Sometimes people need money fast. Same-day loans can help. These loans give cash the very same day you apply. Having quick money is super useful when cash is needed now. But it’s important to know the rules before getting one.
Same-day loans are short-term loans that provide fast cash. The money bridges a gap until your next paycheck arrives. These loans work great for emergencies like medical bills or car repairs. Their speediness makes them a good choice when money is required immediately.
Lenders have certain rules people must follow. Meeting the rules makes it more likely to get approved. The main rules are:
- You must be a legal adult.
- You must have a job with income.
- You must have a real checking account.
- You must have paid back loans properly before.
Age Requirement
For same-day loans in 2024, you have to be an adult. The minimum age to apply is 18 years old. There are good reasons for this rule:
- Only adults can legally sign contracts and agree to loans
- Adults have more money smarts to handle loan repayments responsibly
- Prevents young people from ending up in difficult debt situations
Employment Status
Lenders want to see you have a steady income before giving a loan. They must be sure you can make all the payments on time. Having a permanent job that pays every week or month shows income stability. The lender will check:
Your Work Details | How They Verify |
Your job title/duties | Requesting pay stubs, job letter |
Your employer’s name | Possibly calling your workplace |
Your income amount | Looking at recent bank deposits |
How long you’ve worked there | Checking with prior employers, too |
Let’s say you want to take same-day payday loans with no credit checks and no brokers. Then you need to give all the info for a hassle free process. The stronger your work situation, the better for loan approval. A permanent, full-time job is ideal. Part-time or temporary work may not pay enough regularly. Lenders need proof of reliable, recurring income to cover that new debt.
59% of Brits have borrowed between £5,000 and £20,000 through these same-day loans. When applying for same-day loans, over a quarter of people wanted to borrow a huge sum. 28% asked to borrow half of their yearly income.
Income Threshold
For same day loans, there is usually a minimum income requirement. Lenders need proof you earn enough steady income to make the loan payments. The exact threshold varies by lender but may be:
- £20,000 yearly for smaller loans under £5,000
- £40,000 yearly for larger short-term cash loans
To show you meet the income criteria, you can:
- Provide recent pay stubs or employment letters stating the salary
- Allow lenders to review your bank statements for deposits
- Give prior year’s tax returns as income documentation
Credit History
In addition to income, lenders closely evaluate your credit history and creditworthiness. They obtain your credit report from the major bureaus to assess:
Credit Factor | What Lenders Assess |
Credit Score | Higher is better, above 670 is ideal |
Payment History | Any late payments on other debts? |
Credit Utilisation | How much of your available credit is used |
Derogatory Marks | Bankruptcies, charge-offs, collections accounts |
Account Ages | Length of credit history |
A strong credit profile shows you are a responsible borrower. Poor credit may eliminate approval or result in higher interest rates to offset risk. Providing “trade lines” like utility bills can also help showcase positive repayment.
On a typical £5,000 same day loan last year, the interest rate was 7.6%. That means one ended up owing £5,380 total to cover the interest costs.
Citizenship/Residency
You must be a citizen or permanent resident of that country. Lenders need you to live and work there legally because:
- They can only give loans to people allowed to be in the country
- Your citizenship/residency helps verify who you are and your finances
- Laws say they cannot give loans across international borders easily
If you were born a citizen, show a government ID and Social Security number. For permanent residents, you’ll need papers like:
- Your Permanent Resident Card
- Immigration documents proving your resident status
- Work permit or employment authorization
Valid Identification
In addition to citizenship proof, you have to provide a valid government photo ID to get approved for same day cash loans. This ID verifies:
- Your full legal name matching citizenship documents
- Your current home address for the right state/province’s laws
- Your date of birth shows you are an adult
Commonly accepted IDs are:
- Drivers licence or state/province ID card
- Passport
- Military ID if you’re in the service
Having your actual ID ready makes applying easier. Many lenders let you submit documents online for faster convenient approval.
Bank Account Requirement
Lenders require you to have an active checking or savings account at a bank or credit union. This is because:
- They need account details to deposit and disburse the loan funds directly
- Bank accounts allow setting up automatic loan repayments from your balance
- Stated income and pay stubs can be cross-referenced with account deposits
Lenders typically ask for your bank name, account number, and routing number during the application. Be prepared to submit recent bank statements as well.
Loan Amount and Term
Same day loan amounts and terms vary across lenders, but generally:
Loan Amount | Typical Term |
£500 | 14-30 days |
£1,000 | 30-45 days |
£3,000 | 3-6 months |
£5,000 | 6-12 months |
Higher loan amounts require meeting stricter eligibility criteria like:
- Having a better credit score and history
- Proving higher monthly income to afford larger payments
- Providing additional documentation to verify employment and identity
So, the amount you qualify for depends on your overall financial profile. Lenders adjust the approved amount and term based on risk assessment.
Collateral or Guarantor
For most same day loans, reputed loan lenders in the UK do not require collateral or a guarantor. These fast cash loans are unsecured. This means you don’t have to put up any of your valuables or assets as security for the loan.
Instead of collateral, lenders look at your income, job situation, and credit history. These factors determine if you qualify and for how much. Having good finances shows you can responsibly repay.
However, some lenders may allow a guarantor to strengthen your approval chances. A guarantor is someone trustworthy, like a family member, who agrees to repay the debt if you cannot. Their income provides the lender extra assurance about getting repaid.
Conclusion
To get a same-day loan, you must be at least 18 years old, be employed and earn money, have an active checking account, and have a full history of paying back loans.
Doing all these things shows you can pay back the fast loan.
Before applying for a same-day loan, make sure you fit all the rules. Checking first improves your chances of getting approved. Remember, these fast cash loans should only be used for true money emergencies. Using them carefully prevents money troubles later.

Hi everyone, I am Lukas Thomas. I am a professional writer and author with having specialisation in the UK financial sector. I have more than 13 years of experience as the financial writer and hope it will continue longer. I have done my post-graduation in Masters of Business Administration (MBA) in Finance. Currently, I am performing my responsibility as a Senior Loan Expert in CashLoans2go, which is the fastest-growing online direct lending company. My job is to prepare borrower-friendly loan deals as per the company’s guidelines. I also write research-based blogs for the company’s official website. You can read them and gain knowledge on any loan product.