The Very Best Loans with Loantra

Short-Term Loans

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*Online decision

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*Rates from 278% to 1576%

*3-12 month repayment

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Personal Loans

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*Instant Decision

*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

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What Loantra can do for You

Same Day Bad Credit Loans

Looking for a loan? Need the cash immediately?

Thankfully, in this day and age, it’s very possible to get an immediate deposit from a lender even if you have bad credit and even if you have been rejected by banks.

This is possible thanks to payday loans but it’s important to understand the nature of this financial product and to know precisely how to use it for best before you go ahead and take out the loan. This post will help you to better understand how these same day bad credit loans work and how to use them responsibility.

What is a Payday Loan?

A payday loan is any type of loan that you use over a very short duration in order to get an immediate payment even when other lenders don’t want to offer you the cash.

To get a payday loan, you head to the website of the lender – or a price comparison website – and you enter your details – how much money you want to borrow, how long you want to borrow it for etc. From there, you’ll then be shown a visualization of the loan which will show precisely how much you’ll have to pay in fees.

Normally, payday loans are paid off in one single installment and this will usually be only a short time after you’ve taken out the loan. This is important because the loans will come with a very high APR (annual percentage rate) attached. This can be anything from 200% all the way up to 400% – meaning that if you borrowed $100 and paid it back over one year, you’d pay $400 on top of that amount.

The reason this makes sense for borrowers, is that the duration of the loan is short enough that the total you’ll pay won’t be anywhere near that amount. Instead, if you pay it back over a few weeks, you’ll pay $15-$30.

While the rate doesn’t sound good, the amount of the fee itself will be fine for most people once they’ve received the payment they are expecting – such as their monthly pay check. (The name ‘payday loan’ starting to make sense now?)

From the lender’s perspective though, the loan is small enough and with enough profit, that they can afford to take the risk even on customers with poor credit records.

Other Options

There are other options for same day bad credit loans too though. Installment loans work much like payday loans but over slightly longer durations and paid back through a series of installments (another logical name). Better yet, these loans can help you to restore your credit rating by making a series of repayments and being careful to always make them on time.

You can also get loans by using collateral in the form of a title loan (though these will often take longer – be sure to check), or you can use a guarantor (which will usually require a third party to have a credit check).

Either way, there are a lot of different options for same day bad credit loans!

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
CUSTOMERSCORES
Excellent
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.