Quick loans are available from direct lenders to anyone that resides in the UK, is over 18, has a bank account, and can provide proof of income.
They can be a fast way of dealing with emergency expenses that arise, such as dental bills, or vehicle repairs. In fact it doesn’t matter what you want the money for as most of the lenders who specialise in these quick loans in the UK won’t ask. As long as you can meet the criteria we just mentioned you have a good chance of being accepted by them.
While it’s true that quick loans may help you out of a tight spot, and can offer a short term loan solution to financial issues, they could also potentially lead you into deeper waters if you don’t do your homework first. Before you take out a quick loan you should be have a very clear idea of the expected fees, interest rate and repayment schedule. You should also understand the penalties for late or missing payments and be sure that you can afford to pay the loan back without spreading yourself too thin as payday loans can get expensive.
Here we have answered some common questions regarding quick loans in the UK.
What is a quick loan?
Quick loans are a good fit for people who need money fast, hence the name. The streamlined and simplified application process means that these loans can be applied for completely online in a matter of minutes.
They are usually dealt with equally as fast, and it is not uncommon for people to get an answer from a lender within an hour, especially if you have made it clear that paying the loan back will be no problem for you, so make sure that you have the documentation available to back up your application. If you are successful in your application, and you accept the terms offered by the lender, the funds are usually transferred into your account immediately.
Can I get a quick cash loan with bad credit?
Quick payday loans are becoming increasingly popular due to the fact they are easy to apply for and have a high acceptance rate.
Even if you have made mistakes in the past that have left you with bad credit, you may still be able to get a quick loan from a direct lender. This is because of the way these lenders view your application.
A quick loan lender will base your eligibility for borrowing money based on your ability to make the repayments, and are not overly concerned with what problems you may have had before leave the possibility of a bad credit payday loan open. The most important thing when applying for one of these quick loans is to be completely honest about any previous credit problems and also your current situation, so that a lender can properly assess your application.
Where can I find cheap quick cash loans in the UK?
Quick cash loans are not cheap. The relatively high interest rates are how these lenders are able to handle the risk of lending money to people with bad credit. If you don’t have any previous credit problems, then it may be a better idea to go through a more traditional route like talking to your bank manager to get a loan as the interest rates will be lower, much lower than the cheapest payday loan for sure.
For a lot of people though, that isn’t an option because of previous financial mistakes, and that’s where quick cash loans come in.
Even though the interest rates may be higher with a quick payday loan, you can limit the costs and reduce the overall amount you pay back by arranging to repay the loan as quickly as possible. If you can manage to repay the balance within just a few payments, it will work out a lot cheaper than if it is stretched out over a longer period of time.
Compare quick loans in the UK
Length borrowed for
Monthly APR example Representative 1266%
Are quick loans only for emergencies?
While quick loans are very handy in emergencies that is not the only reason get them. Sometimes people borrow a small amount to book a holiday that they’ve seen is going at a reduced price, or the phone that they want is on sale for a bargain for a limited time but be careful whenever you borrow money, it needs to be repaid to avoid financial difficulty. You can get loans for emergencies too.
Whatever you want the money for, the most important thing is that make all of the repayments on time, or the penalties that you have to deal with could make that holiday or new phone end up costing you a lot more than you bargained for. Always remember that if you really are in a genuine emergency there’s help. You can start with stepchange.org: https://www.stepchange.org/debt-info/emergency-funding.aspx. They will certainly be able to help you.
Can I get a quick money loan with no guarantor or credit check?
Being successful in your application for a quick loan is possible even without a guarantor but it depends on your financial stability though you cannot get a no credit check loan.
A quick loan lender is more likely to make a quick and positive decision if you have a guarantor with good credit backing your application up. Likewise, if you currently have outstanding debts, your chances of being accepted are much higher if you have a guarantor. If you don’t have a guarantor, no need to worry. As long as you meet the basic criteria discussed earlier, there is still the opportunity to acquire a quick cash loan with no guarantor.
How can I avoid making a bad choice for a quick loan?
One of the first things you can do is use Google and find out who the top quick cash loan lenders in the UK are. Then do a bit of digging around online in chat rooms and forums and try to figure out who are known to be trustworthy and reasonable.
If all of this seems like too much work, or you are not that ‘computer savvy’ you can simply allow us to help you by filling in our simple online form.
We will take your details and then show them to our select panel of lenders for you. All you have to do is sit back and wait for us to come back to you with a choice of offers from these lenders. You are under no obligation to accept any of the offers we broker for you, and you can simply say no if you are not happy with the deals offered.