Same Day Loans Online UK: Tips On Finding A Guaranteed Source of Cash For Rent, Holidays or Christmas

George asked me the following question:

I’ve heard that more lenders are said to be willing to give same-day approval for borrowers. In fact, I came across this credit-matching company saying so because of a growing trend among the British who prefer short-term loans over credit cards. But are these loans really approved on the same day? Anyone who has really been approved that fast?

– George

Loan-matching companies recently announced that it has enrolled more direct lenders that are willing to offer same day loans online UK citizens can avail of. These instant approval loans have more flexible terms with easy and fast approval for people with bad credit or poor credit. The move is in line with the growing trend among British who prefer small personal loans and payday loans over credit card purchases.

Stiff competition among direct lenders has forced many of them to shape up and put their best foot forward to get borrowers. Direct lenders today even allow people with bad credit or those that have recently declared bankruptcy to get same day payday loans in one hour. Those who need money today or by tomorrow are assured of quick loans with guaranteed loan approval within hours after submitting an online application.

The entry of more lending agencies means borrowers have more options to choose from, especially on same day instant approval loans. They can select the best loan product based on the amount, the interest, payment period, and other conditions that they feel suit their situation.

There are a greater number of UK citizens enjoying economic stability when compare to three or four years ago. Borrowers are flocking to take out quick loans in small and big amounts for various reasons. However, many of them who have defaulted on payments during the financial crisis period can’t get loans from banks because those defaults negatively affected their credit scores. Most traditional lending institutions do not entertain applications from people with bad credit or poor credit.

Aside from offering a wide selection of same day instant approval loans, direct lenders today are breaching lending amounts greater than £1,000. Just a couple of years ago, bad credit loans were limited to amounts ranging from £200 to £500 due to the borrowers’ high risk profile. Direct lenders now realize that bad credit scored does not necessarily reflect the borrower’s ability or willingness to pay back loans in excess of £1,000.

Learn more about consumer credit in the United Kingdom by reviewing this announcement from the FCA.

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Category: Questions & Answers

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