Same day loans

What is a same day loan?

Applying for a bank loan can take several days or weeks, often requiring a near perfect credit history. A same day loan, also known as an emergency loan, is a loan that you receive the funds for the same day you’re approved.

At Moneyboat, our short-term loans can help provide quick access to cash where you could receive your loan the same day you apply. This could help you cover common emergencies such as:

• Urgent car repairs
• Broken boilers in the winter
• Replacing essential household appliances
• Unexpected costs like large bills for essentials
• Emergency travel costs

In our recent survey of 1,000 people, 73% said that they struggle to save due to the rising cost of living. So, for those who haven’t been able to build up an emergency fund to cover unexpected expenses yet, short-term loans with same day approval could be a huge help.

Our customers are typically approved for loans on the same day they apply, although this might not always be the case if we need more time to review your application. If you are approved, the money can then be repaid in monthly instalments, helping you spread the costs.

Why choose a Moneyboat loan?

At Moneyboat, we believe in tailoring our loans to meet your needs. As an approved new customer, you could borrow between £200 and £800, with repayment terms of two to six repayments. Existing customers may be able to borrow up to £1500.

You won't have to repay the entire loan balance on your next payday, but you can opt to pay back your loan early when it suits you. The first instalment period is five days.

Our interest rate is 0.79% per day, calculated on the outstanding balance which allows us to offer you more flexibility and better interest rates than other online payday lenders.

What can I use a same day loan for?

Applying and getting approved for a loan on the same day can be a helpful option for covering unexpected expenses. However, they should only be used to help temporarily cover urgent costs that your current funds won’t stretch to meet.

This might include:

• Car repairs
• Medical bills
• Home repairs
• Emergency travel

Same day loan FAQs

There’s a lot of technical language around finance online, so we want to make sure we’ve answered all your questions on getting a short-term loan on the same day you apply. Here are answers to some common questions about applying for loans with same day approval.

What are the potential advantages of same day loans?

Responsible short-term loans with same day approval can offer several potential advantages over traditional bank loans, including:

• Lower credit requirements: You may still be eligible for a loan even with less-than-perfect credit.
• Unsecured credit: No collateral is required to secure the loan.
• Shorter repayment terms: Pay back the loan over the course of three pay periods or less.
• Smaller loans: Borrow smaller amounts, up to £800 with Moneyboat.
• Flexibility: Use the loan for a variety of needs, such as unexpected car repairs or appliance replacement bills.

What are the potential drawbacks of same day loans?

Getting funds from your loan the same day may be a quick fix when you're facing a financial emergency. However, there are various potential considerations involved:

• High interest rates: Short-term credit products often have higher interest rates than traditional loans.
• Fees and penalties: Missing a repayment can result in significant fees and penalties, making it harder to repay the loan.
• Risk of debt cycle: Relying too heavily on same day loans could lead to a cycle of debt.
• Predatory lending practices: Some lenders engage in predatory lending practices, so it's important to be cautious when selecting a lender and to read their loan terms carefully. Responsible lenders will be registered with the Financial Conduct Authority (FCA).

If short-term borrowing isn’t the right option for you right now, it might be worth exploring payday loan alternatives, such as personal loans or credit cards. Long-term credit options often offer more favourable terms and lower interest rates, which might be beneficial to you.

Will I be accepted for a loan on the same day with Moneyboat?

To apply for and receive a Moneyboat loan on the same day, use our online loan calculator to find the right value. Then, fill out our application.

The application takes about 10 minutes, and you'll need to meet our eligibility requirements:

You must:

• Be at least 18 years old
• Have a regular job and proof of employment earning a minimum of £1000 per month
• Have a valid UK address
• Have a current UK bank account
• Have no CCJs or bankruptcies on your record

You'll also need to answer questions about your monthly expenses. Our verification and review process usually takes around half an hour, and once approved, the money could reach your account in as little as 15 minutes.

Are same day loans available in the UK without a credit check?

Here at Moneyboat, we take responsible lending seriously. We carefully consider your personal circumstances when reviewing your loan application, carrying out thorough credit and affordability checks to ensure you’re a good fit for the product.

The FCA requires all regulated lenders to carry out checks as part of a responsible lending process. This helps lenders assess an applicant’s ability to repay before making a lending decision. While we conduct credit checks, we also understand that not everyone has a perfect credit history, therefore we take multiple factors into account.

When will I receive the borrowed money?

When you apply for a loan with Moneyboat, we work to review and accept your application as quickly as possible. If your bank supports Faster Payments, it’s possible that you could receive your cash on the same day. Even if your bank doesn't support Faster Payments, you could still receive your funds on the same day. We could send your money in as little as 15 minutes, so you can quickly resolve the emergency that you're facing.

How do I repay my loan?

To avoid late fees and penalties, make sure you have enough funds for loan payments on the established dates. If you need extra time, contact us to discuss a better repayment plan or check out our guide on what to do if you're struggling to repay your payday loan. If your next payday is going to be later than usual, let us know in advance so we can assess your circumstances to see how we can best support you.

What happens if I can’t make a payment?

We understand that unexpected circumstances happen, so if you’re struggling to meet your deadlines, it’s always best to call us and explain your situation.

If you do miss a payment, there is a one-time late fee of £15. Missing payments can cause financial problems and affect your credit score. This is why we encourage customers to discuss any concerns about repayments with us before taking out a loan.

Where can I get free financial advice?

If you find that you’re struggling with your finances and you’re not sure where to turn, there is always help out there. The following third-party organisations offer free advice:

• MoneyHelper: Government service offering free financial advice by chat, WhatsApp or phone
• National Debtline: Free and independent debt advice by phone or chat
• StepChange: Free debt advice by app or phone
• Shelter: Free advice on debt, housing and healthcare by phone and chat

Citizens Advice: For more debt advice.