender, an affordability check will be carried out by that company.
- An affordability check will consist of either a hard search or Open Banking.* Please note that a hard search will be visible on your credit file for up to 12 months. If multiple hard searches are recorded on your credit file in a short space of time, your credit score could suffer.
- If the lender is happy with the outcome of their affordability check, they’ll send you a loan agreement. You should read through this carefully before you decide whether to sign and return.
Please be aware that Growing Power work with a small number of lenders who may ask you to complete your application in branch.
* Open Banking is a secure process that – with your consent – enables authorised third-parties, such as lenders, to access your online banking account with a read-only view. Open Banking may be carried out by lenders who are willing to consider applications from people with bad credit, as it allows them to see your recent transactions and gain an understanding of your spending and repayment habits.
Why choose Growing Power for your bad credit same-day loan?
The lenders on the Growing Power panel offer short-term personal loans from £100 to £10,000, with repayment terms between 3 and 60 months, depending on the amount of money you apply to borrow.
- Searching for a loan is free – we don’t charge any fees for our service.
- Quotes are no obligation.
- Growing Power, and all the lenders on our panel, are authorised and regulated by the Financial Conduct Authority (FCA).
Things to bear in mind when searching for a bad credit same-day loan
- Before searching for a loan, you should work out exactly how much money you need. You should never apply to borrow more money than you need or can afford to repay.
- You must be certain that taking out a loan is a suitable option for you. Your monthly repayments should never leave you unable to cover the cost of your essential outgoings, such as your rent or mortgage, bills, and food.
- Making a late repayment or missing one altogether could result in you being charged a fee by your lender. Your credit score will also be harmed.
- As mentioned, a bad credit loan could come with a higher interest rate, which will increase your overall cost of borrowing.
- While many loan applications can be completed entirely online, some lenders may ask you to make a physical appointment at your local branch to finalise the checks or sign your agreement.
- Manage your expectations. It’s possible to get a same-day loan, but it cannot be guaranteed.
What should I do if I can’t afford to make my loan repayments?
If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as you can.
Talking about money can feel uncomfortable, and when things aren’t going well, it can be tempting to ignore the problem and hope that it will go away. Please know that reaching out and asking for help is the first step towards taking back control of your finances.
Your lender is not there to judge you or your financial situation but will appreciate the fact that you’ve got in touch. They will be able to talk you through any options that may be available to help you through this difficult period.
I’m worried about money; where can I get help?
You can access free, confidential money and debt management advice through charities and organisations such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.