Sometimes, when you’re struck by a financial emergency, all you need to do is find money fast.
Unfortunately, unless you’re lucky enough to have a virtually unlimited savings account or emergency fund, there’s always a chance that you won’t have enough cash to handle the unexpected. When that happens, you’re left struggling to find someone who can help you make ends meet.
While some expenses can wait until your next payday, like buying a new outfit or going out for a meal with your friends, others simply can’t be put off. For instance, if you break down in the middle of the road, you need to pay for someone to come and collect you, and a garage to fix your vehicle as fast as possible.
Quick loans are temporary cash advances that are intended to tide you over until your next payday. They’re there for when you need to get your hands on money quickly, often before your next wage slip arrives. With quick loans, you can access the money that you need usually within the same day as your application is submitted. However, you’ll also be expected to pay back what you owe as fast as possible too.
The most common types of fast loans are payday loans. These are advances that you’ll need to pay back often within a month or less. There are some short-term loan providers out there that will give you the option to pay off the money that you owe on an instalment basis. In this case, you’ll deliver the money required on a weekly or monthly basis. Terms vary depending on your lender.
Quick loans are very similar to regular loans. However, the amount that you can borrow is usually limited. These cash advances are intended for last-minute emergencies, not buying a new car or re-doing your kitchen. Additionally, the application and approval process for these loans are quicker than they would be with traditional lending opportunities. You can finish your application online within a matter of minutes, and often access the money that you have requested on the same day that your application is processed.
As with any lending option, people applying for this type of loan will still be required to go through an application process and be subject to affordability checks. Importantly, your loan provider will also need to check your credit rating, as all loan companies are required to do so by the FCA.
When you borrow money for a quick loan, you’ll still be required to ensure that you can make your repayments on time, and you may need to discuss the details of your loan with your provider if there are any issues with your application. For instance, it can be harder to get a good deal if you have a poor credit history.
Crucially, having less than perfect credit won’t automatically mean that you can’t be approved for a cash loan quickly. However, it does mean that you might need to apply for specialist support form a loan provider that deals with poor-credit applications. These providers will look at your affordability check with more scrutiny than your credit report.
Referred to by some people as “emergency” loans, these loans are designed to help you pay for anything that you can’t afford to wait for. These cash advances can get you out of a tight spot when you’re dealing with unexpected financial trouble. For instance, if your car breaks down, your boiler stops functioning, or you need to pay for a vet bill.
Usually, your provider won’t ask you to explain why you need the loan, as this would merely make the application process take longer. However, they might ask you to agree that you’re applying for the cash advance for a good reason. After all, these loans might not be the right lending opportunity for every situation.
Usually, this type of loan is are broken down into payday and instalment loans. If you choose a payday loan, then you’ll need to agree to pay the money that you borrow back the next time you’re given a wage from your employer. To be approved for this kind of loan, you’ll also need to show evidence that you have a consistent source of income.
On the other hand, if you apply for an instalment loan, you’ll be able to spread your repayments out over a longer period of time. Importantly, the longer it takes to pay off your loan, the more interest you’ll pay in the long term. This is true with any cash advance.
Most providers of this type of loan will allow you to complete the application process online. You’ll be asked for a few basic details, including your email address, your name, and how much money you want to apply for. Remember that the amount you can get from a fast loan provider will vary depending on the company that you go to. Some providers will be able to offer larger amounts than others. However, you shouldn’t expect to apply for more than a few thousand pounds.
When you’re completing your application, you’ll be asked to provide details on your income, which your provider will use to assess your affordability levels. You might also need to give extra information depending on who you apply with. Importantly, anyone applying for a loan must be over the age of 18, and a resident of the UK.
Once your application has been delivered, the loan company will check your credit score and come back to you with details on what kind of loan deal they can give you. The quote that you are given will include information about the interest rates that you’ll need to pay, and any other fees that might be expected from you.
If your loan application isn’t accepted, then you might need to speak to a provider that specialises in loans for people with bad credit. Avoid making multiple applications with similar loan providers in quick succession. Remember that every credit check performed leaves a mark on your account.
While the average personal loan or advance on your credit can take days or even weeks to process, most loans are available within 24 hours or less. The exact amount of time that you’ll need to wait for your money to be delivered into your account will vary depending on your loan provider. Some companies can promise you that you’ll get the cash you need within 24 hours, while others will have it to you within one hour or less.
There are factors that can affect how quickly you will get your loan. For instance, applying for credit outside of business hours increases the chances that you’ll need to wait longer for your advance. Additionally, if there are any problems with the bank accounts involved in the credit transaction, your loan might be delayed.
Not only will you receive the money you need quickly with fast loans, but you should also get approval within a matter of minutes or hours too. The providers of these loans know that you can’t afford to wait around to see whether you’re going to be approved.
Remember, just because you’re in a hurry to get your money with fast loans, doesn’t mean you shouldn’t take the time to get the best deal. Thanks to the number of comparison websites and solutions available online today, it’s easy to check the quality of your deal in a matter of minutes. Remember, when conducting a comparison, always make sure that you’re looking at like-for-like loans. Consider things like:
One extra thing to check when you’re looking for your a fast lender is that you’re working with a direct provider. If you want to get the best deal on your loans, it’s often a good idea to avoid working with a broker. Brokers charge lenders extra fees to help them find clients. This means that the company needs to charge higher prices to make up their profits.