Looking for an instant loan* to help prevent an unplanned cost taking its toll on your budget?
CashLady is a credit broker and could help you search for a suitable option.
What is an instant loan?
Typically, an instant loan could describe a loan that is processed quickly and paid out on the same day your application is approved. However, it’s important to be aware that a loan cannot be described as ‘instant’. This is because a responsible lender will need to carry out a creditworthiness assessment as part of the application process which can take between 30 minutes to a few hours. In some cases, it may take a few days if additional verification is requested by the lender.
A creditworthiness assessment gives the lender a full picture of your borrowing history, so they can judge if a loan is affordable for you, as well as how likely you are to repay the money you’re applying to borrow. A creditworthiness assessment will include a hard search or Open Banking; these checks are vital, take time to complete, and cannot be rushed. We’ll explore the topic of creditworthiness assessments in a little more detail further down the page.
Every lender works differently and has their own processing and pay out time scales.
What can an instant loan be used for?
When somebody applies for an instant loan, they usually need it to help cover the cost of a financial emergency. This could be something like car repairs, a broken boiler, or an unexpected bill.
When stressful situations like this arise, not everyone has access to savings or the option to borrow money from family and friends, so they may seek out an instant loan online to help tide them over.
If you’re searching for an instant loan, we would always remind you to spend responsibly. You should never apply to borrow money that you don’t need or can’t afford to repay.
How can I borrow money urgently?
Finding yourself in a position where you need money now can be stressful, but there are a number of things to consider before you search for a loan.
- Is a loan the best option for you right now?
- Are there any loan alternatives that could be available to you? For example, could a loved one lend you the money instead?
- Can you afford to make the monthly repayments?
- Even if you can afford the monthly repayments, have you thought about how you’d cover the cost if your financial situation were to unexpectedly change?
- Do you understand the risks involved in taking out a loan? If you were to fall into difficulty and make a late repayment or miss one altogether, your lender could charge you a fee, and your credit score will decline.
If you’ve decided that you’d like to go ahead and search for a loan, CashLady could help you. We can scan a panel of over 30 lenders at the same time to assist you in searching for a loan suited to your circumstances.
Our service is free to use, and quotes are no obligation.
Instant loans: how do they work?
Again, please remember that there is no such thing as an instant loan. While it could be possible to get a same-day loan, the time it takes to complete the application, undergo a creditworthiness assessment and, if approved, receive your money, will vary between lenders and depend on your bank’s policies and procedures. Applying for a loan is a process that cannot be rushed. The application process can take anywhere from 30 minutes to a few hours to complete and some lenders will not send the funds to your bank account until the next working day.
If you’re approved for an instant loan, the lender will send the funds to your bank account. Some of the lenders on the CashLady panel could send your money on the same day your application is approved, although the time it takes for the loan to appear in your account will depend on your bank’s policies and procedures.
Once received, you can use the money to help fund an unexpected expense.
You’ll be required to repay the money, including interest, in monthly instalments until the duration of your selected loan term comes to an end.
Can I speed up a loan application?
You can’t fast track a loan application, but there may be things you can do to make sure the process is as straightforward as possible.
- Know your credit score. This could help you choose a suitable lender for your individual financial needs.
- Have important documents to hand. When you apply for a loan directly with a lender, you may be asked to provide proof of identity, address, and income.
- Fill out the application to the best of your knowledge. Making a mistake or inputting incorrect information could cause a delay to your application. Take the time to double-check the details once you’ve completed the form.
How much will an instant loan cost?
The overall cost of borrowing will depend on several factors, including the amount borrowed, the repayment term, and the interest rate. The interest rate you’re offered will be based upon your affordability and credit history.
When searching for an instant loan, you might notice something called the ‘Annual Percentage Rate’ (APR). The APR is the yearly cost of the loan, including interest and any standard fees. The higher the APR, the more the loan will cost you.
The APR does not include additional fees, such as any applicable early or late repayment charges.
I’d like to search for an instant loan; how much money can I borrow?
With CashLady, you can search for an instant loan between £100 and £10,000, with repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow.
Who can search for an instant loan with CashLady?
You can search for an instant loan with CashLady if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account; and
- Have a regular source of income paid into your bank account.
Could I get an instant loan with bad credit?
Providing that you meet the above eligibility criteria, you can search for an instant loan with CashLady, even if you have a history of poor credit. We’re proud to work with a large panel of diverse lenders, many of whom specialise in loans for people with bad credit.
If you do find a direct lender willing to consider your bad credit loan application, please be aware that you could be presented with a higher rate of interest. In some cases, it might not be possible for you to borrow the amount of money that you need, and you may have to settle for a lower amount.
How long does it take to get an instant loan?
The CashLady online form should take no longer than five minutes to complete, and in just 60 seconds, we’ll scan our panel of lenders for a suitable loan.
If you’re matched with a loan and choose to make a full application, the lender will carry out a creditworthiness assessment, and if they’re happy with the outcome of said checks, your money could be sent today.**
Can I apply for an instant loan without a creditworthiness assessment?
No – it’s not possible to apply for any type of loan in the UK without undergoing a creditworthiness assessment. The Financial Conduct Authority (FCA) requires all authorised and regulated lenders to complete a creditworthiness assessment on anybody who applies for credit.
You can check to see whether a company appears on the FCA register here.
As discussed, a creditworthiness assessment will include either a hard search or Open Banking. Please be aware that a hard search will be visible on your credit file for up to 12 months, and undergoing multiple hard searches within a short period of time will have a negative impact on your credit score.
What is Open Banking?
Open Banking is a procedure carried out by an authorised third-party. With your consent, Open Banking allows your chosen lender to view your online bank account and gain an insight into your recent payment activity. This could provide a more accurate representation of your financial situation, rather than relying on your credit history alone to make their decision.
Please note that Open Banking offers a read-only view; any third-party accessing your account will not be able to make any changes or withdraw money.
Apply for an instant loan
It’s not possible to get an instant loan, but it could be possible to get a same-day loan.
Using credit broking services, CashLady could help you search for a suitable loan which could, depending on the lender and your bank, be paid into your account on the same day as your application is approved.**
I’m struggling with money; what should I do?
If you’re worried about money or debt, please know that you can access free advice through StepChange, MoneyHelper, Citizens Advice, and National Debtline
*As mentioned previously, it’s vital to remember that no loan can be considered ‘instant’ as the entire application process can take anywhere between 30 minutes to a few hours, and in some cases, depending on which lender accepts your application, the loan could be sent to your bank account the next working day.
**Please note that every lender will have their own processing and payout timescales. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.