How to Apply For Same Day Loan (Søke Lån På Dagen)?

How to Apply For Same Day Loan (Søke Lån På Dagen)?

Everyone at one time or the other has found themselves in dire straits that could only be solved with money. When in a situation such as this, one will usually begin to consider all the options open to them at that time. If you have some money saved away, this may be when it will come in handy. If not, other options to consider will be getting a loan.

This is a universal reality and not one that is limited to Norway. The fact that many who are in such position would really consider applying for a loan, or søk lån as they will refer to it, it often ends up being the only option available for them.

To ensure that you get a loan with ease, especially when it is a very urgent need, this article will focus on discussing a type of loan known as same day loans. We will explain what it is, the requirements that will be required of you and how you can generally go about getting approved.

What is Same Day Loan?

The name is pretty self-descriptive. It refers to a type of loan that only takes less than a day for the process from application to disbursement to be completed.

This means that you can apply for same day loan and receive it the same day as well –anywhere from a few minutes to a few hours. Like we noted earlier, this can be a lifesaver in real emergencies and this is why we are taking some time to look into this type of loan.

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Things to Consider before Applying for a Loan

There are a number of questions you’ll need to ask and answer before applying for same day loans or any type of financing for that matter. We shall be discussing some of these right away.

What’s the Loan for?

There’s often an erroneous thinking or approach to loans that makes folks treat it like free money. Nothing could be further from the truth. When you take a loan, you’ll be repaying it with interest.

Given the above, it is therefore of the utmost importance that you are first sure of what you need the funds for and that you are also sure that this need is worth the depletion of your future income. Ideally, you should only use facilities like these for stuff that will increase in value and become worth more than what you’ll have to repay on the due date. Since this may not always be the case, know exactly what the loan is for and decide if it is worth it before taking out a loan for it.


It’s one thing to take a loan and an entirely different thing to repay it when it’s due. Before taking same day loan or any other kind, you need to be sure that you have an income that will enable you to pay off the loan when due. This can be a regular income or an expected income. Either way, be sure that you know how you’ll be able to repay the money when it’s due. Failure to repay a borrowed fund or an installment that is due on its due date is a sure way of ruining your credit score.

Interest Rate

This is a very important aspect of the loan process. The interest rate will tell you what percentage of the money you borrowed that you’ll be required to repay with the principal.

Be sure that this rate is very clear and that what it converts to, with regards to your currency, is clear. Don’t just be okay with reading the percentages. Convert them to actual monetary value so you can know exactly what you are expected to pay back. Knowing this will help you determine whether or not the repayment amount will be affordable or not for you.

Repayment Period

Another really important point to consider before taking a loan is your repayment period. This describes exactly how long you’ll have to make your complete repayment. In most cases, your repayment will be broken down into small installments to be paid at regular intervals (often monthly) over the given repayment period. Failure to pay an installment when it’s due can count against you in your credit history. It’s therefore important that you understand exactly how long and how frequently you’ll be required to repay the loan.


In this age and time, loans can be applied from many different sources. These sources are generally classified as lenders. This classification will usually include both traditional lending institutions and less known lenders, like those that strictly operate online. Try to learn as much as you can about the lender you want to do business with before hopping on board. This will protect you from possible predators.

Terms and Conditions

Every lender is primarily in business to make profit. Hardly will you find a lender who is into the business simply for altruistic reasons. That being the case, each lender will have terms and conditions that will guide their operations.

Be sure that you’ve read through these terms and conditions before signing up. Do not work with any company that hides vital operational procedures in fine prints or one that you do not like certain aspects of their terms and conditions.

How to Get the Best Same Day Loan

To apply for a same day loan and get the best deal, there are a few steps you should take. Though there are many different lenders who may have slightly differing processes, there a few of these processes which will be common to them all. We will enumerate these common steps right away.

Determine Eligibility

Lenders will not just give money to anyone. There are certain criteria that will make an applicant eligible for a loan and knowing these criteria will make it easier for you to have your loan request approved. These criteria include:

  • Age – Most lenders will only lend to persons from the age of 18 years and above. You should therefore ensure that you are of age before applying for a loan.
  • Locations – Living or being resident in a specific country or any of a few countries may also be a requirement. You’re not likely to find a lender that offers loans to the whole world, so look for platforms that offer loans to residents of your country.
  • Identification – Aside from identifying the applicant, the ID will also serve to confirm the applicant’s nationality or location. You should therefore be armed with all necessary documentation before applying. It’s better to have more than is required than to have less.
  • Proof of income: It’s not uncommon for lenders to demand proof of employment or regular source for income before approving a loan. This can be via a bank statement, letter of employment, workplace identification or other such documents.

While some financial service providers may require more than these, the above listed will suffice for many. So, at the very least, get the documents that prove the above, ready.

Choose a Lender

You’ll be faced with the task of choosing from many possible offers. It’s best to compare their rates and repayment periods before you make a decision. This is of utmost importance since these two factors can seriously impact how much a loan will cost you. You should therefore compare the potential offers and choose the one that offers the most pocket friendly terms.

Aside from friendly terms, other factors like reputation should also be considered. Considering that you may be sharing considerable information about yourself and your finances with them, you do not want to give out important information to unscrupulous individuals who can use them for the wrong reasons.

Apply and Receive Your Funds

Once you’ve made your decision about which lender to get your much needed loan from, you should then apply. After applying, the wait time can be anywhere from a few minutes to a few hours. In any case, you should get an approval or rejection the same day.

Once approved, the funds should be in your account within minutes. If however your application is not approved, you may or may not be given a reason for this. You can try by applying to a different lender.

It’s possible that a lender may not be willing to give you the amount you applied for. This should not necessarily result in a rejection as many lenders will respond to your application with a counter offer rather than an outright rejection. Consider the counter offer and decide if you’ll take it or continue searching for a lender who will be willing to give you the amount you have.

It is important to understand that many lenders who offer same day loans will start with a lower amount and then increase the amount after each successful repayment. Though this may not solve your immediate emergency, it can help you build your credit score while also increasing the amount you can get from the lender.


Same day loans are a great way to get quick funds to take care of emergencies. We’ve taken some time to look at this type of loan, what you’ll require to get it and how to go about getting approved. While we’ve agreed that this loan is great, it is still a loan and should be taken only for important or unavoidable emergencies.

Remember that you may not always get approved for the amount you want. Taking a lower amount will help improve your credit score and also increase your loanable amount over time.

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