If you have a Financial Emergency, such as your car needing a repair, the boiler needing a repair or worse yet, to be replaced, or any other of the many financial emergencies that can occur, ideally you would want to have the money saved to cover this unexpected expense.

Ideally.

However, we do not always live in an ideal world.

Not everyone is going to have that emergency savings fund ready to go should a financial emergency arise.

So then what do you do?

Many will naturally look at taking out a loan. And as you can imagine or already know, loans come in all shapes and sizes, and have many uses.

There are mortgage for buying a property, car loans and car finance to buy a car, personal loans of all shapes, bad credit loans for those borrowers with bad credit and low credit scores, credit cards, and also payday loans and other non-traditional ways to borrow money.

The question really becomes, not just what loan is right for me in a financial emergency, but what loan(s) can be applied for, and approved, and the money in my bank account quickly; like within hours. After all, it is an emergency.

The foundation for “same day loans” is their quick turnaround from when you apply for the loan, get approved, and the money in your bank account.

Again, in a financial emergency you do not want to be waiting days to get the loan approved, and the money. Repairs on cars and boilers don’t wait.

Lenders realise this, so for many lenders the process of applying has been streamlined.

You apply for a loan online, and within an hour the lender has some indication if they will approve the loan or not. And as we will see, even having bad credit for many of these loans is not a problem.

Quick approval means that you as a borrower will know when you have your loan, the money in the bank, and then you can address your financial emergency.

Another benefit of many of the “same day” quickly approved loans, besides the speed at which you can be approved and have the loan-in-hand, is that for many of these loans, credit scores and credit history while reviewed, does not weigh heavily in getting the loan.

The loans are granted based on affordability, and also some other factor.

Some examples of these are payday loans and also guarantor loans.

These loans can be approved quickly, and are not granted solely on credit scores, they are based on affordability, your ability to repay the loan, and for payday loans that you are working and have a bank account, and for guarantor loans, that you have someone to guarantee the loan.

By not basing the loan solely on credit scores, it allows the lender to approve the loan quicker, and have the money to the borrower.

Many quick approval, same day loans are for smaller loan amounts, an are usually paid back within a short-term; which can be 30 days or less for a payday loan, or up to 12 months for some other loans.

So while getting the loan quickly and being able to handle the financial emergency, the borrower is not in a large amount of debt, for any long period of time.

This means that as a borrower you can pay the loan back quickly, having addressed the financial emergency, and then continue with your finances as they were.

Financial emergencies do not always occur during a 9am to 5pm work day. They can occur any time, on weekends, even holidays.

Lenders that specialise in these quick loans have online access to be able to apply for the loan, and many have customer online access to their accounts 24/7.

More and more banks are offering this flexibility, but not all mainstream lenders are available to apple for and receive a loan during non-business hours.

To recap some of the benefits of “same day” loans:

* Easy online application process

* Flexibility in applying

* Quick approval

* Bad credit accepted for some loans

* Short-terms