Same day loans are often promoted by a number of online lenders. They state that you can receive your loan on the very same day that you applied for it. However is it actually possible to find a direct lender, apply for a loan and then actually receive it all on the same day?
What checks does a direct lender carry out?
When you apply for a loan there are a number of checks that need to be carried out, from identity checks, monthly earning and outgoings and even a credit check. The credit check is the most important check out of the whole loan process. It is during this check where the lender will learn many things about you, such as your credit score, your bank accounts, your monthly bills and even any previous loans that you have taken out with different lenders.
It’s fair to say that there are quite a few checks that are carried out by different lenders when you apply for a loan. This may sound like a long process but the reality is that all of these checks are automatically completed within a few seconds of applying.
Can you apply online?
Nearly all loan applications are carried out online with direct lenders such as lucky loans, it is very rare that you would go into your bank to apply for a loan these days.
The majority of lenders operate online, whether it is through their own individual websites on on money comparison websites such as money supermarket. This is hugely beneficial to the individual that is applying for the loan as it means that a face to face appointment with your bank manager is no longer needed, which was the old school way.
When will i receive my money?
Just how long does it take to apply for a loan? Once you have followed the loan application process you should receive your money within 15 minutes.
- I started by completing an online questionnaire which took approximately 5 minutes
- I submitted the application, luckily on this occasion I was accepted for a loan
- Within minutes i was sent my loan agreement form which included the small print and terms and conditions of my loan (I could still decline my loan offer at this point).
- Although i didn’t accept my loan agreement form, (as i don’t need a loan) from the start of my application to to receiving my loan agreement form, it took just 7 minutes.
Not only is it clear that same day loans are actually a thing, but 15 minute loans may also be a thing as the whole process was that quick!
Where possible you should always try to avoid taking out a loan. Read out other blog post on how basic financial accounting knowledge can help you stay on top of your finances and help prevent you form needing to take out a loan.