How to Apply for an Urgent Loan Quickly

How to Apply for an Urgent Loan Quickly
Stacey Corrin

quick loan application

Quick loans are commonly used in the UK as a fast cash solution. The application process is fast and approval can be just as speedy. Also, 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 you should only use them for emergencies.

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 interest off in full. When you look at fast loans, work out exactly how much interest you will pay. This is so you understand what taking out this form of finance 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 swift loan application, you will need to be living in the UK. You should also:
  • be employed
  • have a UK bank account
  • an email address
  • 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 in a hurry, the internet is probably your fastest option. There are many hundreds of short-term loan lenders on the internet.
 
Some lenders may seem to be good when they have a well-built website and all the right information. Not all are, so you should be cautious.
 
Any quick loan lender should be FCA accredited. You can check this on the FCA website.
 
You might want to consider a credit broker if you struggle to choose a lender. Brokers have a single quick 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 providers, a credit broker may be a choice.
 
You should look at credit brokers 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

using a credit broker to get a loan quickly

If you have poor credit, you may have to apply to more than one lender for a loan offer. Brokers help speed up this process by submitting your application to many lenders.
 
The application form with a loan partner will ask all the right questions. They know only to submit your application to their panel of lenders who might approve you. Based on your current circumstances, they could even be able to accept bad credit.
 
Brokers and loan partners will ask you for information your lender will need about your circumstances. They will also perform an affordability and credit check.

Fast quick loan application and approval process

A quick loan application is faster than those for traditional loans or credit cards. It will ask only 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, you will communicate directly with your lender.
 
The process is designed to be fast. Yet, 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

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. This is to signify your agreements to the loan and repayment terms.

Fast transfer of money

If you are successful, your application and approval can take minutes. For bank accounts with fast payments, you may also be able to receive the loan funds on the same day or the day after.