There are around 160 lenders in the instant loans market. Add to this tens of mainstream banks and building societies and answering the question Where can I get instant loans? quickly becomes a very long and complex answer. In order to make the right choice, you should fully understand the pros and cons of using mainstream lenders, independent instant loan lenders and instant loan credit brokers.
Find out your instant loan options with CashLady – Apply Now
What is an instant loan?
Consumers and loan providers alike use the term ‘instant loans’ to refer to many different forms of finance that offer rapid approval and release of funds. These forms of credit can include:
- A personal loan (although this form of finance typically spans a longer time period and accounts for a larger amount of credit)
- A payday loan
- A bad credit loan
- An advance loan
Despite the many names for an instant loan, the actual term ‘instant loan’ is somewhat misleading. No matter the form of finance – whether a personal loan or payday loan, applicants must always undergo a credit check. Following this, if approved, they must then sign the loan agreement before the funds can be released. That said, instant loan applications and approval can take just 5 minutes, while the funds can be available on the same day if you’re approved. You can find out more about instant loans and how they work in our guide: Instant loans online.
Where can I get instant loans?
Mainstream lenders – banks and building societies
Pros: Mainstream lenders offer some of the lowest APR interest rates on the market.
Cons: The lower APR does come with strings – namely that applicants must meet strict lending criteria. Typically applicants with a poor credit history aren’t suitable for a personal loan from a high street branch. You’ll also find that personal loans have a far higher minimum amount that instant loans – with personal loans starting from £1,000, while instant loans typically start at £80.
Independent payday and instant loan lenders
Pros: Independent instant loan lenders offer fast, efficient financial solutions for those with less than perfect credit.
Cons: Approaching multiple lenders is time-consuming. Each lender also has unique lending criteria, making the process confusing for the applicant. This can also lead to applicant refusals, which can impact your chances of eventually securing an instant loan as multiple applications made in a short period temporarily impacts your credit file. If you do eventually secure a deal, it’s also unlikely that you will benefit from the best APR rate available.
Instant loan credit brokers
Pros: Instant loan credit brokers pass your information to multiple lenders within a matter of seconds, this can provide you with choice – not only amongst different providers but also for different financial products. A credit broker also helps you secure the best APR from amongst lenders.
Cons: Just as using independent lenders can be confusing, so too can the choice of credit brokers. As a starting point, you should compare each credit broker’s interest rates. You can view a comparison between CashLady and other instant loan credit brokers below.
Learn how CashLady matches you with some of the best lenders in the instant loans market by watching the video below.
Apply for an instant loan with CashLady
Our instant loan application process involves two simple steps and 5 minutes. All you’ll need to complete the process is an active email, a phone number and a debit bank account. To be eligible for applying with us you need to be:
- 18 Years or older
- A UK resident
- Employed in full or part-time employment
- Earning a minimum £500 per month
CashLady is committed to their customers – to treating them fairly and providing a transparent service. Our instant loan brokerage service is completely free from fees and charges. We are FCA Regulated, members of the ICO and have won awards for the way in which we do business.