Sometimes, emergency situations crop up when you least expect them. That can happen in everyday life, as well as in business. And while you can take out same day loans to deal with everyday urgent expenses, what happens to the business ones? Can same day loans help you manage those effectively, as well?
Related: Fast business funding and loans – Who are the key providers in the UK?
How can you get same day loans?
Getting same day loans is not difficult at all, as they are designed to be awarded as quickly as possible in order to ensure that the borrower can use them effectively. Thus, the process is quick and simple. You just have to search for a lender (the easiest way is to do it online, but you can also find one on the high street) and fill out an application. The application form is typically user-friendly and it requires very basic information.
As for minimum requirements to get approved, they are easy to meet as well. You just have to live in the UK, be a legal adult, etc. Some of the lenders may also perform a credit check, which may or may not affect your borrowing ability. If you have a spotty credit history, you may want to search for a lender that offers same day loans with bad credit or same day loans with no credit check.
Like the name suggests, the main strength of same day loans lies in the fact that they are offered on a very quick basis. The application process is speedy, and you can even get the transfer on the very same day you apply. That makes it an excellent financing option for emergencies.
How much can you get?
As you can expect, a same day loan does not offer a large amount of money. You can get anywhere from £50 to £1000, with loans around £500 being the average. This will be enough to cover some true short-term emergencies, but if you need more, you may need to look for an alternative that will allow for a larger sum, like a secured loan.
How can you use same day loans to manage business emergencies?
When financial emergencies happen at your business, it’s essential to deal with them in a secure, timely, efficient way. How can you use same day loans to manage your urgent business expenses?
Pay a supplier
Let’s say you’ve recently received a shipment that you’ve been using at your business, but cash flow isn’t excellent at the moment, and you’ve been putting off payment. Your suppliers may wait for a few days – after all, delays happen – however, putting them off for an indefinite amount of time will create problems and can permanently sour relationships.
You cannot afford to lose the trust or business of your main suppliers, so it’s very important to be able to cover any and all payments that are due. A same day loan can help you take care of that swiftly, while you manage your other expenses and figure out your financial situation. This allows you to pay a large amount at once, but then repay it in affordable instalments, at a more convenient pace.
Replace a major appliance
If you’re running a coffee shop or a restaurant and your coffee machines or your dishwashers break down – or any other appliance, for that matter – that is not an expense you can put off. Same for delivery trucks, or any other vehicle or appliance your business depends on.
Just like in your personal life, it is very likely that your budget does not allow for such a large expense at the moment and you can’t afford the repair or replacement, but you can’t afford not to take care of it, either, so what can you do?
A same day loan can be the financing source you need to get money quickly and relatively hassle-free in order to cover this essential expense on an urgent basis. You take care of the problem, so the business can continue running smoothly and does not lead to even more loss of capital and income, and then you can repay the amount in instalments you can work into your budget.
Order necessary stock
Every business will have some regular necessary stock. If you run a coffee shop, that will be coffee blends, tea, hot chocolate, etc. If you run out more quickly than expected, it goes bad, it gets stolen, etc. you need to order more, because this is not an expense you can skip. Like the major appliances, your business relies on this type of stock and it needs to be delivered as quickly as possible in order to keep your business running.
In conclusion, same day loans can be a very valuable financing solution, not only in your personal life, but also when it comes to managing your business. Emergency situations can appear at any time, and it’s essential to be able to cover those urgent costs in a time-effective manner.
Further reading on same day loans
