Quick loans are commonly used in the UK as a fast cash solution. The quick loan application process is fast, approval can be just as speedy, and if your bank accepts fast payments your money can be available the same day.
Whatever the reason there are times when you need money quickly. Payday loans or quick loans are one type of short-term borrowing. They have high-interest rates and should never be used for anything other than an emergency.
Decide if a quick loan is right for you
Short-term lending comes with some risks. You must make sure you use an FCA registered loan provider, and you need to be completely aware and happy with the terms of your loan. A quick loan is usually only until your next payday, when you will need to pay the loan, and the interest off in full. When you look at quick loans, work out exactly how much interest you will pay so you understand what taking out this type of loan will cost.
Rolling over a quick loan is not recommended as it can lead to a debt spiral and further charges.
Quick loans should not be used for non-emergencies or paying off existing debts. If you are struggling with debt, or your finances every month, seek advice.
To begin your quick loan application, you will need to be living in the UK, employed, have a UK bank account, an email address, and a mobile phone number. You will also need to pass credit and affordability checks.
Find a quick loan
If you need to find a loan quickly, the internet is probably your fastest option. There are many hundreds of short-term loan lenders on the internet. Some of them may seem to be good lenders when they have a well-built website and all the right information. Not all of them are, however, so you should be cautious.
Any quick loan lender should be FCA accredited. You can check this on the FCA website.
So, you have started to find loan companies you want to apply for, but there are many, do you apply for each one to compare them? How long will each individual application take?
You might want to consider a credit broker, who has a single quick loan application form which is then viewed by many loan providers.
Using a credit broker to get a loan quickly
If you want to apply for a loan quickly, but still want to compare offers from loan companies, a credit broker may be a choice.
A credit broker should still be FCA accredited, you should look at them in the same way as a lender. Are they reputable, can you find reviews on the internet which tell you how others have found using their services? Do they give you impartial advice too?
If you have poor credit, you may have to apply to more than one lender to get a loan offer, a broker can help speed up this process by submitting your quick loan application to many lenders.
A quick loan application form with a loan partner will ask all the right questions, so they know only to submit your application to their panel of lenders who might approve you. Based on your current circumstances, they will could even be able to accept bad credit.
Your application with a credit broker or loan partner will ask you the information your lender will need about your circumstances and whether you can afford the loan. They will also do a credit check.
Fast quick loan application and approval process
A quick loan application is much faster than applying for traditional loans or credit cards. It will ask just the essential information. As lending is short-term, you will be paying the loan back within a few weeks.
Once you have a loan offer, either directly, or through a loan partner service, you will communicate directly with your lender.
The process is designed to be fast, you may need to speak to them on the phone and prove your employment and earnings. They will also do their own checks.
Agree to your loan on your mobile
The loan agreement is designed to be fast. Printing, signing and sending hefty loan agreements is not needed. Once you have agreed to the terms of your loan a code can be sent to your mobile phone. When you receive this, you add it to your application online to signify your agreements to the loan and repayment terms.
Fast transfer of money
If you are successful, and everything goes smoothly, a loan application and approval can take a matter of minutes. If your bank account accepts fast payments, you may also be able to receive the loan funds on the same day, or if it’s late in the day, the day after.