I have a bad credit history – can I not get a same day loan?
Same day loans for bad credit history are advertised online – but what does that mean? It depends on what you consider to be ‘bad credit’. For example, if you haven’t borrowed money before but work full time, your credit score may be low. However, this doesn’t necessarily mean you’ll get turned down for a fast bad credit payday loan, but it could reduce the options available to you as you’re ‘untested’ in terms of lending.
In many cases, people have bad credit scores because of failure to cover existing financial commitments. This could be defaulting on a loan, missing payments on a credit card, or even a CCJ or bankruptcy. Your credit score in this care indicates you aren’t a suitable candidate for a loan – because based on your history, you may not be. If your credit score is particularly bad, no legitimate financial service will offer you guaranteed loan approval no credit check because of the regulations required in the UK.
During a credit check, the lender will decide whether you’re a good candidate for the loan you’re applying for. Of course, bad credit history will work against you for this, so it’s a good idea to check your credit score yourself online before making an application. This can prevent the inclusion of negative marks against your credit score from a failed credit check.
What do I do if I’m turned down for a loan?
If you don’t meet the requirements, credit score and criteria required for a specific lender, you’re likely to be turned down for the loan you’ve applied for. While this can be distressing for many looking for a same day emergency loan, it’s important to look at why you were turned down. Improving your credit score is the best way to ensure you pass the criteria the next time you apply for a loan.
Alternatively, using a credit broker like Cobra Loans is ideal for finding a lender that works for you. We send your application off to multiple FCA-approved lenders to find the right one for you. If you’re concerned about your credit history or you’ve failed applications in the past, going through us is the ideal way to find the best options available to you.
Is a same day short term loan right for me?
Only you know what financial options are best for you, but it all comes down to your specific set of circumstances. In many cases, a short-term loan can be exactly what’s needed to resolve an unforeseen issue, such as a car breakdown or emergency funds to pay an unexpected fine or bill. However, it’s vital that you understand the terms of a quick payday loan UK, as you need to pay the amount back in full plus interest.
Before you apply for an emergency payday loan, take the time to figure out if you’ll be able to pay your loan off without hardship over the next few months to a year. It’s also worth thinking about if a short-term fast loan is the best fit for your specific needs or whether an alternative form of borrowing would suit you better.
Can I apply for a loan now and receive it as soon as possible?
As the name suggests, same day payment loans are usually paid into your account on the day you apply – hence the ‘same day’. So when you apply through us as Cobra Payday Loans, we immediately send your application on to our choice of lender for approval. Once we’ve received the go-ahead, your application is complete, and the money is deposited into your bank – often immediately.
However, your specific bank and the length of time taken to decide to approve your application may lengthen the time between applying and the funds arriving in your account. For small loans under £1000, you’ll often have the loan in your bank the same day. Sometimes, fast emergency loan lenders can even pay the money within 15 minutes of approval – ideal if you need access to cash fast.
Can I use a guarantor for a same day loan?
While other long-term loans do offer the option of a guarantor, typically, lenders for FCA regulated payday loans don’t offer a guarantor as an option. However, if you can find a credit option that does offer this, they may provide a loan based on your guarantor.
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Does it cost more for a loan paid on the same day?
The lenders we work with at Cobra Payday Loans typically offer a same-day transfer of your loan at no extra cost or charge. However, there may be variations in the actual cost of your payday loan, depending on your choice of lender. This is due to the different interest rates you may be offered. Under UK law, there are specific regulations for APR as of 2014.
These regulations ensure your daily interest rate cannot be higher than 0.8%. For longer-term loans – for example, a year-long repayment plan – this means you pay more interest than you would on a three-month loan. Something worth considering when you decide how long you’d like to pay your same-day UK loan back.
What does Cobra Payday Loans cost to use?
Our service is entirely free for people looking to borrow money through a same-day loan in the UK. We help you find the best option for your specific needs, and once you’ve been approved, you’re good to go. It’s that easy.
Why work with Cobra Payday Loans instead of direct lenders?
While some people feel safer using lenders directly instead of using a lender broker service, like the one we provide, we’re a service you can trust. As a fully FCA-regulated brokerage company, we offer the same high standards of security and customer service as you’d expect from a direct lender for small loans and same day lending. We also increase your chances of approval by sending your application to multiple lenders, and we only work with fully FCA approved partners.
Cobra Payday Loans also doesn’t carry out any credit checks, keeps your data safe and is free to use. With all of those benefits, there’s a reason we’re a popular choice of broker for loans in the UK. So why not apply for a loan today!
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