What Are Same Day Loans?
There are other names for quick loans. You may also know them as mobile micro loans, short term loans or text loans. More often than not, we can have the funds in your bank account within 1 hour if your application reached us in office opening hours of 9am to 5pm, Monday to Friday. If you aren’t a 9-5 person, don’t worry you’re not alone. We will still process the application and pay out the loan outside of this timeframe, although it can take a little longer. We thank you for your patience during these times.
Same day or quick loans are short-term financial solutions for individuals who are looking to borrow a small amount of money to resolve their immediate cash flow concerns. There are many reasons why a person might need same day loans, for example a car repair so they can get to work or a household emergency which has to be addressed straight away. One person’s version of an emergency can be vastly different to the next person. We talk to people all day every day and we have helped thousands of people to get what they need by providing same day loans in the UK.
How Much Can You Borrow with Ferratum’s Same Day Loans?
With Ferratum, these quick loans are available the same day for an amount between £50 and £300. Once you have repaid your first quick loan, you're invited to apply for up to £500. This can be done by text so it’s even easier. You can simply send us a text telling us how much you need. This money will also arrive the same day and is then repayable on your next payday between 7 and 37 days. We offer the same day loans service within office hours of 9am to 5pm, Monday to Friday but also have a weekend and evening service which will often still provide the quick loans the same day. We usually work much faster than offering same day loans as we aim to have the money in your bank account within 2 hours by faster payment. Many of our customers receive their loans within 1 hour.
What is the Cost of Same Day Loans?
Customers will be required to pay a rate of interest on their quick loans. The rate is 0.8% per day. The overall cost of same day loans depends on the number of days in between borrowing and paying back the money. There aren’t any set up costs when applying for same day loans with Ferratum. You may have been introduced to us via a broker, they shouldn’t charge you for the introduction either as our policy is to offer same day loans with no upfront fees or membership fees.
How Will I Know How Much My Same Day Loans Cost?
The full repayment amount of the quick loan will be displayed before you decide whether to go ahead. The only way this amount will change is if you repay early (you’ll pay back less in total) or if you pay later (admin fees and additional daily interest applies). The best thing to do if you think you need to move the repayment day of your quick loan, is contact us. We’re here in the North West of England to speak to in office hours, but outside of this, we have email, SMS and LIVECHAT options too.
Deciding Whether To Apply For Same Day Loans
As a responsible and trustworthy lender, we will act fairly and reasonably to all our customers. We never pressurise people into any form of loan agreement. In fact, we advise against taking a same day loan if you can’t afford the repayment. Ferratum is authorised and regulated by the Financial Conduct Authority so you can be confident when you apply. Same day loans are a great way to solve a situation which is a short term issue. They aren’t the answer to everything, however. We wouldn’t advise taking a loan like this if you have, for example, had a decrease in salary and are hoping to make up the difference. This would be a really bad idea as you would be in a worse situation next month when the repayment was due. These loans are designed to be fast and convenient, quick loans into your account the same day to help you when you’re in need of a quick solution. Same day loans are a great product if used responsibly but are not the answer to long term financial difficulty. In these cases, we recommend you contact the moneyadviceservice.org.uk
Repaying Your Same Day Loan
When applying for same day loans, we can help you quickly sending the funds to you but we urge you to consider the repayment affordability. We will, as part of your application, conduct a live up to date credit and affordability check. We will set the payment due date as your next payday as this is the best way to ensure you are in a position to repay on time. Making your loan repayments on time will help you if you decide to reapply in the future. Taking a quick loan can take the pressure off an immediate emergency or unexpected expense as we can transfer the funds to you the same day you apply. We hope to provide relief when the unexpected happens and we’re here to help if you have any other questions or need help and advice when completing your application. We advise you to take your quick loan as close to your payday as possible as interest is calculated daily and so this would mean the amount you repay would be lower than if you took the loan over a longer period. £100 over 7 days at 0.08% will cost £105.60 to repay in total, whereas £100 borrowed for 30 days would be £124.00.
If you think you’d like to apply for a same day loan with Ferratum, you’ll find we have a fast and simple service. We’re proud to offer great customer care and we’ll help you through your application if you need us.
Same day loans with Ferratum. Fast, friendly and simple.