There are hundreds of instant loan providers. More than 160, to be precise. So how do you know who to trust and who to choose? Approaching many lenders isn’t only time consuming, using them for multiple applications can impact your credit score to a point where all lenders refuse your application. These are just two reasons why it makes sense to explore instant loans through a broker, but it also makes sense to understand the role of a broker and to be aware of what to expect when using one.
The benefits of instant loans through a broker
When you choose to apply for instant loans through a broker you secure a number of important benefits, including…
- Finding the best deal for you – CashLady passes your information to a trusted network of lenders who present their most suitable options.
- Increasing the chance of your application being approved – CashLady works with many lenders that each have differing lending criteria – this boosts the chance of your application being accepted.
- A fast, efficient process – Applying for an instant loan with CashLady takes just 5 minutes, with a decision presented instantly. If you’re approved we’ll send your funds the same day.
What do I need to apply for an instant loan through a credit broker?
When applying for an instant loan via CashLady you’ll need a few things to hand. This includes your:
- Home address
- Employment details (this includes your employer’s name, address and contact details)
- Contact details (this includes your mobile number)
- Income and expenditure
- Your email address (this must be active and you must be able to access it)
- A smartphone or touchscreen device that’s internet enabled
- The details of your debit bank account (to send your funds to)
How do instant loan credit brokers work?
Credit brokers don’t provide any finance at all – their role is to connect borrower with a lender. Our network of lenders includes QuickQuid, PayDayUK, Sunny, Satsuma and much more (you can see a full list of our lenders over on our lending Partners Page). Like us, our partners are committed to treating you justly, and each is FCA regulated.
- You request a loan amount
- Your information is passed onto our network
- You various offers from our lending partners
- You select the solution that’s right for your needs
- Your cash is sent the same day
- You’re looked after by the lender moving forward
Find out your instant loan options with CashLady – Apply Now
Instant loans through a broker – Your questions, answered
Using a credit broker for your instant loan is simpler than approaching multiple individual lenders. But you may still have questions – so we’ve attempted to answer as many as possible here. If you don’t discover the answer you need here, check our FAQ page or contact the CashLady team.
Can I apply for an instant loan through a broker with no credit check?
While we cater to consumers who have poor credit records, Our lenders nearly always undertake a credit check. It’s a legal obligation to the ensure that you can afford the loan, and any brokers or lenders claiming to offer ‘no credit check’ instant loans are either misleading consumers or are breaking the law. In addition, you might be interested to consider the ways to avoid instant loans in the future.
Can I afford instant loans through a broker?
Our interest rates lead the way amongst the industry and are always presented and confirmed up front prior to you accepting any offer of credit. You can gain some idea as to the monthly payments you’ll face by using our helpful loan affordability calculator. You may also want to read our blog on the topic of loan affordability.
*The calculator is for illustration purposes only and may not reflect the exact actual cost which depends on the lender.
1272% APR Representative: Representative Example – amount borrowed: £250 for 3 months Number of repayments: 3 Interest rate p/a: 292% (fixed). Each repayment amount: £137.21 Total amount repayable: £411.63
Do I pay a credit broker for their services?
No, you will never pay CashLady fees for connecting you with a lender. We recoup our commission from our lending partners once the loan in question has been approved.
Why have I been offered credit that is different to an instant loan?
Our lending partners may choose to offer you a type of credit that differs from the type of finance you originally asked for. This may be a line of credit, a payday loan, a guarantor loan or a logbook loan. You may also be offered a credit amount that is either higher or lower than the amount you requested.
The offer that’s presented is down to our lenders’ judgment of your affordability (you can find out more about instant loan alternatives in our guide: What are the alternatives to instant loans? or discover where else you can get a loan).
If I use a credit broker for my instant loan, who will I speak to in the future?
You will always deal with the end lender – we merely connect you with a lender that can look after your borrowing needs.
It shouldn’t feel intimidating to use a credit broker. Ultimately a credit broker is there to help you discover the most suitable instant loan for your needs. If you need help with the process, contact the CashLady team and we’ll be happy to help. Send us a message via our contact page, email us using the address below or use our live chat feature for answers right now.
Discover how we work and when an instant loan is a right solution by watching the video below.