How much do you need?
What are Quick Loans?
Quick loans are a form of short term borrowing designed to be as agile as possible. They are the ideal choice for when an emergency expense hits out of the blue and you are short of the cash to deal with it.
Maybe your house feels like the Arctic due to a broken boiler. Or, your kitchen is flooding because the washing machine leaked. An instant loan in these situations may be the only way to deal with things.
Many companies provide a loan calculator on their websites. There you can work out how much you can borrow and what your payment terms could be. Interest rates vary between lenders, so this is useful as a guide in working out what you can afford to borrow.
Quick online application forms mean you can apply for your loan in a flash. After credit checks and if approved, you can have your decision within minutes. What’s more, you’ll likely receive payment on the same day.
Types of Quick Loans Online
There are plenty of fast, convenient credit products available online, from many different companies. This can make finding the right one for you a little more difficult.
Payday Loans are most often linked to quick loans. These are short term loans where you usually borrow a few hundred pounds and pay it back in a few weeks.
Instalment loans can also be classed as short term credit. They allow you to borrow more money to cover slightly larger expenses. High cost instalment finance is typically borrowed for no more than 12 months.
You will find a variety of instant finance products online, yet, they may not prove to be as fast an option. The paperwork and form filling involved can be slower which is not ideal if you need cash fast.
Fast Loans for a Bad Credit History
Borrowing with a bad credit file can be a daunting prospect in an emergency situation. Yet it is possible to get bad credit loans with a poor credit history.
Specialist credit providers offer quick loans to people with a less than perfect credit score. And they understand your need to receive funds fast. Plus.
These companies look at your immediate situation and your ability to repay a loan in the short term. Affordability is the key here.
How do I apply for a Quick Loan?
Applying for an instant loan is straightforward and painless. Making your loan application online is the fastest way to get the job done. Most lenders allow you to do so from your smartphone or tablet for added swiftness.
You will need to provide:
Incomings and outgoings for affordability assessments and to arrange automatic repayments
3 months of bank statements to prove your income (only in some cases)
Sometimes your lender will need to contact your employer. This is to verify you are working there. But don’t worry, they will not tell your employer that they are a loan company.
Advantages of Quick Loans
Some of the main advantages of fast loans include:
Very few requirements needed to assess your application
Easy online application forms make the process faster
Quick processing allows you to get a decision within minutes
Fast transfer of money could see the money in your bank account the same day - sometimes within the hour.
Pitfalls of Quick Loans
The drawbacks of instant loans are also important to consider:
Shorter repayment periods give you less time to pay the total amount
Higher rates of interest mean you may end up paying more
Poor money management could mean you could develop a dependency and leading you into money problems