Same Day Funding

Borrow up to £500 and receive funds on the same day!

Same day funding allows you to receive up to £500 in your bank account on the same day that you have applied for finance. Whether you have pressing bills or an emergency expense, you can complete our online application and provided that you meet our checks, you can receive funds on the same day and sometimes within one hour of applying.

Why Would You Need Same Day Funding?

The most common reason for same day funding to pay for an emergency expense. We never know when something unexpected is going to occur and catch up off guard. This could be getting your car repaired so that you can drive to work or take the kids to school or perhaps you have flooding issue at home and need to get your toilet or pipes fixed. In short, these are things that cannot wait and only same day funding will suffice.

There are other options though, such as borrowing from family and friends, applying through a bank or getting a credit card. The only issue is that these may not be on the same day. With the convenience of the Internet, you can apply online via desktop, mobile or tablet, fill in your details and if successful, the funds can be transferred to your debit account.

This will allow you to repay your emergency as soon as possible and help restore some order in your household. You then have the flexibility to make repayments at the end of the month or over 3 to 6 months – and by this point you should have your salary and income going into your account from work so that you can balance everything up.

How To Speed Up Your Application?

Get the basics ready: If you are serious about getting approved for a loan and receiving the funds on the same day, it can be worth sitting down in front of your screen and having everything ready. This includes having your debit card, payslip, monthly expenditure, email address and mobile phone ready to go. These are some of key things required in the application stage, so having them handy will allow you to enter accurate information and be ready for any parts of the process.

You are required to give your debit card details because this is where your funds are sent to and collected from. All successful applicants must have a valid email address and phone number because this is where this is used in the early stages to verify your loan agreement. You are sent an email verification link which when clicked on, opens up your loan agreement with the basic terms for your to read and confirm. You then need to ‘electronically sign‘ the agreement using a PIN code which is sent to your mobile phone. Using these two forms of verification means you can progress to the next stage and also allows lenders to confirm your contact details for future reference.

Have average to good credit: Whilst we can accommodate bad credit loans, it helps your application if you have average or good credit score. This is because most UK lenders will credit checking as part of their underwriting process. This uses the likes of Experian, Equifax and CallCredit to get real-time data on the customer’s credit history and make an informed decision as to whether they can afford to repay their loans or not.

A good credit score is usually achieved and maintained by paying off all loans and credit cards on time. Each time you default on a payment, your credit score may slip so it is important to continue paying any outstanding debt on time. Other basics you can do include removing any accounts you do not use or need – as it makes it seem that you have a lot of access to finance, regardless of whether you are using it. Consider paying off or removing store cards and credit cards that you do not use. Also, if you want to build up your credit, there are specific credit builder credit cards to allow regular repayments to ‘build you up.’

Be ready to proceed: A same day funded loan can be processed very quickly so as soon as your application is completed, the lender will be ready with the next steps. You can be fully prepared by having your emails up and your mobile phone at hand in case the lender wants to ask any additional questions. To be really prepared, you can also have a copy of your most recent payslip (and the last 3 months) and a copy of your recent bank statement and if the lender requests it, you can forward the documents to fast-track the application. Naturally, someone who makes an application and then goes off on to the shopping or run errands is only going to be slowed down. So be there, in front of your screen and ready to go.

What is The Criteria For a Same Day Funded Loan?

The general criteria for same day funds is:

  • Over 18 years of age
  • UK resident
  • Employed at earning min. £500 to £600 per month
  • Valid UK mobile and email account
  • Debit card account
  • No recent CCJs, IVAs or bankruptcy.

Further checks are usually carried out and this may include a phone call or request of a pay-slip or bank statement to confirm your name, address, bank details, income and employment.

Why Payday Bad Credit?


Same Day Funding

Once approved you will normally receive your funds in your bank the same day you apply for your loan!

Direct Lender

We are a direct lender, which means there are no middlemen or third parties involved in your loan.

Bad Credit Welcome

We welcome loan applications from UK individuals with a bad credit rating or a poor credit score.

No Guarantor Required

Each application is considered on its own merits and no guarantor is required for your loan.

FCA Authorised

We are an FCA authorised direct lender, an absolute must for any loan company you consider.

Five Star Service

Our mission is to provide a 5-star service to our clients, from initial application to final payment.

How Do Repayments Work?

Customers that are successfully funded have the choice to repay at the end of the month (like a payday product), 3 months or 6 months. This flexibility means that if you are using the funds for an emergency purpose, you have a bit of breathing space to repay over time and are not rushed into repaying the full loan and interest in just a few days or weeks time.

Repayments are always collected via your debit card. It is not processed through a direct debit or standing order but rather something called Continuous Payment Authority. This is a form of recurring payments and involves the lender tokenising your card in the application and underwriting stage – so when it comes to monthly repayments, the amounts owed can be automatically collected from your account. You may think that this is giving too much authority to the lender but in fact, it saves a lot of time and hassle for the customer.

No need to worry about making a manual BACS payment, calling up to make payment or sending in a cheque – it is all taken care of automatically. You just have to make sure that you have money in your account at the time, ready for collection. For this reason, most people select their repayment date as the day they get paid from work, or the day after so a healthy amount of money should be in there. You will also receive SMS and email reminders on the days leading up to each repayment to keep you well informed.

What Happens If You Cannot Repay?

If you cannot repay your loan, there are consequences. This includes default fees which have been capped at £15 per month and additional interest may start to accrue. In addition to the added charges, the information will be sent to the credit reference agencies and this may cause your credit score to fall, making it more difficult to get finance in the future and more expense.

If you feel that you may struggle to make repayment at the end of the month, it is worth speaking to your lender early and give them plenty of notice. As part of being regulated and treating customers fairly, the lender show offer forbearance, which could involve freezing interest charges or allowing you to repay a smaller amount but without adding any additional fees.

At PaydayBadCredit, we are a lender which is fully authorised by the FCA. Whilst we always try our best to process applications and offer funds on the same day, we may pass on your application to other partner who may be in a better position to assist. We want to do what is right for the customer as part of our commitment to responsible lending – and this may involve introducing you to another similar financial product that can assist with same day funding.

Pay Day Bad Credit is a trading style of Western Circle Limited – Company Registration Number: 7581337

We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479
ICO Registration Number: Z3305234

Pay Day Bad Credit terms and conditions apply. Applicants must be 18 or over.
All loans are subject to affordability, applicant verification and traditional credit checks via various national
databases by Pay Day Bad Credit responsible lending policy.
Loan limit maximum of £700 for first-time customers (£2000 for existing).
In most cases, loan decisions may take up to 30 minutes during office working hours.
If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.

Representative Example: APR 997% Borrow £500 for 3 Months, Total repayment £863.24

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Privacy Policy : Responsible Lending Policy : Terms & Conditions
Copyright Pay Day Bad Credit 2018 E&OE

Facebook | Twitter